Revaluación de los contratos de arrendamiento de aeronaves de la era de la pandemia: Cómo navegar los retos de invocar la fuerza mayor mediante la aplicando de onerosidad excesiva en el Derecho mercantil internacional
La mayoría de las aeronaves se adquieren mediante contratos de leasing, y la carga financiera recae en el arrendador debido a su financiación de equipos pesados para el arrendatario en estos contratos. Por lo tanto, para garantizar que el arrendatario cumpla con el pago del arrendamiento al arrendador, se redacta en el contrato una cláusula “contra viento y marea”. Esto obliga al pago por parte del arrendatario independientemente de cualquier cambio circunstancial que les dificulte el pago. Sin embargo, debido a la pandemia, las compañías aéreas han sufrido una grave escasez de efectivo que les dificulta el cumplimiento de sus próximas obligaciones contractuales. Las compañías aéreas están debatiendo la posibilidad de invocar la fuerza mayo... Ver más
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UNIVERSIDAD CATÓLICA DE COLOMBIA |
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Novum Jus |
| title |
Revaluación de los contratos de arrendamiento de aeronaves de la era de la pandemia: Cómo navegar los retos de invocar la fuerza mayor mediante la aplicando de onerosidad excesiva en el Derecho mercantil internacional |
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Revaluación de los contratos de arrendamiento de aeronaves de la era de la pandemia: Cómo navegar los retos de invocar la fuerza mayor mediante la aplicando de onerosidad excesiva en el Derecho mercantil internacional Agarwal, Tanya incumplimiento renegociação descumprimento onerosidade excessiva força maior contrato de arrendamento de aeronaves renegociación “contra todas as probabilidades” onerosidad excesiva fuerza mayor cláusula “contra viento y marea” contrato de arrendamiento de aeronaves Aircraft Leasing Agreement Hell or High-water clause Force Majeure Hardship nonperformance renegotiation |
| title_short |
Revaluación de los contratos de arrendamiento de aeronaves de la era de la pandemia: Cómo navegar los retos de invocar la fuerza mayor mediante la aplicando de onerosidad excesiva en el Derecho mercantil internacional |
| title_full |
Revaluación de los contratos de arrendamiento de aeronaves de la era de la pandemia: Cómo navegar los retos de invocar la fuerza mayor mediante la aplicando de onerosidad excesiva en el Derecho mercantil internacional |
| title_fullStr |
Revaluación de los contratos de arrendamiento de aeronaves de la era de la pandemia: Cómo navegar los retos de invocar la fuerza mayor mediante la aplicando de onerosidad excesiva en el Derecho mercantil internacional |
| title_full_unstemmed |
Revaluación de los contratos de arrendamiento de aeronaves de la era de la pandemia: Cómo navegar los retos de invocar la fuerza mayor mediante la aplicando de onerosidad excesiva en el Derecho mercantil internacional |
| title_sort |
revaluación de los contratos de arrendamiento de aeronaves de la era de la pandemia: cómo navegar los retos de invocar la fuerza mayor mediante la aplicando de onerosidad excesiva en el derecho mercantil internacional |
| title_eng |
Revaluating aircraft leasing contracts in the pandemic era: navigating the challenges of invoking force-majeure by applying hardship under international commercial Law |
| description |
La mayoría de las aeronaves se adquieren mediante contratos de leasing, y la carga financiera recae en el arrendador debido a su financiación de equipos pesados para el arrendatario en estos contratos. Por lo tanto, para garantizar que el arrendatario cumpla con el pago del arrendamiento al arrendador, se redacta en el contrato una cláusula “contra viento y marea”. Esto obliga al pago por parte del arrendatario independientemente de cualquier cambio circunstancial que les dificulte el pago. Sin embargo, debido a la pandemia, las compañías aéreas han sufrido una grave escasez de efectivo que les dificulta el cumplimiento de sus próximas obligaciones contractuales. Las compañías aéreas están debatiendo la posibilidad de invocar la fuerza mayor en estos contratos para excusar el incumplimiento y evitar daños y perjuicios; no obstante, teniendo en cuenta los desarrollos en Derecho Aéreo Internacional Privado y la naturaleza del contrato, será difícil tomar tales medidas. Este documento propone aplicar la onerosidad excesiva codificada en los Principios de Unidroit sobre Contratos Comerciales Internacionales para que las compañías aéreas puedan renegociar el contrato con los arrendadores en lugar de eludir completamente su obligación contractual. Esto proporcionará un respiro al arrendatario y también garantizará que su obligación hacia el arrendadorse mantenga durante la pandemia.
|
| description_eng |
The majority of aircraft are acquired through leasing agreements, and the financial burden is on the lessor due to their financing of heavy equipment for the lessee in these agreements. Therefore, to ensure that the lessee fulfills their lease payment to the lessor, a “hell or high-water” clause is drafted in the contract. This enforces payment by the lessee regardless of any circumstantial changes that might make it difficult for them to pay. However, due to the pandemic, airlines have suffered from a severe cash crunch making it difficult for them to honor their upcoming contractual obligations. Airline companies are debating whether to invoke force majeure in these contracts to excuse non- performance and avoid damages; nevertheless, considering developments in Private International AirLaw and the nature of the contract, taking such measures will be difficult. This paper proposes toapply the hardship clause codified in the UNIDROIT Principles of International Commercial Contracts so that airlines can renegotiate the contract with their lessors instead of completely avoiding their contractual obligation. This will provide breathing space for the lessee, while ensuring that their obligation towards the lessor is maintained during the pandemic.
|
| author |
Agarwal, Tanya |
| author_facet |
Agarwal, Tanya |
| topicspa_str_mv |
incumplimiento renegociação descumprimento onerosidade excessiva força maior contrato de arrendamento de aeronaves renegociación “contra todas as probabilidades” onerosidad excesiva fuerza mayor cláusula “contra viento y marea” contrato de arrendamiento de aeronaves |
| topic |
incumplimiento renegociação descumprimento onerosidade excessiva força maior contrato de arrendamento de aeronaves renegociación “contra todas as probabilidades” onerosidad excesiva fuerza mayor cláusula “contra viento y marea” contrato de arrendamiento de aeronaves Aircraft Leasing Agreement Hell or High-water clause Force Majeure Hardship nonperformance renegotiation |
| topic_facet |
incumplimiento renegociação descumprimento onerosidade excessiva força maior contrato de arrendamento de aeronaves renegociación “contra todas as probabilidades” onerosidad excesiva fuerza mayor cláusula “contra viento y marea” contrato de arrendamiento de aeronaves Aircraft Leasing Agreement Hell or High-water clause Force Majeure Hardship nonperformance renegotiation |
| citationvolume |
15 |
| citationissue |
Especial |
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Núm. Especial , Año 2021 :Vol. 15 Número Especial |
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Universidad Catolica de Colombia |
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Novum Jus |
| source |
https://novumjus.ucatolica.edu.co/article/view/4056 |
| language |
Inglés |
| format |
Article |
| rights |
http://creativecommons.org/licenses/by-nc/4.0 Tanya Agarwal - 2021 Esta obra está bajo una licencia internacional Creative Commons Atribución-NoComercial 4.0. http://purl.org/coar/access_right/c_abf2 info:eu-repo/semantics/openAccess |
| references_eng |
Award 116 of 20 January of 1997 of the International Arbitration Court of the chamber of the commerce and Industry of the Russian Federation. Award of 30 November of 2006 of Centro de Arbitraje de Mexico. Berger, Klaus Peter and Behn, Daniel, ‘Force Majeure and Hardship in the Age of Corona: A Historical and Comparative Study’ (2019-2020) 6 McGill J. D.R 77. ‘Force Majeure TransLex-Principle VI 3’ at VI 3 (c) <https://www.trans-lex.org/944000> accessed 20 April 2021. Bunker, Donald H. International Aircraft Financing (2d edInternational Air Transport Association 2005) ISBN-10 : 9291954365 Convention on International Interests in Mobile Equipment, (16 Nov. 2001), 2307 U.N.T.S.285, art 1(q) [ hereinafter Cape Town Convention]. Endrizalova, Eva and others, ‘Operating Lease as a Specific Form of Airlines Outsourcing’(18th international scientific conference Business Logistics in Modern Management, November 2018 <https://www.researchgate.net/publication/328829802_Operating_Lease_As_A_Specific_Form_Of_Airlines_Outsourcing> accessed 2 April 2021. Duty to renegotiate Trans Lex- Principle IV.6.7’ at IV.6.7 <https://www.trans-lex.org/935000> accessed 20 April 2021. Fattorini, Leo and others, ‘Covid-19: Where to next for Airlines and their investors?’ (Bird & Bird, March 2020 <https://www.twobirds.com/en/news/articles/2020/global/ covid19-where-to-next-for airlines-and-their-investors> accessed 5 April 2021. ‘Force Majeure in Aviation Contract’ (Winstan & Strawn LLP, April 2020). <https:// www.winston.com/en/thoughtleadership/force-majeure-in-aviation-contracts.html>accessed 4 April 2021. Fortin, Elodie ‘The Impact of coronavirus (COVID-19) on aviation finance’ (LexisNexis, March 2020 <https://www.lexisnexis.co.uk/blog/covid-19/the-impact-of-coronavirus-(covid-19)-on-aviation-finance> accessed 6 April 2021. Great Elephant Corporation v Trafigura Beheer BV [2013] EWCA Civ 907 [25]. Goode R, Convention on International Interests in Mobile Equipment and Protocol thereto on Matters specific to Aircraft Equipment: Official Commentary (UNIDROIT 2002) 175-180. Hardship Trans Lex-Principle VIII’ at VIII.1 <https://www.trans-lex.org/951000> accessed 15 April 2021. Hanley, D. P. Aircraft operating leasing: a legal and practical analysis in the context of public and private international air law. (2011, November 24). Retrieved from https://hdl.handle.net/1887/18146 Henry D. Gabriel, The Use of Soft Law in the Creation of Legal Norms in International Commercial Law: How Successful Has It Been?, 40 MICH. J. INT'L L. 413 (2019). Availableat:https://repository.law.umich.edu/mjil/vol40/iss3/3 ‘How much did the Corona hit which airline company?’ (DW made for Minds, 8 July 2020) <https://www.dw.com/tr/korona-hangi-havayolu-%C5%9Firketini-ne-kadar-vurdu/g-54488779> accessed 13 April 2021. IAS Plus, ‘IAS 17- Leases’ (Deloitte) <https://www.iasplus.com/en/standards/ias/ias17> accessed 7 April 2021. IATA Economics, ‘Airline industry will continue to burn through cash until 2022’ (IATA,9 October 2020 <https://www.iata.org/en/iata-repository/publications/economic-reports/airline-industry-will-continue-to-burn-through-cash-until-2022> accessed 13 April 2021. IATA Economics, ‘Airline Financial Monitor’ (IATA, 18 September 2020<www.iata.org/en/ iata repository/publications/economic-reports/airlines-financial-monitor-august-2020> accessed 12 April 2021. ICC award No 7365 of 5 May 1997. International Institute for the Unification of Private Law (UNIDROIT), ‘Principles of International Commercial Contracts (2016)’ [hereinafter UPICC]; United Nations Convention on Contracts for the International Sale of Goods (11 April 1980) 1489 UNTS 3, 19 ILM 668 [hereinafter CISG] International Sale of Goods (11 April 1980) 1489 UNTS 3, 19 ILM 668 [hereinafter CISG]. International Chamber of Commerce, ‘ICC Force MajeureAnd Hardship Clauses 2020: Introductory Note and Commentary’ (ICC, June 2020) <https://iccwbo.org/content/uploads/sites/3/2020/07/icc-forcemajeure-introductory-note.pdf> accessed 18 April2021. Jimenez, Hortencia ‘Commercial Aircraft Leasing and its Booming Complexities’ (MSc. Aviation Administration thesis, Middle Tennessee State University 2017). Kikoyo, Henry, ‘Liability Management for Airlines Following Complete Shut Down of Operations or Aircraft Groundings in the Wake of Coronavirus (COVID-19)’ (Brownrudnick, 26 March 2020) <https://brownrudnick.com/alert/liability management-for-airlines-following-complete-shut-down-of-operations-or-aircraft-groundings-in-the-wake-of-coronavirus-covid-19/> accessed 15 April 2021. Lease Europe and Author Andersons, Leasing in Europe (McGraw Hill Book Company 1992) 53-54. Ledebuh, Brian W. and others, ‘COVID-19, ‘“Force Majeure” Clauses and Contractual Nonperformance’ (2020)’ XI (139) TNLR <https://www.natlawreview.com/article/ covid-19-force-majeure-clauses-and contractual-nonperformance> accessed 15 April 2021. Marchisio, Giacomo, Rebus Sic Stantibus: A Comparative Analysis for International Arbitration (July 11, 2012). Available at SSRN: https://ssrn.com/abstract=2103641 or http://dx.doi.org/10.2139/ssrn.2103641 McMahon, John P. ‘Applying for Managers and Counsel: Applying the CISG’ (IICL, May 2010<https://iicl.law.pace.edu/cisg/page/guide-managers-and-counsel-applying-cisg> accessed 20 April 2021. Northern Indiana Public Service Co. v Carbon County Coal Co. [7th Cir. 1986] 799 F.2d 265 [ 275]. Nwafor, Ndubuisi Augustine Comparative and Critical Analysis of the Doctrine of Exemption/ Frustration/Force Majeure under the United Nations Convention on the Contract for International Sale of Goods, English Law and UNIDROIT Principles’ (PhD thesis, University of Stirling 2015); Pandemic bill heavier in Lufthansa’ (DW made for Minds, 21 September 2020) <www.dw.com/tr/lufthansada-pandemi faturas%C4%B1a%C4%9F%C4%B1rla%C5%9Ft %C4%B1/a-55006511> accessed 13 April 2021. People Republic of China v Netherlands [2005] CIETAC (IICL, 2005 <https://iicl.law.pace. edu/cisg/case/china-march-5-2005-translation-available> accessed 20 April 2021. Petchenik, Ian ‘Scrapping along the Bottom: April Air Traffic Statistics’ (Flightradar24, 1 May 2020 <https://www.flightradar24.com/blog/scraping-along-the-bottom-april-air-traffic statistics/> accessed 12 April 2021. Protocol to the Convention on International Interests in Mobile Equipment on Matters Specific to Aircraft Equipment, (Nov. 16, 2001), 2367 U.N.T.S. 517, art VIII [hereinafter Aircraft Protocol to Cape Town Convention]. Regional: COVID-19 as Force Majeurein Aviation Contracts. Comparative Analysis across 10 Jurisdictions’ (Kinstellar, March 2020) <https://www.kinstellar.com/insights/ detail/1059/regional-covid-19-as-force majeure-in-aviation-contracts-comparative-analysis-across-10-jurisdictions> accessed 6 April 2021. Rimke, Joern. Force Majeure and Hardship: Application in International Trade Practice with Specific Regard to the CISG and the UNIDROIT Principles of International Commercial Contracts" in Pace International Law Review (ed) Review of the Convention on Contracts for the International Sale of Goods (CISG) 1999-2000 (Kluwer, The Hague, 2001) 197, 219 Scafom Int’l BV v. Tubes s.a.s., Case No. C.07.0289.N<http://www.unilex.info/case.cfm pid=2&do=case&id=1456&step=FullText> accessed 22 April 2021. Tandrin Aviation v Aero Toy Store Neutral Citation Number: [2010] EWHC 40 (Comm) Case No: CLAIM NO. 2009 / FOLIO 206 The Rebus Sic Stantibus clause in the presence of Covid-19’ (Osborne Clarke, March 2020 <https://www.osborneclarke.com/insights/rebus-sic-stantibus-clause-presence- covid-19/> accessed 17 April 2021. UNIDROIT Convention on International Financial Leasing, Ottawa (28 May 1988) [hereinafter Financial Leasing Convention]. Wool, Jefrey ‘The Next Generation of International Aviation Finance Law: An Overview of the Proposed UNIDROIT Convention on International Interests in Mobile Equipmentas Applied to Aircraft Equipment’ [1999] 20:3 U. Pa. J Int'l Econ. L 499. World Health Organization, ‘Director-General's opening remarks at the media briefingon COVID-19’ (WHO, 11 March 2020) <https://www.who.int/director-general/ speeches/detail/who-director-general-s-opening-remarks-at-the-media-briefing-on- covid-19---11-march-2020> accessed 10 April 2021. Zuvin, Serap and Can Ucarer, Onur ‘The Aircraft Financing Market after COVID-19’ (International Bar Association, 2020) <https://www.ibanet.org/article/2cb405cf-621a-4791-809f-748f09b0402d> accessed 13April 2021. |
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Revaluación de los contratos de arrendamiento de aeronaves de la era de la pandemia: Cómo navegar los retos de invocar la fuerza mayor mediante la aplicando de onerosidad excesiva en el Derecho mercantil internacional incumplimiento Universidad Catolica de Colombia Artículo de revista Núm. Especial , Año 2021 :Vol. 15 Número Especial Especial 15 renegociação descumprimento onerosidade excessiva força maior contrato de arrendamento de aeronaves renegociación “contra todas as probabilidades” onerosidad excesiva fuerza mayor La mayoría de las aeronaves se adquieren mediante contratos de leasing, y la carga financiera recae en el arrendador debido a su financiación de equipos pesados para el arrendatario en estos contratos. Por lo tanto, para garantizar que el arrendatario cumpla con el pago del arrendamiento al arrendador, se redacta en el contrato una cláusula “contra viento y marea”. Esto obliga al pago por parte del arrendatario independientemente de cualquier cambio circunstancial que les dificulte el pago. Sin embargo, debido a la pandemia, las compañías aéreas han sufrido una grave escasez de efectivo que les dificulta el cumplimiento de sus próximas obligaciones contractuales. Las compañías aéreas están debatiendo la posibilidad de invocar la fuerza mayor en estos contratos para excusar el incumplimiento y evitar daños y perjuicios; no obstante, teniendo en cuenta los desarrollos en Derecho Aéreo Internacional Privado y la naturaleza del contrato, será difícil tomar tales medidas. Este documento propone aplicar la onerosidad excesiva codificada en los Principios de Unidroit sobre Contratos Comerciales Internacionales para que las compañías aéreas puedan renegociar el contrato con los arrendadores en lugar de eludir completamente su obligación contractual. Esto proporcionará un respiro al arrendatario y también garantizará que su obligación hacia el arrendadorse mantenga durante la pandemia. Agarwal, Tanya Novum Jus cláusula “contra viento y marea” contrato de arrendamiento de aeronaves info:eu-repo/semantics/article Inglés http://creativecommons.org/licenses/by-nc/4.0 Tanya Agarwal - 2021 Esta obra está bajo una licencia internacional Creative Commons Atribución-NoComercial 4.0. Award 116 of 20 January of 1997 of the International Arbitration Court of the chamber of the commerce and Industry of the Russian Federation. Award of 30 November of 2006 of Centro de Arbitraje de Mexico. Berger, Klaus Peter and Behn, Daniel, ‘Force Majeure and Hardship in the Age of Corona: A Historical and Comparative Study’ (2019-2020) 6 McGill J. D.R 77. ‘Force Majeure TransLex-Principle VI 3’ at VI 3 (c) <https://www.trans-lex.org/944000> accessed 20 April 2021. Bunker, Donald H. International Aircraft Financing (2d edInternational Air Transport Association 2005) ISBN-10 : 9291954365 Convention on International Interests in Mobile Equipment, (16 Nov. 2001), 2307 U.N.T.S.285, art 1(q) [ hereinafter Cape Town Convention]. Endrizalova, Eva and others, ‘Operating Lease as a Specific Form of Airlines Outsourcing’(18th international scientific conference Business Logistics in Modern Management, November 2018 <https://www.researchgate.net/publication/328829802_Operating_Lease_As_A_Specific_Form_Of_Airlines_Outsourcing> accessed 2 April 2021. Duty to renegotiate Trans Lex- Principle IV.6.7’ at IV.6.7 <https://www.trans-lex.org/935000> accessed 20 April 2021. Fattorini, Leo and others, ‘Covid-19: Where to next for Airlines and their investors?’ (Bird & Bird, March 2020 <https://www.twobirds.com/en/news/articles/2020/global/ covid19-where-to-next-for airlines-and-their-investors> accessed 5 April 2021. ‘Force Majeure in Aviation Contract’ (Winstan & Strawn LLP, April 2020). <https:// www.winston.com/en/thoughtleadership/force-majeure-in-aviation-contracts.html>accessed 4 April 2021. Fortin, Elodie ‘The Impact of coronavirus (COVID-19) on aviation finance’ (LexisNexis, March 2020 <https://www.lexisnexis.co.uk/blog/covid-19/the-impact-of-coronavirus-(covid-19)-on-aviation-finance> accessed 6 April 2021. Great Elephant Corporation v Trafigura Beheer BV [2013] EWCA Civ 907 [25]. Goode R, Convention on International Interests in Mobile Equipment and Protocol thereto on Matters specific to Aircraft Equipment: Official Commentary (UNIDROIT 2002) 175-180. Hardship Trans Lex-Principle VIII’ at VIII.1 <https://www.trans-lex.org/951000> accessed 15 April 2021. Hanley, D. P. Aircraft operating leasing: a legal and practical analysis in the context of public and private international air law. (2011, November 24). Retrieved from https://hdl.handle.net/1887/18146 Henry D. Gabriel, The Use of Soft Law in the Creation of Legal Norms in International Commercial Law: How Successful Has It Been?, 40 MICH. J. INT'L L. 413 (2019). Availableat:https://repository.law.umich.edu/mjil/vol40/iss3/3 ‘How much did the Corona hit which airline company?’ (DW made for Minds, 8 July 2020) <https://www.dw.com/tr/korona-hangi-havayolu-%C5%9Firketini-ne-kadar-vurdu/g-54488779> accessed 13 April 2021. IAS Plus, ‘IAS 17- Leases’ (Deloitte) <https://www.iasplus.com/en/standards/ias/ias17> accessed 7 April 2021. IATA Economics, ‘Airline industry will continue to burn through cash until 2022’ (IATA,9 October 2020 <https://www.iata.org/en/iata-repository/publications/economic-reports/airline-industry-will-continue-to-burn-through-cash-until-2022> accessed 13 April 2021. IATA Economics, ‘Airline Financial Monitor’ (IATA, 18 September 2020<www.iata.org/en/ iata repository/publications/economic-reports/airlines-financial-monitor-august-2020> accessed 12 April 2021. ICC award No 7365 of 5 May 1997. International Institute for the Unification of Private Law (UNIDROIT), ‘Principles of International Commercial Contracts (2016)’ [hereinafter UPICC]; United Nations Convention on Contracts for the International Sale of Goods (11 April 1980) 1489 UNTS 3, 19 ILM 668 [hereinafter CISG] International Sale of Goods (11 April 1980) 1489 UNTS 3, 19 ILM 668 [hereinafter CISG]. International Chamber of Commerce, ‘ICC Force MajeureAnd Hardship Clauses 2020: Introductory Note and Commentary’ (ICC, June 2020) <https://iccwbo.org/content/uploads/sites/3/2020/07/icc-forcemajeure-introductory-note.pdf> accessed 18 April2021. Jimenez, Hortencia ‘Commercial Aircraft Leasing and its Booming Complexities’ (MSc. Aviation Administration thesis, Middle Tennessee State University 2017). Kikoyo, Henry, ‘Liability Management for Airlines Following Complete Shut Down of Operations or Aircraft Groundings in the Wake of Coronavirus (COVID-19)’ (Brownrudnick, 26 March 2020) <https://brownrudnick.com/alert/liability management-for-airlines-following-complete-shut-down-of-operations-or-aircraft-groundings-in-the-wake-of-coronavirus-covid-19/> accessed 15 April 2021. Lease Europe and Author Andersons, Leasing in Europe (McGraw Hill Book Company 1992) 53-54. Ledebuh, Brian W. and others, ‘COVID-19, ‘“Force Majeure” Clauses and Contractual Nonperformance’ (2020)’ XI (139) TNLR <https://www.natlawreview.com/article/ covid-19-force-majeure-clauses-and contractual-nonperformance> accessed 15 April 2021. Marchisio, Giacomo, Rebus Sic Stantibus: A Comparative Analysis for International Arbitration (July 11, 2012). Available at SSRN: https://ssrn.com/abstract=2103641 or http://dx.doi.org/10.2139/ssrn.2103641 McMahon, John P. ‘Applying for Managers and Counsel: Applying the CISG’ (IICL, May 2010<https://iicl.law.pace.edu/cisg/page/guide-managers-and-counsel-applying-cisg> accessed 20 April 2021. Northern Indiana Public Service Co. v Carbon County Coal Co. [7th Cir. 1986] 799 F.2d 265 [ 275]. Nwafor, Ndubuisi Augustine Comparative and Critical Analysis of the Doctrine of Exemption/ Frustration/Force Majeure under the United Nations Convention on the Contract for International Sale of Goods, English Law and UNIDROIT Principles’ (PhD thesis, University of Stirling 2015); Pandemic bill heavier in Lufthansa’ (DW made for Minds, 21 September 2020) <www.dw.com/tr/lufthansada-pandemi faturas%C4%B1a%C4%9F%C4%B1rla%C5%9Ft %C4%B1/a-55006511> accessed 13 April 2021. People Republic of China v Netherlands [2005] CIETAC (IICL, 2005 <https://iicl.law.pace. edu/cisg/case/china-march-5-2005-translation-available> accessed 20 April 2021. Petchenik, Ian ‘Scrapping along the Bottom: April Air Traffic Statistics’ (Flightradar24, 1 May 2020 <https://www.flightradar24.com/blog/scraping-along-the-bottom-april-air-traffic statistics/> accessed 12 April 2021. Protocol to the Convention on International Interests in Mobile Equipment on Matters Specific to Aircraft Equipment, (Nov. 16, 2001), 2367 U.N.T.S. 517, art VIII [hereinafter Aircraft Protocol to Cape Town Convention]. Regional: COVID-19 as Force Majeurein Aviation Contracts. Comparative Analysis across 10 Jurisdictions’ (Kinstellar, March 2020) <https://www.kinstellar.com/insights/ detail/1059/regional-covid-19-as-force majeure-in-aviation-contracts-comparative-analysis-across-10-jurisdictions> accessed 6 April 2021. Rimke, Joern. Force Majeure and Hardship: Application in International Trade Practice with Specific Regard to the CISG and the UNIDROIT Principles of International Commercial Contracts" in Pace International Law Review (ed) Review of the Convention on Contracts for the International Sale of Goods (CISG) 1999-2000 (Kluwer, The Hague, 2001) 197, 219 Scafom Int’l BV v. 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World Health Organization, ‘Director-General's opening remarks at the media briefingon COVID-19’ (WHO, 11 March 2020) <https://www.who.int/director-general/ speeches/detail/who-director-general-s-opening-remarks-at-the-media-briefing-on- covid-19---11-march-2020> accessed 10 April 2021. Zuvin, Serap and Can Ucarer, Onur ‘The Aircraft Financing Market after COVID-19’ (International Bar Association, 2020) <https://www.ibanet.org/article/2cb405cf-621a-4791-809f-748f09b0402d> accessed 13April 2021. https://novumjus.ucatolica.edu.co/article/view/4056 http://purl.org/coar/resource_type/c_2df8fbb1 Text http://purl.org/coar/access_right/c_abf2 info:eu-repo/semantics/openAccess http://purl.org/coar/version/c_970fb48d4fbd8a85 info:eu-repo/semantics/publishedVersion http://purl.org/redcol/resource_type/ART http://purl.org/coar/resource_type/c_6501 Publication Journal article The majority of aircraft are acquired through leasing agreements, and the financial burden is on the lessor due to their financing of heavy equipment for the lessee in these agreements. Therefore, to ensure that the lessee fulfills their lease payment to the lessor, a “hell or high-water” clause is drafted in the contract. This enforces payment by the lessee regardless of any circumstantial changes that might make it difficult for them to pay. However, due to the pandemic, airlines have suffered from a severe cash crunch making it difficult for them to honor their upcoming contractual obligations. Airline companies are debating whether to invoke force majeure in these contracts to excuse non- performance and avoid damages; nevertheless, considering developments in Private International AirLaw and the nature of the contract, taking such measures will be difficult. This paper proposes toapply the hardship clause codified in the UNIDROIT Principles of International Commercial Contracts so that airlines can renegotiate the contract with their lessors instead of completely avoiding their contractual obligation. This will provide breathing space for the lessee, while ensuring that their obligation towards the lessor is maintained during the pandemic. Aircraft Leasing Agreement text/xml application/pdf text/html Revaluating aircraft leasing contracts in the pandemic era: navigating the challenges of invoking force-majeure by applying hardship under international commercial Law Hell or High-water clause Force Majeure Hardship nonperformance renegotiation 2500-8692 https://novumjus.ucatolica.edu.co/article/download/4056/3977 2021-12-16T00:00:00Z https://novumjus.ucatolica.edu.co/article/download/4056/4738 1692-6013 https://novumjus.ucatolica.edu.co/article/download/4056/4615 2021-12-16T00:00:00Z 101 79 https://doi.org/10.14718/NovumJus.2021.15.E.8 10.14718/NovumJus.2021.15.E.8 2021-12-16 |