(1) This Part does not apply to a term of a contract, or to a notice, to the extent that it reflects—
(a) mandatory statutory or regulatory provisions, or
(b) the provisions or principles of an international convention to which the United Kingdom. . . is a party.
(2) In subsection (1) “mandatory statutory or regulatory provisions” includes rules which, according to law, apply between the parties on the basis that no other arrangements have been established.
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