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Hardship Clauses

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Chapter Summary

This chapter first presents solutions to comparative law. The solutions can be a source of concern for drafters of international contracts. A middle or long-term undertaking runs the risk of being subject to a change of circumstances. Hardship clauses organize the review of the contract when changed circumstances have deeply altered the economy of the operation. The chapter discusses the questions: are hardship clauses frequently inserted in international contracts? have these clauses existed for a long time, or is their appearance recent? are they especially linked with certain sectors of the economy? Hardship clauses always contain two main parts. The first part defines the hypothesis under which the clause will apply. The second part of the clause stipulates the procedure applicable in case the hardship event occurs. The chapter presents the procedure to be applied when the hardship situation occurs. This procedure often provides for re-negotiation of the contract.

Keywords: comparative law; hardship clauses; international contracts



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