The third academic workshop of Tuesdays with TRAC on “Party Autonomy in the realm of the Late Payment Damages in Arbitration” was held at Tehran Regional Arbitration Centre (TRAC), on February 18, 2020, with participation of Dr. Akbar Mirzanejad Jouybari, attorney at law, and associate professor at Department of Private Law, Faculty of Law and Political Science, University of Tehran, and a member of the arbitration board of the centre, along with a number of practitioners, and students.
Dr. Mohammad Hossein Tavana, the project manager of the centre, addressed the opening remarks on introducing the topic, and invited the participants to attend the discussion and exchange the views.
Dr. Mirzanejad, the instructor of this workshop, outlined the topic, first noting the primitive concept of damages and the definition of the late payment damages in the rules of civil procedure. This was followed by an analysis of whether the anticipation of a cost for the late payment damages in contracts is juridically exemplified as the lucre.
He also delivered an explanation on the difference between obligations based on foreign currency against obligations based on Iran’s currency. Finally, during the conclusive discussion and in response to some questions, he briefly analysed the monetary and non-monetary obligations in Iran.
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