THE INTERNATIONAL COMMERCE & LAW REVIEW (무역상무연구)

The Korean Research Institute of International Commerce and Law (한국무역상무학회)
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A Study on Price Reduction under CISG and Issues

  • HAN, Ki-Moon (International Trade Dept of Hannam University)
  • Received : 2016.01.28
  • Accepted : 2016.02.19
  • Published : 2016.02.29
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Abstract

Price reduction under CISG Art. 50 is advantageous to a buyer because it is a self-help remedy to the buyer. It is the buyer that has the option and the power to reduce the price paid or to be paid to the seller. Price reduction is indispensable in such cases where the seller is relieved of liability. In such cases the remedy of price reduction is the only one giving the buyer monetary relief. Another special role of price reduction is to determine how much the buyer owes the seller for non-conforming goods when special circumstances relieve the seller of liability for damages. In any event, price reduction has been designed both as an alternative to damages and for cases where the non-performing party is excused from liability for damages. The price reduction remedy however leaves several issues for clarification and application in several respects.

Keywords

References

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