RECOVERY OF DAMAGE CAUSED BY LATE PERFORMANCE OF OBLIGATIONS RESULTING FROM INTERNATIONAL COMMERCIAL CONTRACTS

This article analyses the different approaches in comparative law, arbitral practice and in doctrine regarding the institution of interest on late performance (default interest) allocated to compensate for the damage arising from the late performance of contractual obligations, known by most legal systems and instruments of uniform law. Despite the trend of harmonization of regulations in this area, national legislations enshrine different solutions regarding some aspects of this institution. Consequently, the national and international tribunals give various decisions, depending on the legal regulations and the international commercial customs that they consider applicable in the case, the jurisprudence in this field being different.

Financial and Legal Prospects for the Use of Government Bond Loans in Modern Conditions

The purpose of the study is to identify positive aspects of expanding the use of government bond loans. The paper also focuses on theoretical concepts of the ratio of taxes and loans, analyzing the advantages and disadvantages of government bond loans to determine their impact on the decisions of the issuer and the investor. Consideration of foreign experience in the use of bond loans allows identifying common features and aspects to improve the legal regulation of this institution in Russia science and practice. The results of the research consist of summarizing the studied material and describing the prospects for the development and use of government loans as a tool of financial and legal policy. The experience of foreign countries proves that it is possible to determine the legal nature of a government bond loan through the prism of regulating a new institution – the issue obligation. Conclusion: it is advisable to adopt a normative legal act that would systematize the form of government debt, contain general rules for the use of certain types of borrowing and mechanisms for servicing and repayment of debt, and provide other guarantees, principles of compensation, ways to restructure debt obligations, as well as a mechanism for interaction of public authorities in this area with clear regulation of the powers of public authorities and sanctions for late performance or non-performance by the issuer of its obligations.

The concept of builder and its liability for the quality of the construction works in lithuanian construction law

A construction process, from the issue of a document allowing construction to signing a transfer- acceptance deed, involves a number of entities for which the law provides for different rights and duties. One of such entities is a builder (customer). The article discusses issues related with the establishment of the builder’s duties during the construction process and application of liability for failure to perform them or improper performance thereof. The concept of the builder (customer) is disclosed, and the builder’s civil liability for incompliance of construction works with the laws or provisions of the works contract, as well as late performance of construction works are analysed. It is analysed how to identify correctly a builder as one of the main entities of construction and to separate him from other participants of the construction process, such as head of construction or construction technical supervisor. The builder’s duties are analysed which improper performance has an effect on the quality of works carried out by the contractor, also issues raised in the Lithuanian case-law are discussed.

Ch.7 Non-performance, s.1: Non-performance in general, Art.7.1.1

This commentary analyses Article 7.1.1 of the UNIDROIT Principles of International Commercial Contracts (PICC) concerning the definition of non-performance. Article 7.1.1 defines non-performance as ‘failure by a party to perform any of its obligations under the contract, including defective performance or late performance’. Non-performance under Art 7.1.1 also includes violations of accessory obligations, such as a duty of confidentiality or the duty to co-operate, including the accessory obligations of the aggrieved party. This commentary discusses reasons for non-performance, the concept of ‘default’, the relationship between non-performance and non-conformity, vicarious liability for contractual obligations, and the burden of proof relating to non-performance.

Artificial rearing as a system for evaluating male lambs

ABSTRACTThe use of an artificial rearing system to provide controlled environment conditions for performance testing of male lambs was investigated in two trials. A sample of lambs from 5 fat-lamb sire breeds was included.Performance during the initial restricted milk-feeding period was uniform but large differences in solid food intake gave variable performance in the adjustment period immediately following weaning. Lambs were evaluated from 40 days onwards in terms of growth rate and efficiency of food conversion. Some breed differences were significant and the variation within groups was sufficiently high to suggest that performance might be improved by within-group selection.Estimates from Trial 2 show that food conversion efficiency was related to growth rate, but early and late performance in the evaluation period were not correlated (r = 0·12, 0·16 and 0·14 for growth rate, food intake and efficiency, respectively). Some refinements of the method are suggested, and it is concluded that the system could provide suitable conditions for testing male lambs at an early age without the variable influence of the dam.