Universität zu Köln

Berger, Klaus Peter (2020). Adaptation of Long-Term Contracts by International Arbitrators in the Face of Severe Economic Disruptions: Three Salient Problems. J. Int. Arbitr., 37 (5). S. 589 - 606. ALPHEN AAN DEN RIJN: KLUWER LAW INT. ISSN 2212-182X

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Abstract

For many decades, international arbitrators have gone beyond deciding traditional legal disputes and have been involved in the adaptation of long-term contracts. These contracts are particularly vulnerable to extreme and unforeseen changes of economic circumstances such as those caused by the consequences of the Coronavirus Disease 2019 (COVID-19) pandemic. However, doubts have always been raised as to whether, how, and to what extent international arbitrators may interfere with the parties' contractual bargain. In dealing with these concerns, this article explores three essential issues. They relate to the procedural authority for and the substantive legitimacy of the tribunal's adaptation decision, as well as to the search for adaptation standards, which ensure outcomes of contract adaptations by international arbitral tribunals that make business sense.

Item Type:	Journal Article
Creators:	Creators Email ORCID ORCID Put Code Berger, Klaus Peter UNSPECIFIED UNSPECIFIED UNSPECIFIED
URN:	urn:nbn:de:hbz:38-320817
Journal or Publication Title:	J. Int. Arbitr.
Volume:	37
Number:	5
Page Range:	S. 589 - 606
Date:	2020
Publisher:	KLUWER LAW INT
Place of Publication:	ALPHEN AAN DEN RIJN
ISSN:	2212-182X
Language:	English
Faculty:	Faculty of Law
Divisions:	Faculty of Law > Zivilrecht > Professur für Bürgerliches Recht, Deutsches und Internationales Handels- Wirtschafts- und Bankrecht, Internationales Privatrecht und Rechtsvergleich
Subjects:	Law
Uncontrolled Keywords:	Keywords Language Law Multiple languages
Refereed:	Yes
URI:	http://kups.ub.uni-koeln.de/id/eprint/32081