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A short survey of some major legal systems
Basis of liability
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agreed agreement amount apply Arbitration breach of contract choice of law Civil Code art civil law Code of Obligations common law containerization contract term countries courts creditor damage suffered defective performance delay delivery documentary credits drafting Economic Contract Law enforceable event expressly failure to perform force majeure ICC Guide ICC National Committees ICC PUBLICATIONS imputable Incoterms intentional fault international contracts interpretation invalid late performance law systems legal systems legislation liability liable to pay liquidated damages clause manifestly excessive non-performance obligation Article obligor paid paragraph parties pay the penalty payment penalty and liquidated penalty and performance penalty clause penalty is due penalty or liquidated pld clause practice pre-estimate presumption price reduction principal obligation promisee promisor proper law prove provides reduce RSFSR sometimes Soviet Standard Contracts stipulated sum strict liability sum of money sum payable sum stipulated Swiss Code Transport Documents UNCITRAL UNIDROIT Uniform Commercial Code USSR validity Vertragsstrafe