C. No Assumption of Risk
This brings me to the third requirement, i.e. that the changed circumstances – even…
Not unexpectedly, perhaps, many courts or tribunals dealing with this topic have…
By way of example, in the previously mentioned ICC Award between the Dutch manufacturer…
In the Himpurna v. PLN case the tribunal found that “[b]y pricing in US dollars rather than in Indonesian rupiah, the Parties unambiguously allocated the risk of depreciation of the local currency to PLN (Equally, PLN would have benefited from a strengthening of the rupiah).”…
In an award rendered in the wake of the 1973-1975 oil crisis, an arbitral tribunal…
As can be seen from the above, the commonly held view is that “a pound is a pound”…
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