In international business disputes concept of claiming and awarding damages for breach of contract
In international business disputes concept of claiming and awarding damages for breach of contract

Author(s): Harsh Pathak
Subject(s): International Law, Commercial Law
Published by: Societatea de Stiinte Juridice si Administrative
Keywords: international business disputes; claiming; damages; breach of contract;
Summary/Abstract: The purpose of introducing this topic through this paper is to give an overview regarding the world’s trade and the complexities involved in international trade dispute res-olution. The paper elaborates upon the damages which a party shall seek from the other party due to breach of business contract. This paper is aimed to help academicians and professional in understanding the different types of damages pertain to international business disputes. How to effectively identity and calculate the damages which can be applicable to a given dispute, so that the claim for damages can be duly substantiated to get them as award. The damages are claimed and awarded in several ways mainly such as “compensatory damages”, “punitive damages”, “liquidated damages”, “exemplary damages” and “statutory damages” and several other methods. This paper also elaborates upon other methods of dispute redressal in the form of, “Specific Performance” (where the party causing injury or breach is asked to complete his promise) and “Rescission of contract” (where the parties to the contract can back-out from the contractual obligation with mutual consent and without causing injury to either party) and lastly in the form of “Quantum Meriut” (where the party to contract has done some work under an agreement and the other party disputed the agreement, or some event occurs which makes the further execution of the agreement impossible, then in such a case the party who has already performed the work, shall claim payment for the work already performed). Further , this write-up deal’s with the interest compo-nent that shall be levied upon such damages at the time of redressal of the damages claimed.

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