The Contract Lifecycle – Performance and Remedies for Breach
The Contract Lifecycle – Performance and Remedies for Breach

Author(s): Hristina Tancheva
Contributor(s): Savina Mihaylova-Goleminova (Editor)
Subject(s): Law, Constitution, Jurisprudence, Civil Law, Commercial Law
Published by: Сиела Норма АД
Keywords: performance; maturity date; breach of contract; remedies; damages; liquidated damages; interest
Summary/Abstract: Following conclusion of an agreement the parties must execute their obligations accurately and in good faith according to the provisions of the contract and the legal rules concerning the time of performance, place of performance, etc. In case of breach, the creditor has various remedies at his or her disposal – to claim performance plus damages for the delay, to claim compensation for non-performance, to terminate the contract (rescission), to withhold his or her own performance until he receives counter-performance in a bilateral contract and so on. When the debtor is in default, the creditor may claim pecuniary and non-pecuniary damages if suffered, or liquidated damages if stipulated in the contract. In the case of delayed monetary obligations, legal interest will accrue. The creditor is also obliged to act in good faith and cooperate in the execution of the obligation, if not mora creditoris occurs.

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