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Foreign Currency: Claims, Judgments and Damages

Page 128



General considerations


7.1 Whereas contracting parties are to a large extent able to regulate the legal effect of their future relationship with each other by suitable terms and conditions in their contract, such benefits are not available to strangers whose relationship arises solely from a tort.1 This difference can have a profound effect in many situations where a dispute occurs, in particular where it may enable a contracting party to avoid or limit his or her financial liability by an effective exclusion or limitation clause, whereas a non-relationship tortfeasor will gain comparable relief only where it is afforded by statute.2

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