Advance payment in monetary term obligations in Colombia. An analysis based on international contract law instruments

Abstract

This article makes a study of the current state of the colombian legal system on the possibility of the debtor of a monetary obligation subject to a term may or may not waive the same and therefore prepay the obligation without incurring any penalty. Several jurisprudential pronouncements are evidenced, for specific cases, that allow this situation. The text proposes an alternative interpretation of the rules in force in civil and commercial Law matters, so that also in those cases in which the term benefits the creditor, or both the creditor and the debtor, based on the creditor’s duty of cooperation, as allowed in international contract law instruments.