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Renegotiation And Adaptation Of International Investment Contracts, Klaus P. Berger
Renegotiation And Adaptation Of International Investment Contracts, Klaus P. Berger
Vanderbilt Journal of Transnational Law
In modern-day international investment practice, especially in connection with the exploitation of natural resources, Production Sharing Agreements have come to take over the role of the classic concession agreement. Like their predecessors, these contracts are particularly vulnerable to disturbances in the commercial balance agreed to, or assumed by, the parties at the conclusion of the contract. This vulnerability has three primary causes.
First, these are classic examples of long term contracts. In the petroleum industry, the commitment of significant capital for exploration, particularly in development, and the assumption of considerable risk, particularly in exploration, require contracts covering up to and …