Kluwer: Wars, Oil Shocks, and Contracts: How Chilean Arbitral Tribunals Handle Hardship
Published on June 1, 2026
Geopolitical shocks — oil price spikes, trade route disruptions, sanctions regimes — do not respect contractual deadlines. When the cost of performing a contract doubles overnight due to events no party anticipated, the question is universal: can the affected party seek revision of the contract, or must it perform and absorb the loss?