ECONOMIC IMBALANCE OF CONTRACT AND PREDICTION OF HARDSHIP CLAUSE IN INTERNATIONAL CONTRACTS

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TAVASSOLI NAINI MANUCHEHER; BEHZADIPOUR SAEID

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Journal: CIVIL LAW KNOWLEDGE Year:2016 | Volume:5 | Issue:1 (9) Page(s): 1-10

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Information Journal Paper

Title

ECONOMIC IMBALANCE OF CONTRACT AND PREDICTION OF HARDSHIP CLAUSE IN INTERNATIONAL CONTRACTS

Author(s)

TAVASSOLI NAINI MANUCHEHER | BEHZADIPOUR SAEID | Issue Writer Certificate

Keywords

HARDSHIPQ1

MODIFICATION OF CONTRACTQ2

REPEATED NEGOTIATIONQ1

CHANGE OF CIRCUMSTANCESQ1

ABSOLUTE CONTRACTQ1

Abstract

Terms of contract, like a private law, are binding on the contracting parties and none of the parties to a contract is allowed to alter, modify or amend the terms of contract without the consent of the other party, even though the law maker or judge cannot adjust the terms or conditions of the concluded contract. However, it is possible that unpredictable events occur in the course of performing the contract in a way that require the terms of that contract to be adjusted or modified in accordance with new desire of the contracting parties or their economic needs. This situation can be observed more in international contracts. Sometimes unexpected and unpredictable events may result in economic imbalance of contract in a manner that full performance of the terms of contract may bring about windfall profit for one of the contracting parties and bankruptcy for the other party. For this reason, parties to such contracts usually prefer to regulate such a situation in advance.In this research while we studied issues around "HARDSHIP" clause through a descriptive - analytical method, and despite the fact that contracted terms remain intact as obligatory, changes in circumstances which impact he balance of benefits support the loser to invite the other party to refresh talks. Otherwise he is allowed to make arrangement addressing cancellation under special conditions.

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APA: Copy

TAVASSOLI NAINI, MANUCHEHER, & BEHZADIPOUR, SAEID. (2016). ECONOMIC IMBALANCE OF CONTRACT AND PREDICTION OF HARDSHIP CLAUSE IN INTERNATIONAL CONTRACTS. CIVIL LAW KNOWLEDGE, 5(1 (9)), 1-10. SID. https://sid.ir/paper/245952/en

Vancouver: Copy

TAVASSOLI NAINI MANUCHEHER, BEHZADIPOUR SAEID. ECONOMIC IMBALANCE OF CONTRACT AND PREDICTION OF HARDSHIP CLAUSE IN INTERNATIONAL CONTRACTS. CIVIL LAW KNOWLEDGE[Internet]. 2016;5(1 (9)):1-10. Available from: https://sid.ir/paper/245952/en

IEEE: Copy

MANUCHEHER TAVASSOLI NAINI, and SAEID BEHZADIPOUR, “ECONOMIC IMBALANCE OF CONTRACT AND PREDICTION OF HARDSHIP CLAUSE IN INTERNATIONAL CONTRACTS,” CIVIL LAW KNOWLEDGE, vol. 5, no. 1 (9), pp. 1–10, 2016, [Online]. Available: https://sid.ir/paper/245952/en

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