References
in ARTICLE 6.2.2 PICC
PICC
UNIDROIT Principles of International Commercial Contracts 2016
There is hardship where the occurrence of events fundamentally alters the equilibrium of the contract either because the cost of a party’s performance has increased or because the value of the performance a party receives has diminished, and
(a) the events occur or become known to the disadvantaged party after the conclusion of the contract;
(b) the events could not reasonably have been taken into account by the disadvantaged party at the time of the conclusion of the contract;
(c) the events are beyond the control of the disadvantaged party; and
(d) the risk of the events was not assumed by the disadvantaged party.
Source: UNIDROIT
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notes
for ARTICLE 6.2.2 PICC
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