11.01 It has been shown that, in the context of liquidated claims arising under long-term contracts, the creditor is exposed to the erosion of his claim as a consequence of ‘creeping’ inflation.1 The general principles of private law do not afford to the creditor any protection against this erosion in value, since nominalism is presumed to reflect the intention of the parties. If contracting parties wish to displace the principle of nominalism, then this can only be done by means of an express contractual term to that effect. 11.02 Given that parties are free to...
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