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Part IX Passing of Risk, 38 Passing of Risk

From: Global Sales and Contract Law (2nd Edition)

Ingeborg Schwenzer, Edgardo Muñoz

Content type:
Book content
Product:
International Commercial Law [ICML]
Published in print:
14 June 2022
ISBN:
9780198871255

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 30 May 2023

Subject(s):
Contract — Types of loss and damages — Bulk goods — Conformity of goods — Averting and minimising loss and insurance — Risk of loss and insurance — Default rules and time for payment

This chapter notes the notions of risks. Price risk is the risk of having to bear the cost of damage to the goods, wherein the buyer is still obligated to pay for purchase price since the damage was neither of the parties’ fault. The rules on the passing of risk are only relevant where neither party can be considered responsible for the loss or the circumstances. The chapter narrates the number of consequences following the passing of risks. Under the general principle of freedom of contract, parties need to make provision for the allocation of risk in their contract. Trade terms are used to specify obligations under the contract.

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