President of India v Lips Maritime Corporation: Difference between revisions
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{{cn}}The House revisited the topic in {{Cite|President of India|Lips Maritime Corporation|1988|AC|395}} (amusingly known to all as [[The Lips|the “'''Lips'''”]]), where a claim for a [[currency exchange]] loss through late payment of [[demurrage]] failed on the straightforward basis that [[demurrage]] is [[liquidated damages]], and the law knows no such thing as a claim for damages for failing to pay damages. | {{cn}}The House revisited the topic in {{Cite|President of India|Lips Maritime Corporation|1988|AC|395}} (amusingly known to all as [[The Lips|the “'''Lips'''”]]), where a claim for a [[currency exchange]] loss through late payment of [[demurrage]] failed on the straightforward basis that [[demurrage]] is [[liquidated damages]], and the law knows no such thing as a claim for damages for failing to pay damages. | ||
Claims to recover [[currency exchange]] losses as damages for [[breach of contract]], whether the breach relied on is late payment of a debt or any other breach, are subject to the same rules as apply to claims for damages for breach of | Claims to recover [[currency exchange]] losses as damages for [[breach of contract]], whether the breach relied on is late payment of a debt or any other breach, are subject to the same rules as apply to claims for damages for breach of contract” (i.e. ordinary [[remoteness of damage]] and [[causation]] principles) | ||
{{sa}} | {{sa}} | ||
*[[FX]] | *[[FX]] | ||
*[[Breach of contract]] | *[[Breach of contract]] |
Latest revision as of 19:21, 19 December 2020
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The House revisited the topic in President of India v Lips Maritime Corporation [1988] AC 395 (amusingly known to all as the “Lips”), where a claim for a currency exchange loss through late payment of demurrage failed on the straightforward basis that demurrage is liquidated damages, and the law knows no such thing as a claim for damages for failing to pay damages.
Claims to recover currency exchange losses as damages for breach of contract, whether the breach relied on is late payment of a debt or any other breach, are subject to the same rules as apply to claims for damages for breach of contract” (i.e. ordinary remoteness of damage and causation principles)