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Uniform Rules on Contract Clauses for an Agreed Sum Due upon Failure of Performance (1983)

 

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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. 

 

See also:

General Assembly resolution