AMENDMENT AND TERMINATION OF AGREEMENT: ON SOME CONTROVERSIAL ISSUES OF ENSURING BALANCE OF INTERESTS OF CREDITOR AND DEBTOR

Abstract

if the law allows the possibility of early contract' termination, certain ways of ensuring the balance of all parties' interests should be provided. It is concluded that the dissolution of contract is a broader concept than the termination of the contract, and a system of grounds for dissolution and termination of contracts is presented. The necessity to take into account third parties' interests under termination of the contract by agreement of the parties was underlined. The balance of interests in the dissolution of the contract because of its material breach is provided by the following instruments: the criterion of the materiality of the breach; obligation to provide a reasonable period for the fulfillment of obligations. As for the material change in the circumstances, the author argues that the rule of Art. 451 of the Civil Code does not provide the balance of the parties' interests.

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