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transnational law transnational law (lex mercatoria or international business law) and "Currency in which to assess damages" 2019-04-18 15:01:54 https://www.trans-lex.org/img/logo_ball.png
Principle

No. VII.3.3 - Currency in which to assess damages


Damages are to be assessed either in the currency in which the monetary obligation that was breached was expressed or in the currency in which the harm was suffered, whichever is more appropriate.
Commentary
Currency issues are a corollary of the cross-border nature of transnational business transactions. The law of damages must take account of these issues. The Principle gives courts or arbitral tribunal a choice. They may award damages in the currency in which the monetary (payment) obligation was expressed for whose breach the damages are awarded. They may also decide to award damages in a currency other than the contract currency if the aggrieved party has incurred expenses or has suffered other harm in that other currency.

Please cite as: "Commentary to Trans-Lex Principle , "
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