Abstract

The article discusses the problem of limits of a debtor’s financial liability for late payment taking into account the phenomenon of high inflation. Particular attention is paid to the issue of a debtor’s liability for default to the extent this liability extends beyond the obligation to pay statutory interest for late payment or delay in commercial transactions. The author is of the opinion that although the statutory model of liability for damages has been shaped in accordance with the principle of full liability for a damage, in a developed financial market this liability may be limited due to general availability of the subject of any financial performance and the creditor’s duty to cooperate in preventing a damage and limiting its size. In the article, having considered whether the liability referred to in Art. 481 § 3 of the Civil Code covers the loss of the purchasing power of the performance over the period of the delay, it has been concluded that attempts to compensate for this loss should be carried out outside of the system of liability for damages.