The utility of the rescission clause in the settlement of disputes arising from international trade contracts

Starting from the opportunities that the creditor of an obligation has in order to settle his claims by means of the commercial arbitration, as an alternative to court under common law, with a view to punishing in the most effective way the failure of the obligation by the borrower reveals the neces...

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Bibliographic Details
Published in:Bulletin of the Transilvania University of Brașov. Series V, Economic science Economic science, 2015-07, Vol.8 (2), p.373
Main Author: Barbulescu, Oana
Format: Article
Language:English
Subjects:
Agreements
Arbitration
Disputes
International disputes
International relations
International trade
Jurisdiction
Law
Regulation
Rescission
Settlements & damages
State court decisions
Studies
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Summary:Starting from the opportunities that the creditor of an obligation has in order to settle his claims by means of the commercial arbitration, as an alternative to court under common law, with a view to punishing in the most effective way the failure of the obligation by the borrower reveals the necessity to introduce the rescission clause in international commercial contracts governed by a foreign law. This paper aims to emphasize the practical utility of the institution of rescission clause in the light of the new Civil Code regulations, in whose presence the role of the court is entirely removed in as far as the decision statement is concerned.
ISSN:2065-2194