Contract Terms in Hong Kong: Changed Circumstances and Variation
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AbstractUnanticipated circumstances arising after the conclusion of a contract can make its performance unexpectedly uneconomic, difficult, or even impossible. The factors producing such changed circumstances are potentially very wide-ranging. They can include destruction of the contract’s subject matter, currency inflation, price and exchange-rate fluctuations, goods and labour shortages, resignation or incapacity of key personnel, industrial strikes and civil disturbances, domestic and foreign legal regulations, official bureaucratic delays, war and armed conflict, natural disasters, new technologies, and even fashion and consumer tastes.

The emergence of such supervening circumstances will sometimes motivate the party on whom the unexpected burden falls to seek a variation of the contract in order to restore the equilibrium of costs and benefits originally anticipated by the parties at the time of contacting. Where the counterparty resists efforts to vary the subsisting contract, a question arises as to whether he is legally required to negotiate and agree a variation or submit to a juridically mandated variation.
All Author(s) ListStephen Hall
Name of ConferenceStudies in the Contract Laws of Asia V
Start Date of Conference15/08/2019
End Date of Conference17/08/2019
Place of ConferenceNational University of Singapore
Country/Region of ConferenceSingapore
Series TitleStudies in the Contract Laws of Asia
Year2019
LanguagesEnglish-United Kingdom
KeywordsContract Law, Hong Kong

Last updated on 2020-15-05 at 10:17