Principles 
Biblio 
Materials 
Links 
Discussions Trans-Lex Administrative Information Document-ID: 930000 [click here to copy citation to clipboard] Please Cite as: "http://www.trans-lex.org/930000". Social Networks
No. IV.6.3 - Fixing of price by one of the partiesIf the contract provides that the price is to be fixed or determined by one of parties, and this determination is manifestly unreasonable, the other party may apply to a court or arbitral tribunal to have a reasonable price fixed, notwithstanding any agreements to the contrary. Trans-Lex Commentary [open]Please click below for (full) text references [doctrine] [principles / restatements] [model laws]There are no Threads related to this document. Open one by yourself. |
Trans-Lex in Social Media: 
|
Please cite as: "Commentary to Trans-Lex Principle No. IV.6.3 - Fixing of price by one of the parties, http://www.trans-lex.org/930000"
1 This Principle takes account of the fact that the parties may leave the determination of the price to one of them. If in such a scenario the price fixed by one party is manifestly unreasonable, the other party may apply to a court or arbitral tribunal to have a reasonable price fixed.
2 The party which fixes the price enjoys a certain discretion. The other party may only apply to the court or arbitral tribunal if the price fixed is "manifestly", i.e. obviously unreasonable.
3 The parties may not derogate from that provision which is intended to protect the party which does not possess the right to fix the price.