(a) The effect of this Act may be varied by agreement of the parties made before or after commencement of an action or distribution proceeding or the entry of judgment. (b) Parties to a transaction may agree upon the money to be used in a transaction giving rise to a foreign-money claim and may agree to use different moneys for different aspects of the transaction. Stating the price in a foreign money for one aspect of a transaction does not alone require the use of that money for other aspects of the transaction.
12-633.Variation by agreement.
Article XII. Judgments - Enforcement · Part 6. Foreign Judgments and Foreign-Money Claims · Not amended since adoption on record · Last verified July 20, 2026
In one sentenceLets parties agree, before or after a dispute starts, on which currency governs their transaction, overriding the Act's default rules and letting them mix currencies across different parts of one deal.
Full Text of 735 ILCS 5/12-633
Plain-English Summary
Freedom of contract runs through this Act. Subsection (a) lets parties vary the Act's effect by agreement, and that agreement can come before the transaction, after a lawsuit or distribution proceeding begins, or even after judgment is entered.
Subsection (b) lets parties pick different currencies for different parts of the same deal. Pricing one component of a transaction in a foreign currency doesn't automatically pull every other part of the deal into that same currency — the parties have to say so if that is what they want.
For anyone drafting a cross-border contract, this section is the reason to spell out currency terms rather than assume the Act's defaults will match the parties' intent.
Frequently Asked Questions
Can parties override the Act's currency rules by agreement?
Yes. Subsection (a) lets the parties vary the Act's effect by agreement.
Does the agreement have to be made before the dispute arises?
No. The parties can agree on currency terms before or after a lawsuit or distribution proceeding starts, or even after judgment is entered.
If a contract prices one part of a deal in euros, does that fix the currency for the whole deal?
No. Subsection (b) says pricing one aspect in a foreign currency doesn't alone require using that same currency for other aspects of the transaction.
Why would parties want to specify currency in advance?
Doing so avoids relying on the Act's default rules in Section 12-634, which only step in when the parties haven't addressed the question themselves.
What happens if the parties never address currency in their agreement?
The default rules in Section 12-634 fill the gap, looking to the parties' course of dealing, trade usage, or where the loss lands.
Amendment History
(Source: P.A. 86-1291.)
Source & verification. Section text and amendment history are
reproduced verbatim from the Illinois Compiled Statutes, published by the
Illinois Compiled Statutes, Illinois General Assembly / Legislative Reference Bureau. Last verified July 20, 2026.
· Official source
Also known as: choosing currency in a contract Illinoisagreement on currency of paymentForeign-Money Claims Act variation by agreementcontract priced in foreign currency Illinois