Judgment confirms the effectiveness of contractual provisions that prevent the parties from varying their contract orally. By Oliver E. Browne and Robert Price The Supreme Court of the United Kingdom recently held that an oral variation of a contract was invalid due to a No Oral Modification (NOM) clause contained in the contract. This clause … Continue Reading
By JP Sweny, Matthew Brown and Rachel Croft A number of recent English court decisions have recast the test for determining when a contractual provision may be unenforceable under English law as a “penalty clause”. The rule against penalty clauses is particularly important in project finance transactions, which typically involve a complex set of commercial … Continue Reading
