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Lex mercatoria material related to Article 55 CISG

For lex mercatoria material on fixing the contract price:

  1. Go to the CENTRAL Transnational Law Database (TLDB)


    Click TLDB's "List of Lex Mercatoria Principles".

  2. Scroll to Chapter IV: Contract, Section 5 Contractual obligations, Principle No. IV5.1 - Subsequent fixing of contract price.

    "If the contract does not contain a provision fixing the price or a method for determining it, the parties are to be treated as having agreed to the price generally charged at the time of the conclusion of the contract for such performance in comparable circumstances in the trade concerned, or, if no such price is available, to a reasonable price."

    The TLDB database provides annotations to this text. The TLDB annotations address Doctrine, Principles/Model Laws, Conventions, National Legislation.

Pace Law School Institute of International Commercial Law - Last updated January 28, 2003