The master's thesis examines the valorisation of monetary obligations as a possible agreement between contracting parties, which excludes the application of the principle of monetary nominalism and mitigates the risk of changes in the value of money. If the parties wish to ensure that the value of the monetary obligation at the time of contract performance is equal to its value at the time of contract conclusion, they may include a valorisation clause in the contract. The Slovenian Civil Code specifies three types of valorisation clauses - the currency clause, the index clause, and the sliding scale clause - which enable the adjustment of the value of the monetary obligation to changes in prices or fluctuations in foreign currency exchange rates. However, contracting parties may also, in accordance with the principle of contractual autonomy, agree on other types of valorisation clauses or more broadly on price adjustment clauses. These clauses allow for subsequent price adjustments in various ways but must comply with the fundamental principle of civil law – the principle of good faith. Since it is not possible to unequivocally determine when a price adjustment clause is fair, the German Federal Supreme Court has developed criteria for assessing fairness. Additionally, when drafting valorisation clauses, it is crucial that they contain sufficient data to enable the determination of the monetary obligation’s value at the time of contract performance. If the subject matter of the contract is not determinable, the contract is null and void. As valorisation clauses function as a preventive safety mechanism for periods of economic instability, I believe their inclusion, particularly in long-term, ongoing, and deferred contracts, is advisable.
|
