Korea Trade Review (무역학회지)

Korea Trade Research Association (한국무역학회)
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A Study on the Renegotiation and Adaptation of International Long Term Commercial Contracts: Focusing on the Contracts without the Renegotiating Clauses

국제장기상거래계약에서의 재협상 및 계약변경에 관한 연구: 원계약 상 관련 조항이 포함되지 않은 계약을 중심으로

  • Joo‐Young Yoon (Department of International Trade, Sunchon National University)
  • Received : 2020.09.28
  • Accepted : 2020.10.29
  • Published : 2020.10.31
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Abstract

In case of international long-term transactions, there are various risks of economic change of circumstances including skyrocketing price increase and shortage of raw material, as well as force majeure in a general sense. Nevertheless, pretty many of international long-term commercial contracts do not include the provisions of renegotiation and adaptation of the contract. In this case, possibility of renegotiation and adaptation depends mainly on the applicable law. Namely, it may be possible or not, according to choice of law. The reason is that national laws have nuances each other, and most of national courts are traditionally reluctant to accept hardship. and also, provisions of international uniform law (CISG) has ambiguity and inflexibility in relation to the problems of change of circumstances. Accordingly, this paper analyzes comparatively the doctrines and provisions related to renegotiation and adaptation of contracts of the most representative countries such as England, U.S.A., France, Germany as well as provisions CISG and soft law such as PICC. By doing so, the author makes clear which laws of instruments is more flexible or acceptable in allowing renegotiation and adaptation of long-term commercial contracts, and emphasizes on the importance of inclusion of express terms by using other alternative supplementing clauses, as a best solution for settling the problems of legal uncertainty of contract in relation to renegotiation and adaptation.

Keywords

Acknowledgement

This research was supported by the 'Education for Emerging Scholars of the Korea Trade Research Association (2020.3.1 ~ 2020.12.31.)'

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