| Commentary

54.3 Currency

| Commentary

54.3 Currency

A currency provision usually forms part of a larger payment clause. The provision specifies the currency in which a party needs to make payments under the agreement. If the agreement refers simply to ‘pounds’, then whether the currency is pounds sterling or some other currency (for example, Irish punts) must be determined in accordance with the proper law of the contract1. In other words, if the proper law is English law, and the contract refers to pounds, United Kingdom pounds sterling would normally be inferred.

A currency provision may also define how payments are converted from one currency into

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