A Critique of the Legal, Judicial and Contractual Remedies
This book addresses one of the more controversial dilemmas in transnational contract law, especially in times of economic volatility and change – how should the law and its agents assist in ensuring that contracting parties are held to their promises whilst seeking to prevent economic waste and disorder, both for the parties and society. We live in extremely challenging economic times – the huge financial maelstrom that broke in 2008 and the after-shock effects will remain with us for years to come. Through no fault on their part, commercial people find themselves caught in contracts which have become entirely unprofitable because of the economic turmoil. At the other end of the equation, others are concerned about their contracts not being performed because they have commitments to their own customers and stakeholders which had to be met. Whilst taking sides is frequently seen as the law’s responsibility, this work argues that with the appropriate level of intervention by a neutral authority, such as a tribunal, a compromise might be found. This work examines what considerations should guide that intervention.