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5 Analysing, Framing, and Proving a Damages Claim »

From: Damages in International Arbitration under Complex Long-term Contracts
Herfried Wöss, Adriana San Román Rivera, Pablo T Spiller, Santiago Dellepiane
5.01 The way a damages claim is structured depends on multiple factors, such as the nature of the contract, the nature of the breach, loss, causation, the measure of damages, the limitations according to the applicable rules of law and the evidence available as well as the rules of evidence. Such factors are interdependent and, therefore, must be analysed jointly when framing a damages claim and awarding damages. 5.02 The first part of this chapter will have an emphasis on commercial arbitration, where the but-for premise or differential hypothesis has a...

3 The Complex Long-Term Contract »

From: Damages in International Arbitration under Complex Long-term Contracts
Herfried Wöss, Adriana San Román Rivera, Pablo T Spiller, Santiago Dellepiane
3.01 Damages claims under complex long-term contracts are different from those under discrete transactions such as isolated sales operations, or simple long-term contracts such as lease contracts. To develop a damages claim for the breach of complex long-term contracts, it is necessary to understand their fundamental structures and mechanisms. The aim of this chapter is to provide such insight. 3.02 We start this chapter with an overview of the development of complex long-term contracts. We then follow with an analysis of the nature of such contracts and the core...

8 Conclusions »

From: Damages in International Arbitration under Complex Long-term Contracts
Herfried Wöss, Adriana San Román Rivera, Pablo T Spiller, Santiago Dellepiane
8.01 The function of compensation in damages law where the aggrieved party is entitled to recover all losses incurred due to the breach of contract is undisputed amongst legal systems, and leads to the full compensation principle. Damages law aims to provide legal certainty of the protection of the legitimate expectation of the injured party to obtain what it was promised. There are different levels of protection of the underlying interest under the different rules of law, such as the protection of the economic benefit or of the underlying performance. However,...

Contents »

From: Damages in International Arbitration under Complex Long-term Contracts
Herfried Wöss, Adriana San Román Rivera, Pablo T Spiller, Santiago Dellepiane

4 Damages Claims for Breach of Contract under Comparative and Transnational Law »

From: Damages in International Arbitration under Complex Long-term Contracts
Herfried Wöss, Adriana San Román Rivera, Pablo T Spiller, Santiago Dellepiane
4.01 This chapter aims to identify the differences and similarities between the rules of law examined here with respect to (1) underlying principles, (2) the requirements for damages claims such as breach of contract, loss, causality, and fault, (3) the applicable limitations to damages claims such as remoteness, foreseeability, adequacy, contributory negligence, and mitigation, (4) the measure of damages and the interest protected by law, and (5) the effect of rules of evidence and the standard of proof. The rules of evidence and the burden of proof are of utmost...

Damages in International Arbitration under Complex Long-term Contracts »

Herfried Wöss, Adriana San Román Rivera, Pablo T Spiller, Santiago Dellepiane

2 Function, Role, and Importance of Damages Law »

From: Damages in International Arbitration under Complex Long-term Contracts
Herfried Wöss, Adriana San Román Rivera, Pablo T Spiller, Santiago Dellepiane
2.01 The principal function of damages law, which is confirmed by the different rules of law on damages including international law, is the compensation of the loss caused by a breach of contract or an illegal measure affecting a complex long-term contract. The payment of an amount of money should place the injured party in the financial position he would be in if the damaging act had not occurred; that is, to wipe out all the consequences of the breach. This rule can be regarded as a general principle of law.1 2.02 The compensation function of damages law has its...

Index »

From: Damages in International Arbitration under Complex Long-term Contracts
Herfried Wöss, Adriana San Román Rivera, Pablo T Spiller, Santiago Dellepiane

7 Interest, Currency and Exchange Rate Fluctuations, and Cost of Arbitration »

From: Damages in International Arbitration under Complex Long-term Contracts
Herfried Wöss, Adriana San Román Rivera, Pablo T Spiller, Santiago Dellepiane
7.01 This chapter will analyse interest, currency losses, and cost of arbitration related to damages claims in order to make the injured party whole. 7.02 Interest is particularly relevant in international arbitration with respect to complex long-term contracts where significant time may elapse between the date of the contract, the investment made, the breach of contract, the award, and the actual payment of the damages. It is generally acknowledged that interest is payable in international arbitrations.1 7.03 Interest may be legal, contractual, or compensatory:...

1 Introduction »

From: Damages in International Arbitration under Complex Long-term Contracts
Herfried Wöss, Adriana San Román Rivera, Pablo T Spiller, Santiago Dellepiane
1.01 This work aims to provide an in-depth analysis of the legal, financial, and economic issues involved in the preparation of claims and arbitral awards for damages for the breach of complex long-term contracts in international arbitration, and to provide guidelines for attorneys, financial and economic experts, and arbitrators, in order to overcome the challenges faced when preparing a damages claim or an arbitral award. In particular, it examines the way in which general principles of damages law have to be applied to the determination and the assessment of...

List of Abbreviations »

From: Damages in International Arbitration under Complex Long-term Contracts
Herfried Wöss, Adriana San Román Rivera, Pablo T Spiller, Santiago Dellepiane

Preface »

From: Damages in International Arbitration under Complex Long-term Contracts
Herfried Wöss, Adriana San Román Rivera, Pablo T Spiller, Santiago Dellepiane

Series Editor’s Preface »

From: Damages in International Arbitration under Complex Long-term Contracts
Herfried Wöss, Adriana San Román Rivera, Pablo T Spiller, Santiago Dellepiane

Table of Cases »

From: Damages in International Arbitration under Complex Long-term Contracts
Herfried Wöss, Adriana San Román Rivera, Pablo T Spiller, Santiago Dellepiane

Table of Legislation »

From: Damages in International Arbitration under Complex Long-term Contracts
Herfried Wöss, Adriana San Román Rivera, Pablo T Spiller, Santiago Dellepiane

6 Valuation of Damages in International Arbitration »

From: Damages in International Arbitration under Complex Long-term Contracts
Herfried Wöss, Adriana San Román Rivera, Pablo T Spiller, Santiago Dellepiane
6.01 The calculation of damages in disputes involving complex long-term contracts must marry two universes: it must rely on an understanding of the facts of each matter under dispute, be consistent with the legal framework and merits of a case, and must also utilize the best-available tools in the fields of economics and valuation theory and practice. This chapter is aimed not as an inventory of such tools, but rather as a study of cases (some based on real examples and some hypothetical) of how the interaction between circumstance and legal theory may inform the...