SSEK partner Fransiscus Rodyanto and Fadhira Mediana, an associate at the firm, have contributed the Indonesia chapter to a new publication, Contract Laws of Asia - Liquidated Damages and Penalty Clauses.
The publication was released by the Asian Business Law Institute (ABLI) with support from its parent organization, the Singapore Academy of Law. Contract Laws of Asia - Liquidated Damages and Penalty Clauses is the second full-fledged publication under ABLI's Contracts Project, which aims to produce a set of standard-form contract terms where risks are relatively evenly allocated and which can be valid in a majority of Asian jurisdictions.
This fully-cited, 148-page publication considers 12 jurisdictions and governing laws that are high priorities for parties contracting across borders in the Asia Pacific, and focuses on:
- Practical operation of liquidated damages clauses in contracts in select common law jurisdictions, including restrictions placed on such clauses, defences to claims under such clauses, treatment of claims under such clauses in the event of insolvency of the obligor, etc.
- Whether the common law concept of liquidated damages exists in select civil law and hybrid jurisdictions, and if this concept does not exist, where are the analogous remedies available in those jurisdictions, and how those remedies differ from liquidated damages in the common law context.
Contract Laws of Asia - Liquidated Damages and Penalty Clauses is available here. SSEK's Fransiscus Rodyanto and Fadhira Mediana also contributed to an earlier compilation on indemnity clauses under this project, which is available here.
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