Data
- Date:
- 23-06-1998
- Country:
- Economic Court of the Commonwealth of Independent States (CIS)
- Number:
- 01-1/6/97
- Court:
- Economic Court of the Commonwealth of Independent States (CIS)
- Parties:
Keywords
ECONOMIC AGREEMENT BETWEEN MEMBER STATES OF THE COMMONWEALTH OF INDEPENDENT STATES (CIS) - UNIDROIT PRINCIPLES AS A MEANS OF INTERPRETING INTERNATIONAL CONVENTIONS - REFERENCE TO ART. 6.1.9(4) OF THE UNIDROIT PRINCIPLES
Abstract
The Economic Court of the Commonwealth of Independent States (CIS) is a supranational judicial authority competent to decide disputes arising, among others, from economic agreements between member States and to interpret such agreements.
The Supreme Court of the Republic of Kazakhstan made a request to the Economic Court of CIS concerning the interpretation of an agreement entered into by the member States of CIS concerning the amount and the procedure for payment of court fees due in commercial disputes between the businesses of different States. In particular it asked whether the National Banks of the member States are entitled to ask for payment of the costs of converting the national currency to the currency of payment and the rate of conversion to be applied.
The Economic Court found that the National Banks are obliged to convert the currency in accordance with the “rules of international law” whether or not the same rules are provided under the domestic law and that the rate of conversion is to be determined according to domestic law. However the Economic Court added that “in the absence of the relevant provisions of domestic law on this issue, it is reasonable to apply international customary law”, i.e. Art 6.1.9. (4) of the Principles of international commercial contracts (1994) according to which “if the obligor has not paid at the time when payment is due, the obligee may require payment according to the applicable rate of exchange prevailing either when payment is due or at the time of actual payment”.
Fulltext
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Source
http://www.sudsng.org}}