1983 - Uniform Rules on Contract Clauses for an Agreed Sum due upon Failure of Performance

Adopted by UNCITRAL in 1983, the Uniform Rules seek to unify the treatment, particularly as to validity and application, of clauses that provide for the payment by a party of a specified sum of money as damages or as a penalty in the event of the failure of the party to perform its contractual obligations in an international commercial transaction. 

General Assembly resolution

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