samningsbundið

Samningsbundið is an Icelandic legal term meaning bound by contract or contractual. It describes obligations, rights, and terms that arise from a contract between parties and that are enforceable under contract law. The word is formed from samningur (contract) and bundið (bound). In Icelandic civil and commercial law, most private-law obligations are samningsbundin, created by mutual agreement in contracts such as sales, employment, leases, and service agreements. The concept also covers terms that parties agree to in writing or orally and later reduce to a written contract.

A key distinction in Icelandic law is between samningsbundin obligations and statutory or lagbundin obligations, which arise from statutes or public law rather than from a contract. Breach of a samningsbundin obligation typically gives rise to remedies such as damages, specific performance, or contract termination, depending on the contract’s terms and applicable law. The specific performance remedy may be used to compel fulfillment, while damages aim to place the injured party in the position they would have been in had the breach not occurred.

In practice, the term emphasizes that the enforceability and scope of duties are derived from the agreement between the parties, rather than from a pre-existing legal requirement. It is commonly used in commercial contexts to describe negotiated terms, obligations to pay, deliver goods, uphold confidentiality, or adhere to non-compete clauses. Cross-border contracts follow similar principles, with applicable law and forum determined by the contract and international rules.