Autoren Archiv: Peter M. Polak

AUSTRIA AND CORONA

1) CONCEPT OF UNFORSEEN CIRCUMSTANCES  Under Austrian law, unforeseen and unforeseeable circumstances which are so substantial, that they tilt the balance between the parties of the economic risk of a (long term) contract, give a claim to adjustment or resiliation, depending on the magnitude of the impact. Hence pacta sunt servanda no longer applies in such circumstances. It is irrelevant whether ... Mehr lesen »