Book contents
- Frontmatter
- Contents
- Foreword, by Eric E. Bergsten
- Contributors
- PART ONE INTRODUCTION
- PART TWO CISG–UNIDROIT Principles comparative editorials
- PART THREE CISG–PECL COMPARATIVE EDITORIALS
- Art. 6 CISG–PECL, by Ulrich G. Schroeter [Germany]
- Art. 7 CISG–PECL, by John Felemegas [Australia]
- Art. 8 CISG–PECL, by Maja Stanivukovic [Serbia]
- Art. 9 CISG–PECL, by Anja Carlsen [Denmark]
- Art. 10 CISG–PECL, by Allison E. Butler [U.S.A.]
- Art. 11 CISG–PECL, by Allison E. Butler [U.S.A.]
- Art. 13 CISG–PECL, by Ulrich G. Schroeter [Germany]
- Art. 14 CISG–PECL, by Predrag N. Cvetkovic [Serbia]
- Art. 16 CISG–PECL, by Orkun Akseli [Turkey]
- Art. 17 CISG–PECL, by Cecilia Carrara [Italy] & Joachim A. Kuckenburg [Germany]
- Art. 18 CISG–PECL, by Cecilia Carrara [Italy] & Joachim A. Kuckenburg [Germany]
- Art. 19 CISG–PECL, by Pilar Perales Viscasillas [Spain]
- Art. 20 CISG–PECL, by John Felemegas [Australia]
- Art. 21 CISG–PECL, by John Felemegas [Australia]
- Art. 23 CISG–PECL, by Pilar Perales Viscasillas [Spain]
- Art. 25 CISG–PECL, by Hossam El-Saghir [Egypt]
- Art. 28/62 CISG–PECL, by Jarno J. Vanto [Finland]
- Art. 29 CISG–PECL, by Sieg Eiselen [South Africa]
- Art. 31/57 CISG–PECL, by Chengwei Liu [China]
- Art. 33/52(1) CISG–PECL, by Colin Ying [Australia]
- Arts. 45/61 CISG–PECL, by Chengwei Liu [China]
- Art. 46 CISG–PECL, by Jarno J. Vanto [Finland]
- Arts. 47/49(1)(b) CISG–PECL, by Bruno Zeller [Australia]
- Art. 48 CISG–PECL, by Jonathan Yovel [Israel]
- Art. 49 CISG–PECL, by Jonathan Yovel [Israel]
- Art. 50 CISG–PECL, by Jarno J. Vanto [Finland]
- Arts. 51/73 CISG–PECL, by Christopher Kee [Australia]
- Art. 55 CISG–PECL, by Andrea Vincze [Hungary]
- Art. 58 CISG–PECL, by John Felemegas [Australia]
- Arts. 63/64(1)(b) CISG–PECL, by Bruno Zeller [Australia]
- Art. 64 CISG–PECL, by Jonathan Yovel [Israel]
- Art. 65 CISG–PECL, by Andrea L. Charters [U.S.A.]
- Arts. 71/72 CISG–PECL, by Sieg Eiselen [South Africa]
- Art. 74 CISG–PECL, by Philipp Höttler [Germany] & Friedrich Blasé [Germany]
- Art. 75 CISG–PECL, by Bojidara Borisova [Bulgaria]
- Art. 76 CISG–PECL, by Jonathan Yovel [Israel]
- Art. 77 CISG–PECL, by Bruno Zeller [Australia]
- Arts. 78/84(1) CISG–PECL, by Francesco G. Mazzotta [Italy]
- Art. 79 CISG–PECL, by Dionysios P. Flambouras [Greece]
- Art. 80 CISG–PECL, by Allison E. Butler [U.S.A.]
- Art. 81 CISG–PECL, by Francesco G. Mazzotta [Italy]
- Art. 82 CISG–PECL, by Francesco G. Mazzotta [Italy]
- Arts. 85, 86, 87, 88 CISG–PECL, by Francesco G. Mazzotta [Italy]
- Index
Art. 76 CISG–PECL, by Jonathan Yovel [Israel]
Published online by Cambridge University Press: 20 October 2009
Edited by
Book contents
- Frontmatter
- Contents
- Foreword, by Eric E. Bergsten
- Contributors
- PART ONE INTRODUCTION
- PART TWO CISG–UNIDROIT Principles comparative editorials
- PART THREE CISG–PECL COMPARATIVE EDITORIALS
- Art. 6 CISG–PECL, by Ulrich G. Schroeter [Germany]
- Art. 7 CISG–PECL, by John Felemegas [Australia]
- Art. 8 CISG–PECL, by Maja Stanivukovic [Serbia]
- Art. 9 CISG–PECL, by Anja Carlsen [Denmark]
- Art. 10 CISG–PECL, by Allison E. Butler [U.S.A.]
- Art. 11 CISG–PECL, by Allison E. Butler [U.S.A.]
- Art. 13 CISG–PECL, by Ulrich G. Schroeter [Germany]
- Art. 14 CISG–PECL, by Predrag N. Cvetkovic [Serbia]
- Art. 16 CISG–PECL, by Orkun Akseli [Turkey]
- Art. 17 CISG–PECL, by Cecilia Carrara [Italy] & Joachim A. Kuckenburg [Germany]
- Art. 18 CISG–PECL, by Cecilia Carrara [Italy] & Joachim A. Kuckenburg [Germany]
- Art. 19 CISG–PECL, by Pilar Perales Viscasillas [Spain]
- Art. 20 CISG–PECL, by John Felemegas [Australia]
- Art. 21 CISG–PECL, by John Felemegas [Australia]
- Art. 23 CISG–PECL, by Pilar Perales Viscasillas [Spain]
- Art. 25 CISG–PECL, by Hossam El-Saghir [Egypt]
- Art. 28/62 CISG–PECL, by Jarno J. Vanto [Finland]
- Art. 29 CISG–PECL, by Sieg Eiselen [South Africa]
- Art. 31/57 CISG–PECL, by Chengwei Liu [China]
- Art. 33/52(1) CISG–PECL, by Colin Ying [Australia]
- Arts. 45/61 CISG–PECL, by Chengwei Liu [China]
- Art. 46 CISG–PECL, by Jarno J. Vanto [Finland]
- Arts. 47/49(1)(b) CISG–PECL, by Bruno Zeller [Australia]
- Art. 48 CISG–PECL, by Jonathan Yovel [Israel]
- Art. 49 CISG–PECL, by Jonathan Yovel [Israel]
- Art. 50 CISG–PECL, by Jarno J. Vanto [Finland]
- Arts. 51/73 CISG–PECL, by Christopher Kee [Australia]
- Art. 55 CISG–PECL, by Andrea Vincze [Hungary]
- Art. 58 CISG–PECL, by John Felemegas [Australia]
- Arts. 63/64(1)(b) CISG–PECL, by Bruno Zeller [Australia]
- Art. 64 CISG–PECL, by Jonathan Yovel [Israel]
- Art. 65 CISG–PECL, by Andrea L. Charters [U.S.A.]
- Arts. 71/72 CISG–PECL, by Sieg Eiselen [South Africa]
- Art. 74 CISG–PECL, by Philipp Höttler [Germany] & Friedrich Blasé [Germany]
- Art. 75 CISG–PECL, by Bojidara Borisova [Bulgaria]
- Art. 76 CISG–PECL, by Jonathan Yovel [Israel]
- Art. 77 CISG–PECL, by Bruno Zeller [Australia]
- Arts. 78/84(1) CISG–PECL, by Francesco G. Mazzotta [Italy]
- Art. 79 CISG–PECL, by Dionysios P. Flambouras [Greece]
- Art. 80 CISG–PECL, by Allison E. Butler [U.S.A.]
- Art. 81 CISG–PECL, by Francesco G. Mazzotta [Italy]
- Art. 82 CISG–PECL, by Francesco G. Mazzotta [Italy]
- Arts. 85, 86, 87, 88 CISG–PECL, by Francesco G. Mazzotta [Italy]
- Index
Summary
GENERAL: CURRENT PRICE DAMAGES UNDER THE CISG AND PECL
Both the CISG and the PECL distinguish between two mutually exclusive types of situations following breach (“non-performance” in the context of the PECL) of contract and avoidance (“termination” in the context of the PECL) by either party.
1.1 In one type of situation, the aggrieved party engages in an alternative transaction that substitutes for the performance expected from the original, now avoided (terminated) contract; this is a so-called cover transaction. Such transactions fall under CISG Art. 75 and PECL Art. 9:506. In the other type of situation, the aggrieved party does not resort to a substitute transaction. In such cases, market-price-based damages may become available to the aggrieved party under so-called current price clauses, CISG Art. 76 and PECL Art. 9:507. Note that under perfect market conditions, the two types of situations converge. This chapter begins by exploring the general logic of current price damages shared by the CISG and PECL and subsequently identifies and analyzes the differences in approach between the two instruments.
1.2 Monetarily speaking, current price damages are a compensation for a devaluation or increase of price in terms of a theoretical substitute transaction. They represent the difference between the contractual price of goods (or, in the case of the PECL, also services, etc.) and their price at a certain later time, whether higher or lower (how this later time is determined is discussed below).
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