Books > Law > International law > Settlement of international disputes > International arbitration
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Trade Sanctions and International Sales - An Inquiry into International Arbitration and Commercial Litigation (Hardcover)
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Trade Sanctions and International Sales - An Inquiry into International Arbitration and Commercial Litigation (Hardcover)
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Trade sanctions are powerful political tools devised to prevent the
conclusion of new commercial contracts and paralyze the performance
of pre-existing ones. Following the imposition of a sanction, a
party prohibited from performing its obligations under a validly
concluded contract may resolve to withhold performance or
performance may de facto be prevented by measures of enforcement of
the sanction. If this party therefore fails to perform its
obligations, its contracting partner may decide to initiate legal
proceedings. The author offers solutions to issues faced by
arbitral tribunals and domestic courts when one party raises the
existence of a sanction to support its claim to be freed from its
contractual obligations. Critical legal issues such as the
following are thoroughly investigated: authority of arbitrators and
judges to give effect to statutes serving public interests; reasons
to disregard certain sanctions, including some extraterritorial,
secondary, and tertiary sanctions, and circumstances in which
performance may be mandatory despite the risk of enforcement
measures and/or penalties; consequences of the delivery of a
commercially reasonable substitute; circumstances in which
exemption from liability for non-performance may be granted
following the imposition or reinforcement of a sanction prohibiting
performance or subjecting it to a regime of authorization; right to
suspend performance; remedies available to the aggrieved party,
including the right to declare the contract totally or partially
avoided, to declare a price reduction or to collect interest;
threat of penalty for breach of a sanctions program as a valid
ground for renegotiation or for a court-ordered adaptation of the
contract; and terms under which performance must be resumed once a
sanction is lifted, sometimes years, perhaps even decades, after it
was imposed. For an in-depth examination of the constraints
inflicted by trade sanctions − the likely scenarios and how they
play out, as well as available remedies − this analysis is without
peer. It will be of immeasurable value to counsel for States and
for multinationals and to other lawyers working in fields connected
with international trade. Jurists and academics will also find here
highly enlightening perspectives on the long-standing controversy
regarding the characterization of trade sanctions in a private-law
context.
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