Covid-19 as a possible cause of modification of the international contract: an interpretative proposal in the light of the lex arb itr i and the applicable substantive rules

Abstract

In recent months it has been discussed whether the pandemic generated by Covid-19 can be established as a possible ground for contract modification due to hardship. This paper reviews this concern specifically in international commercial contracts, arguing that, based on the arbitral tribunal’s obligation to consider commercial stipulations and usages in the resolution of the dispute in question, even when the law applicable to the merits of the case is highly probable that this thesis will be accepted. For this purpose, we will review the various elements that are necessary to understand this assertion.