The analysis focuses on the issue of the interests within the field of international contracts. From a comparative law perspective, the topic deserves to be investigated because the legal regulation of interests reflects historical, political, economic, cultural, and religious elements characterizing the specific legal systems. Within the field of international contracts, due to the lack of a uniform legal and economic scenario, such elements acquire, if possible, greater importance. Chapter I firstly focuses on the history of Art. 78 CISG: pursuant to such Article, a general right to interest on any sums in arrears is recognized on behalf of the creditor. The Article 78, however, that is the outcome of a conscious compromise aimed at preserving the Convention itself, grants the creditor the general right to interest but fails to provide for neither the relevant rate nor other important elements. Accordingly, the Art. 78 CISG is one of the most controversial ones. Chapter I further deals with the different solutions adopted by the rules of law for international contracts. Indeed, all these rules of law specifically address the issue of the interests, though with differences among them. In addition, the analysis takes into account the LIBOR’s parabola. As well known, LIBOR used to be the most important benchmark within the international scenario. A further issue, which reveals different approaches among both the legal systems and the rules of law for international contracts, are compound interests: the comparative overview of the different solutions adopted highlights an absolute lack of uniformity about such matter. Chapter II focuses on the arbitrators’ power to grant interests. As known and upheld by reliable empirical researches, arbitration is by far the most adopted form of dispute resolution for international commercial contracts. Considering that, generally, business parties do not address the topic of interests within their international contracts, but such issue becomes significantly important in the event of litigation, it is up to the arbitrators to settle such matter. The comparative analysis reveals different orientations. A further issue worthy of attention involves the compliance of an arbitral award granting the interests with the public policy of the Country in which the award shall be recognized and executed, pursuant to Art. V2(b) of the 1958 New York Convention on the recognition and enforcement of foreign arbitral awards. Chapter III analyses the regulation of interests within the common law, specifically focusing upon the English legal system and the US one. The former one is noteworthy for many aspects: because English law is the governing law par excellence within the field of international contracts; because the United Kingdom did not ratify the CISG; and because within the English legal system the normative regulation of interests has experienced an interesting development due to the interactions between substantive law and procedural law. The normative regulation of interests within the US legal system deserves to be analysed because the legislative power about such issue pertains to each State, and every State – but for limited exceptions – has enacted statutory provisions setting forth a maximum tax rate applicable to different kind of contracts, not necessarily loans. However, the effectiveness of such statutory provisions is mitigated, if not ruled out, by a multifaceted erosion’s process, as highlighted in such Chapter. Chapter IV deals with the topic of interests within the variegated and heterogeneous Islamic model, considering both the traditional prohibition of ribà as well as the legal stratagems elaborated in that model in order to allow the development of the trade relationships in compliance with the sharia-rules. The attention is peculiarly focused on the so-called Islamic Finance Law that, according to comparative scholars, has turned into an autonomous legal system in light of its constitutive elements. It is indeed undeniable that the globalization, the development of international trade, the occurrence of the new digital technologies have provoked, especially in some Islamic Countries, an unexperienced evolution. However, such phenomenon does not imply the mere adherence to the standards of the Western legal tradition since each Country preserves its peculiar features.

L’analisi si concentra sul tema degli interessi nei contratti internazionali. In una prospettiva di diritto comparato il tema merita di essere approfondito perché la disciplina giuridica degli interessi è il riflesso di considerazioni di ordine storico, politico, economico, culturale e religioso, che connotano i singoli sistemi giuridici. Nel campo dei contratti internazionali, attesa l’assenza di un contesto giuridico ed economico uniforme, questi rilievi assumono, se possibile, maggiore importanza. Nel Capitolo I viene dapprima analizzata la storia dell’Art. 78 CISG, che riconosce un diritto generale agli interessi sulle somme, a qualsiasi titolo previste, ma non pagate. L’articolo – frutto di un compromesso consapevole finalizzato a preservare la Convenzione nel suo complesso – attribuisce al creditore il generale diritto agli interessi, ma non ne disciplina né il tasso né altri aspetti di rilievo. L’Art. 78 CISG è quindi ritenuto una delle norme più controverse della Convenzione. Sempre nel Capitolo I sono state analizzate le diverse soluzioni adottate dagli strumenti giuridici di disciplina dei contratti internazionali, rilevando come essi prendano espressamente in considerazione la questione, sebbene con alcune differenze. In aggiunta, la disamina si sofferma sulla parabola del LIBOR, il principale benchmark di riferimento nel contesto internazionale per i tassi di interesse. Altra questione che vede approcci eterogenei, sia tra i singoli sistemi giuridici che nell’ambito delle rules of law per i contratti internazionali, è quella relativa agli interessi composti (cd. compound interest): la rassegna comparata delle varie soluzioni adottate evidenzia un’assoluta mancanza di uniformità di orientamento in proposito. Il Capitolo II affronta il tema relativo al potere degli arbitri di assumere decisioni in ordine agli interessi. Come noto e come confermato da autorevoli ricerche empiriche, l’arbitrato è lo strumento di gran lunga utilizzato per la risoluzione di controversie relative ai contratti internazionali. Considerato che, in genere, le parti nulla prevedono nel regolamento contrattuale, ma che il tema degli interessi assume assoluta rilevanza in sede di contenzioso (anche per l’entità degli importi coinvolti), spetta agli arbitri dirimere tale aspetto. Anche sotto questo profilo l’indagine comparatistica porta alla luce orientamenti distinti. Il Capitolo in esame si sofferma altresì su altri profili di interesse comparatistico correlati al tema in questione: tra questi, la compatibilità di un lodo, che preveda la condanna agli interessi, con l’ordine pubblico dello Stato chiamato a riconoscerlo e darne esecuzione, alla luce delle previsioni dell’Art. V2(b) della Convenzione di New York del 1958 sul riconoscimento ed esecuzione dei lodi arbitrali stranieri. Il Capitolo III analizza la disciplina degli interessi nel modello di common law, soffermandosi in particolare sul sistema giuridico inglese e su quello statunitense. Il primo risulta particolarmente interessante alla luce di vari profili: inter alia, il fatto che il diritto inglese sia la governing law per eccellenza, scelta comunemente dalle parti dei contratti internazionali; il fatto che il Regno Unito non ha aderito alla CISG, e la circostanza che nel modello inglese la disciplina giuridica degli interessi ha subito un’evoluzione interessante, caratterizzata dalle interazioni tra diritto sostanziale e processuale. La disciplina degli interessi negli Stati Uniti appare meritevole di approfondimento perché la competenza in subjecta materia è attribuita ai singoli Stati e, salvo limitate eccezioni, ciascuno di essi ha emanato leggi che stabiliscono un tasso massimo di interesse applicabile a una varietà di rapporti contrattuali, non necessariamente qualificabili come mutui. Tuttavia, l’efficacia di queste norme viene mitigata, se non addirittura esclusa, per effetto di un processo di erosione condotto su più fronti, come meglio illustrato nel Capitolo in questione. Il Capitolo IV affronta la disciplina degli interessi nel variegato ed eterogeneo modello islamico, prendendo le mosse dal tradizionale divieto di ribà e considerando sia gli stratagemmi giuridici elaborati in quel contesto per consentire lo sviluppo dei traffici commerciali secondo una prospettiva sharia-compliant, sia le più recenti evoluzioni in materia. L’attenzione si concentra in particolare sulla cd. Islamic Finance Law, assurta agli occhi dei comparatisti a sistema giuridico a sé stante, in considerazione delle peculiarità che la connotano. È infatti un dato innegabile che la globalizzazione, lo sviluppo dei traffici commerciali internazionali e l’avvento delle nuove tecnologie digitali abbiano indotto, soprattutto in alcuni Paesi islamici, un’evoluzione senza precedenti. Il che, tuttavia, non coincide affatto con un’adesione tout court agli standard propri della Western Legal Tradition perché ciascuno Stato mantiene comunque le proprie peculiarità.

La disciplina degli interessi nei contratti internazionali. Un’analisi di diritto comparato

Laura Maria Franciosi
2023

Abstract

The analysis focuses on the issue of the interests within the field of international contracts. From a comparative law perspective, the topic deserves to be investigated because the legal regulation of interests reflects historical, political, economic, cultural, and religious elements characterizing the specific legal systems. Within the field of international contracts, due to the lack of a uniform legal and economic scenario, such elements acquire, if possible, greater importance. Chapter I firstly focuses on the history of Art. 78 CISG: pursuant to such Article, a general right to interest on any sums in arrears is recognized on behalf of the creditor. The Article 78, however, that is the outcome of a conscious compromise aimed at preserving the Convention itself, grants the creditor the general right to interest but fails to provide for neither the relevant rate nor other important elements. Accordingly, the Art. 78 CISG is one of the most controversial ones. Chapter I further deals with the different solutions adopted by the rules of law for international contracts. Indeed, all these rules of law specifically address the issue of the interests, though with differences among them. In addition, the analysis takes into account the LIBOR’s parabola. As well known, LIBOR used to be the most important benchmark within the international scenario. A further issue, which reveals different approaches among both the legal systems and the rules of law for international contracts, are compound interests: the comparative overview of the different solutions adopted highlights an absolute lack of uniformity about such matter. Chapter II focuses on the arbitrators’ power to grant interests. As known and upheld by reliable empirical researches, arbitration is by far the most adopted form of dispute resolution for international commercial contracts. Considering that, generally, business parties do not address the topic of interests within their international contracts, but such issue becomes significantly important in the event of litigation, it is up to the arbitrators to settle such matter. The comparative analysis reveals different orientations. A further issue worthy of attention involves the compliance of an arbitral award granting the interests with the public policy of the Country in which the award shall be recognized and executed, pursuant to Art. V2(b) of the 1958 New York Convention on the recognition and enforcement of foreign arbitral awards. Chapter III analyses the regulation of interests within the common law, specifically focusing upon the English legal system and the US one. The former one is noteworthy for many aspects: because English law is the governing law par excellence within the field of international contracts; because the United Kingdom did not ratify the CISG; and because within the English legal system the normative regulation of interests has experienced an interesting development due to the interactions between substantive law and procedural law. The normative regulation of interests within the US legal system deserves to be analysed because the legislative power about such issue pertains to each State, and every State – but for limited exceptions – has enacted statutory provisions setting forth a maximum tax rate applicable to different kind of contracts, not necessarily loans. However, the effectiveness of such statutory provisions is mitigated, if not ruled out, by a multifaceted erosion’s process, as highlighted in such Chapter. Chapter IV deals with the topic of interests within the variegated and heterogeneous Islamic model, considering both the traditional prohibition of ribà as well as the legal stratagems elaborated in that model in order to allow the development of the trade relationships in compliance with the sharia-rules. The attention is peculiarly focused on the so-called Islamic Finance Law that, according to comparative scholars, has turned into an autonomous legal system in light of its constitutive elements. It is indeed undeniable that the globalization, the development of international trade, the occurrence of the new digital technologies have provoked, especially in some Islamic Countries, an unexperienced evolution. However, such phenomenon does not imply the mere adherence to the standards of the Western legal tradition since each Country preserves its peculiar features.
2023
268
9788870009781
Laura Maria Franciosi
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/11585/927355
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