In Slovak law the term “consequential loss” is not explicitly regulated. This term is neither regulated by the Act No. 40/1964 Coll., Civil Code as amended (the “Civil Code”) nor by the Act No. 513/1991 Coll., Commercial Code as amended (the “Commercial Code”), which otherwise generally govern the recoverability of loss and damage in contract law.
The following terms are used in relation to the type of damage that is recognised in Slovak law: actual damage; loss of profit; and non-material damage.
“Actual damage” is considered to be monetary damage, which consists of the reduction in value of the existing assets of the injured party and/or costs spent in order to remedy the situation or to offset the consequences resulting from it.
“Loss of profit” is understood as the loss incurred by the injured party by the loss of the reasonably expected profit gained in the ordinary course of business. Pursuant to the Commercial Code, the injured party may, in lieu of actual lost profits, claim compensation for profits made in fair business on terms similar to the terms of the breached contract within the sphere of activities in which the injured party conducts business.
“Non-material damage” is harm in the personal sphere of the injured party. The remedy does not pursue the objective of restoring or providing financial compensation to the injured party for the actual monetary or material damage, but rather constitutes a certain fair alleviation of the abstract non-monetary and non-material consequences of the harm suffered.