… What general conclusions might be drawn from this discussion? I would like to leave you with four thoughts. First, it can be crucial to the long-term success of a joint venture that parties are able to adapt their bargain when circumstances change substantially. I have suggested that it is increasingly common to find in commercial contracts, particularly those of a longterm or ‘relational’ nature, obligations expressed in broad, flexible language which are intended to enable the contract to remain workable when there is a material change in circumstances. I have discussed the example of an obligation to renegotiate prices in good faith. If I am right in my perception, it is reasonable to expect that this type of contract term will become even more prevalent in future … (more)
Lord Justice Leggatt, ‘Negotiation in Good Faith: Adapting to Changing Circumstances in Contracts and English Contract Law’, Jill Poole Memorial Lecture, Aston University, 19 October 2018.