• Part 11: Part 11: Remedies

    • Article 95 - Performance of monetary obligation

      Where a party who is obliged to pay money does not do so, the other party may require payment.

    • Article 96 - Performance of non-monetary obligation

      Where a party who owes an obligation other than one to pay money does not perform, the other party may require performance, unless:

      (1) performance is impossible in law or fact;
      (2) performance or, where relevant, enforcement is unreasonably burdensome or expensive;
      (3) the party entitled to performance may reasonably obtain performance from another source;
      (4) performance is of an exclusively personal character; or
      (5) the party entitled to performance does not require performance within a reasonable time after he has, or ought to have, become aware of the non-performance.

    • Article 97 - Repair and replacement of defective performance

      The right to performance includes in appropriate cases the right to require repair, replacement, or other cure of defective performance. The provisions of Article 95 and Article 96 apply accordingly.

    • Article 98 - Judicial penalty

      (1) Where the Tribunal orders a party to perform, it may also direct that such party pay a penalty if he does not comply with the order.
      (2) Payment of the penalty to the aggrieved party does not exclude any claim for damages.

    • Article 99 - Change of remedy

      (1) An aggrieved party who has required performance of a non-monetary obligation and who has not received performance within a period fixed or otherwise within a reasonable period of time may invoke any other remedy.
      (2) Where the decision of the Tribunal for performance of a non-monetary obligation cannot be enforced, the aggrieved party may invoke any other remedy.

    • Article 100 - Right to damages

      Where a party's breach of contract has caused the other party loss the aggrieved party has a right to damages either exclusively or in conjunction with any other remedies provided that only loss arising directly from the breach or other loss which can fairly or reasonably have been within the contemplation of the parties at the time the contract was made can be recovered.

    • Article 101 - Compensation

      The aggrieved party is entitled to compensation for loss sustained as a result of the breach so that he will be placed in the position he would have been in if the contract had been properly performed.

    • Article 102 - Harm due in part to aggrieved party

      Where the harm is due in part to an act or omission of the aggrieved party or to another event as to which that party bears the risk, the amount of damages shall be reduced to the extent that these factors have contributed to the harm, having regard to the conduct of the parties.

    • Article 103 - Mitigation of harm

      (1) The aggrieved party must take reasonable steps to mitigate any loss.
      (2) The non-performing party is not liable for harm suffered by the aggrieved party to the extent that the harm could have been reduced by the latter party's taking reasonable steps.
      (3) The aggrieved party is entitled to recover any expenses reasonably incurred in attempting to reduce the harm.

    • Article 104 - Interest for failure to pay money

      (1) If a party does not pay a sum of money when it falls due the aggrieved party is entitled to interest upon that sum from the time when payment is due to the time of payment whether or not the non-payment is excused.
      (2) The rate of interest shall be the average bank short-term lending rate to prime borrowers prevailing in the State.
      (3) The aggrieved party is entitled to additional damages if the non-payment caused him a greater harm.
      (4) Unless otherwise agreed, interest on damages for breach of non-monetary obligations accrues as from the time the damages are awarded.

    • Article 105 - Manner of monetary redress

      (1) Damages are to be paid:
      (A) in a lump sum; or
      (B) where the nature of the harm makes it appropriate, in instalments.
      (2) Damages to be paid in instalments may be indexed on reasonable commercial terms as decided by the Tribunal.

    • Article 106 - Currency in which to access damages

      Damages are to be assessed either in the currency in which the monetary obligation was expressed or in the currency in which the harm was suffered, whichever is more appropriate.

    • Article 107 - Liquidated damages

      (1) Where the contract provides that a party who does not perform is to pay a specified sum to the aggrieved party for such non-performance, the aggrieved party is entitled to that sum irrespective of its actual harm.
      (2) However, notwithstanding any agreement to the contrary, the specified sum may be reduced to a reasonable amount where it is grossly excessive in relation to the harm resulting from the non- performance and to the other circumstances.

    • Article 108 - Limitation

      (1) An action for breach of any contract must be commenced within six years after the cause of action has accrued. By the original agreement the parties may reduce the period of limitation to not less than one year but may not extend it.
      (2) A cause of action occurs when the breach occurs, regardless of the aggrieved party's lack of knowledge of the breach.

    • Article 109 - Effect of expiration of limitation period

      (1) The expiration of the limitation period does not extinguish the right.
      (2) For the expiration of the limitation period to have effect, the Obligor must assert it as a defence.
      (3) A right may still be relied on as a defence even though the expiration of the limitation period for that right has been asserted.