Common use of Concluding Remarks Clause in Contracts

Concluding Remarks. The financial default of airlines raised a number of delicate issues linked to the debate on slot title, including whether it is legally possible to prevent the so-called ‘freezing’ of slots held by these carriers until the financial difficulties have been overcome, meanwhile blocking the efficient use of declared capacity. The current slot rules do not provide much guidance on this 1079 See Xxxxxxxx, supra note 46, at 39. 1080 See Xxxxxxx and Xxxxx, supra note 276, at 23. 1081 See NERA Economic Consulting, supra note 5, at 255. 1082 See Xxxxxx de Xxxx, supra note 48, at 571. 1083 See United States Securities and Exchange Commission, Form 10-K: American Airlines Group Inc., available at xxxxx://xxx.xxx.xxx/Archives/xxxxx/data/4515/000119312516474605/d78287d10k.htm (last visited: November 12, 2021). 1084 See Xxxx XxxXxxxxx(II), supra note 113, at 120. 1085 See Xxxxx Xxxxxx Xxxxxx, supra note 69, at 278. 1086 See Air Canada, 2020 Annual Report (2021). 1087 See Xxxxxxx and Xxxxx, supra note 276, at 26; Xxxx XxxXxxxxx, supra note 63, at 10-15. 1088 See ACL, supra note 118, at 21. matter, and bankruptcy laws and policies vary from State to State, also in the EU. Leaving slot coordination to the whims of national bankruptcy regimes for extensive periods of time, and often outside of the view of the coordinator, seems ill-considered at the least, given that the WASG presume an open, fair and transparent allocation of scarce capacity by an independent slot coordinator for the benefit of all parties involved.1089 Moreover, it may erode the coordinator’s independent function in the performance of their exclusively assigned duties as capacity allocator as per Article 4(5) of the Slot Regulation. It appears that the absence of specific rules addressing the legal position of slots in bankruptcy proceedings, including any next steps including timeframes may be reflective of the period in which the WASG and the Slot Regulation were developed. The drafters of the WASG and the Slot Regulation may not have approached the issue of financial restructuring as one of much concern at the time, as demand for air transport was characterized by growth and available airport capacity was plentiful. The drafters appear to have been more focused on promoting the development of scheduling consistency and networks rather than competitiveness or on the situation of airlines affected by financial default. Both instruments apparently did not presume that slot capacity scarcity was here to stay. Alternatively, the drafters of the WASG and the Slot Regulation may have left the delicate question as to the legal position of slots in bankruptcy proceedings consciously to national laws, which are not harmonized.