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Supreme Court Upholds Bank Of Ireland’s Variation Clause
The Supreme Court has clarified the enforceability of unilateral variation clauses in commercial lending agreements, examining whether Bank of Ireland had contractual authority to replace EURIBOR with its own reference rate. The decision addresses fundamental questions about the scope of discretionary powers in standard-form contracts and the limits on a lender's ability to alter interest calculation methods. What constraints, if any, apply when a bank exercises "absolute discretion" to change the terms gov
Arthur Cox