CISG Advisory Council Opinion No. 14

Interest Under Article 78 CISG

RESULT OF ANALYSIS OF 274 DECISIONS RELATING TO ART 78 CISG

OVERALL SUMMARY

CREDITOR’S LAW VIA PIL OR DIRECT [2] - 103
DEBTOR’S LAW VIA PIL OR DIRECT [3] - 27
PICC/PECL - 1
CHOICE OF LAW [4] - 17
LIBOR - 3
NO EXPLICIT RULE APPLIED [5] - 48
ACCORDING TO CLAIM - 22
CONTRACTUAL INTEREST RATE APPLIED - 9
NOT RELEVANT [6] - 21
DOMICILIARY RATE OF CURRENCY - 13
INTEREST ACCORDING TO SPECIAL BILATERAL TREATY - 1
INTEREST AS DAMAGES (LOAN INTEREST) - 9
POST-JUDGEMENT INTEREST(NOT COUNTED IN THE ABOVE NUMBER) - 6

FOOTNOTES 

1. The author would like to thank research assistants Meliha Sermin Paksoy, Yasemin Kabaklıoğlu and Gözde Kasap (İstanbul Bilgi University), and Selman Naçar (Student, Istanbul Bilgi University) for their help in controlling and updating the case study.

2. Decisions where the court or arbitral tribunal either via private international law rules, or by directly deducing general principles from Art. 7/II CISG applies the interest rate at the place of business of the creditor are counted under this column.

3.Decisions where the court or arbitral tribunal either via private international law rules, or by directly deducing general principles from Art. 7/II CISG applies the interest rate at the place of business of the debtor are counted under this column.

4. Decisions where the court or arbitral tribunal uses directly the interest rate applicable by the law chosen by the parties fall under this heading.

5. Decisions where the court or arbitral tribunal applies an interest rate without further explaining where this rate is deduced from fall under this category.

6. Decisions where interest is not granted at all or the issue is left open, as well as decisions where interest is granted in a restitution relation are counted under this column. Art 82 not Art 79 CISG governs the applicable interest rate in case of restitution.