Jurisdiction(s):
United Kingdom

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Key definition

Fluctuations definition

What does Fluctuations mean? In construction procurement, fluctuations describes contractual mechanisms that adjust the contract sum to reflect changes in the cost of labour, materials and related inputs between the tender or base date and when the work is actually carried out. It is a descriptive term rather than one defined in legislation, and is widely used across standard forms. Typical features include: identification of a base date; the scope of recoverable cost movements (for example labour rates, materials, fuel, taxes or duties); the method of adjustment (proved cost, agreed indices or formulae); and timing and evidential requirements. Fluctuation provisions allocate inflation and...

Determining Award Currency in International Arbitration: Tribunal Powers under the Arbitration Act 1996, English Authorities and Institutional Rules

Published by a LexisNexis Arbitration expert

Practice notes

Because arbitration is inherently cross-border, parties and tribunals routinely grapple with multiple currencies, sometimes within a single case and often simultaneously across claims, with claims advanced, and frequently granted, in several denominations. It is common for the same proceedings to feature distinct heads of claim tied to different monies.

Importance of currency

Selecting the currency for the award is often an early question for the tribunal, and at times one of the hardest in practice, in reality, largely owing to exchange-rate volatility; the choice of currency can spell the difference between a mere trifle and a sizeable fortune.

The difficulty is commonly significantly magnified by the lengthy gap between the loss being sustained, the proceedings being started, and any award (if any) in favour of the injured party.

As rates move, the outcome may become an unforeseen windfall or an unanticipated Penalty; whichever direction the currency takes, one side will, in the end, gain while the other will lose.

Moreover, some currencies are not freely usable or Convertible, which presents further practical complications for the parties and the tribunal...

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Web page updated on 21/05/2026

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