Title

V.2.1 - Payment in currency of place of payment

Content

No. V.2.1 - Payment in currency of place of payment

Unless otherwise agreed by the parties, payment of a money debt may always be made in the currency of the place for payment.

Commentary

The Principle provides a default rule for those rare cases in which the parties have not made an agreement on the currency of the contract price to be paid by one side. In such a case, the money debt must be paid by the debtor in the currency of the place of payment.

References

Doctrine

Birk, Rolf, Die Umrechnungsbefugnis bei Fremdwährungsforderungen im Internationalen Privatrecht, 19 AWD 1973, at 425 et seq.Domingo, Ortega, Rodriguez-Antolin, Zambrana, Principios de Derecho Global, Navarra, 2006Gélinas, Fabian, Trade Usages and Implied Terms in the Age of Arbitration, 2016Magnus, Ulrich, Die allgemeinen Grundsätze im UN-Kaufrecht, 59 RabelsZ 1995, at 469 et seq.Mann, Frederick Alexander, The Legal Aspect of Money, 5th ed., Oxford 1992Marrella, Fabrizio, La nuova lex mercatoria, Principi Unidroit ed usi di contratti des comercio internazionale, CEDAM, Tratto di dritto commerciale e di dritto publico dell‘economia, Volume 30, Padova 2003Nussbaum, Arthur, Das Geld in Theorie und Praxis des Deutschen und Ausländischen Rechts, Tübingen 1925Ripert, Georges, Les Règles du Droit Civil Applicables aux Rapports Internationaux (Contribution à l'Etude des Principes Généraux du Droit Visés au Statut de la Cour Permanente de Justice Internationale), 44 Rec.Cours 1933-II, at 569 et seq.

National Legislation

Bürgerliches Gesetzbuch - German Civil CodeEthiopian Civil CodeFrench Civil Code 2016Nieuw Burgerlijk Wetboek - New Netherlands Civil Code ( Dutch Civil Code )Philippines Republic Act 386 (Civil Code)

International Legislation

Fontaine, Marcel, OHADA Uniform Act On Contract Law Preliminary Draft

Arbitral Awards

ICC Award No. 8874, ICC Bull. 10/No. 2 (1999), at 60 et seq.

Principles / Restatements

OHADAC principles on international commercial contractsPrinciples of European Contract Law - PECLUNIDROIT Principles of International Commercial Contracts 2016

Model Laws

The Draft Civil Code for Israel in: Siehr, Kurt/Zimmermann, Reinhard (ed.) The Draft Civil Code for Israel in comparative perspective, 2008

Contract Clauses

1. Payment in Exclusively One CurrencySales & Purchase Contract