La renuncia a la resolución por incumplimiento y la práctica de los contratos internacionales
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https://doi.org/10.54103/milanlawreview/29162Keywords:
Termination, Breach, Sole remedy clauseAbstract
The essay assesses the validity and enforceability of a clause which precludes the remedy of termination by breach of the contract, allowing the parties only either to enforce the contract or to seek damages.
The clause is widely adopted in several contractual transactions, such as SPA (Sale and Purchase agreement) contract in Mergers and Acquisitions (M&A) business, as it shaped as the so called “sole remedy” clause, allowing in case of breach of the Representations and Warranties (R&W) only to seek the indemnity provide by the contract.
The Author concludes for the validity of the clause under Italian Law, under the limit set forth by Sect. 1229 Italian Civil Code and providing it safeguards the alternative remedies of specific performance and damages, set forth by Sect. 1453 ICC.
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