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Enforcement Of Business Contracts In India: An Analysis Of The Reforms On Specific Relief
Subject area: Management and Commerce · Area of research: Management And Commerce
Abstract
Specific Relief is for performing a contract when monetary compensation for failing to complete contractual obligations is not enough. The law prescribes that in an event where the actual damage for not performing the contract cannot be measured or monetary compensation is not adequate, one party can ask the court to direct the other party to fulfill the requirements of the contract. This is called specific performance of a contract. The grant of relief of specific performance was exercised at the discretion of the court under the Specific Relief Act, 1963 in certain special circumstances. With the object of seeking greater certainty in contractual enforcement and time bound adjudication of rights of contesting parties, the Specific Relief (Amendment) Act, 2018, amending the Specific Relief Act, 1963 was enacted by the Parliament. The article analyses the provisions as to Mandatory Specific Performance of the Contracts, Contracts not specifically enforceable, Substituted Performance, Timeline for disposal of suits, Injunctions, Special Courts, Engagement of Experts and Recognition to Limited Liability Partnerships. The amendments to the Specific Relief Law are likely to reduce litigations and ensure the performance of the contractual work in a timely manner.
Keywords
Contracts, enforcement, specific performance, specific relief, substituted performance
How to cite this paper
@article{1700947,
author = {Dr. S. Sethuram},
title = {Enforcement Of Business Contracts In India: An Analysis Of The Reforms On Specific Relief },
journal = {Iconic Research And Engineering Journals},
year = {2019},
volume = {2},
number = {8},
pages = {77-80},
issn = {2456-8880},
url = {https://www.irejournals.com/formatedpaper/1700947.pdf},
abstract = {Specific Relief is for performing a contract when monetary compensation for failing to complete contractual obligations is not enough. The law prescribes that in an event where the actual damage for not performing the contract cannot be measured or monetary compensation is not adequate, one party can ask the court to direct the other party to fulfill the requirements of the contract. This is called specific performance of a contract. The grant of relief of specific performance was exercised at the discretion of the court under the Specific Relief Act, 1963 in certain special circumstances. With the object of seeking greater certainty in contractual enforcement and time bound adjudication of rights of contesting parties, the Specific Relief (Amendment) Act, 2018, amending the Specific Relief Act, 1963 was enacted by the Parliament. The article analyses the provisions as to Mandatory Specific Performance of the Contracts, Contracts not specifically enforceable, Substituted Performance, Timeline for disposal of suits, Injunctions, Special Courts, Engagement of Experts and Recognition to Limited Liability Partnerships. The amendments to the Specific Relief Law are likely to reduce litigations and ensure the performance of the contractual work in a timely manner.},
keywords = {Contracts, enforcement, specific performance, specific relief, substituted performance},
month = {February},
}