Liquidated Damages Clause in Commercial Contracts: A Pakistan’s Perspective

서지정보

ㆍ발행기관 : 이준국제법연구원 ㆍ수록지정보 : China and WTO Review / 8권 / 2호
ㆍ저자명 : Kashif Imran Zadi, Ahmad Abdul Rehman Khan, Usman Hameed, Khushbakht Qaiser, Zarfishan Qaiser

목차

1. Introduction
2. Whether Liquidated Damages Ended upon the Termination ofthe Contract?
3. When Liquidated Damages Become Penalty?
4. The Concept of Liquidated Damages in Pakistan.
5. Role of Cap in Liquidated Damages Clause
6. Conclusion
References

영어 초록

Economists believe that if the legal remedy for breach is expectation damages, the idea of efficient breach allows us to forecast when parties will choose to breach a contract. On the other hand, the economic premise of rational wealth-maximizing actors fails to reflect significant nonmonetary values and incentives that impact behavior in predictable ways. People act following shared community norms, such as the moral norm of honoring pledges, when interpersonal duties are informal or underspecified. However, when the parties specify or otherwise formalize punishments for uncooperative behavior, it becomes more strategic and self-interested. The remedy for breach is made apparent with a liquidated-damages clause. This article will highlight the issues about the cure for breach in cases where liquidate damages clause is exploited, focusing on the Common law and precedents by eminent judges, including Pakistan’s legislation.

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