For monetary obligations, the principle of monetary nominalism applies, meaning the debtor must pay the nominal amount agreed upon, irrespective of changes in the internal value of money.174
Valorisation (revaluation) of monetary obligations is permitted, meaning the parties can agree to adjust the debtor’s monetary obligation based on certain economic indicators. This can be done through an indexation clause, adjusting the monetary obligation in accordance with changes in the prices of goods and services, as indicated by a price index published by an authorised organisation.
Example: The parties conclude a long-term commercial lease agreement. The contract includes a clause that adjusts the rent annually in accordance with the consumer price index published by the national statistics office. If the index increases by 2% in one year, the rent proportionally increases as well.
In the case of currency clauses, the amount of the monetary obligation is adjusted in accordance with fluctuations in the exchange rate of a specific foreign currency.
Example: Company A concludes a contract with foreign supplier B to purchase equipment, with the price determined in euros. The parties agree that the final payment obligation will be adjusted in accordance with the exchange rate of the US dollar (USD) at the time of payment.
In cases involving other price changes, the amount of the monetary obligation may be adjusted in accordance with changes in other prices, provided such an agreement is not contrary to law.
Example: A construction company and a client enter into a contract for building a facility. The contract includes a provision adjusting the price based on the global market price of steel. If the price of steel increases, the contract price will be proportionally raised to cover the additional costs of building materials.
Unless agreed otherwise by the parties, such adjustments apply from the time the obligation arises until its fulfilment.175
These valuation mechanisms ensure monetary obligations reflect actual economic changes and protect the parties from unforeseen economic developments that could affect their financial position and their ability to meet contractual obligations.
