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The Principles Of European Contract Law 2002 (Parts I, II, and III)
European Union
copy @ Lex Mercatoria
(1) Where the contract provides that a party who fails to perform is to pay a specified sum to the aggrieved party for such non-performance, the aggrieved party shall be awarded that sum irrespective of its actual loss.
(2) However, despite any agreement to the contrary the specified sum may be reduced to a reasonable amount where it is grossly excessive in relation to the loss resulting from the non-performance and the other circumstances.
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"Treaties": international trade instruments
Private International Commercial Law
International Commercial Arbitration & other dispute settlement
International Tax & Financial Regulation
Carriage Transport & Maritime Law
Electronic Commerce and Encryption
International Criminal Law including Anti-Corruption and Cross Border Crime
International Life Sciences & Bio-Sciences