"RENEGOTIATION AS A MECHANISM FOR ENSURING THE STABILITY OF INTERNATIONAL COMMERCIAL CONTRACTS"
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Abstract
The hardship clause in international trade contracts is a flexible mechanism designed to maintain the balance of the contract in the face of unforeseen circumstances. This clause is included either within the contract or in a separate agreement, clearly defined to protect the parties from changes that may arise due to economic, political, or financial shifts. It is required that the event be beyond the parties' control, unpredictable, and have a significant impact on the economic balance of the contract. This clause may necessitate renegotiation if the event causes unreasonable hardship for one party in fulfilling its obligations. However, ordinary risks anticipated by each contracting party do not justify the application of this clause
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