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Response of the Supreme Peoples Court to Certain Questions Concerning the Application of the Foreign Economic Contract Law
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来源：中国法律法规大全 点击数： 更新时间：2005-9-19 20:33:13 |
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estion of Liability for Breach of Contract with regard to
Foreign Economic Contracts:
(1) If a party to a contract fails to fulfil the contract or if its
performance of the contractual obligations fails to comply with the
agreed terms and conditions, besides adopting other remedial measures or
other provisions stipulated in the contract, the party in breach of
contract shall compensate the other party for any losses suffered as a
result of the breach of contract. In general this shall include damage,
loss or destruction of property and expenses incurred in trying to
reduce or clear up losses, as well as the benefits that could have been
received if the contract had been implemented (i.e. interest in the case
of an international commodity trade contract), but the amount shall not
exceed that stipulated in the contract as the amount that one party to
the contract should foresee as compensation for losses that may be
suffered due to breach of contract.
(2) The penalty amount agreed on in a contract by the two parties
concerned shall be a predetermined compensation fund. If one party to a
contract violates the contract, the predetermined penalty amount shall
be paid to the other party to the contract. If the penalty amount agreed
on in the contract is an amount which is greater or less than the loss
incurred due to the breach of contract, the People's Court may order an
appropriate reduction or increase after consideration of the
circumstances at the request of the parties concerned.
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