By Dr. iur. Günther Jaenicke, Dr. iur. Erich Schanze LL.M., Wolfgang Hauser LL.M. (auth.)
The 3rd Uni ted countries convention at the Lawof the ocean is getting ready ideas some distance the institution of a global felony regime governing the exploration and exploitation of the assets of the overseas seabed. The Draft conference at the legislation of the ocean (Informal textual content) of 27 August 1980 which has thus far been the results of the negotiations throughout the previous periods of the convention, offers for a so-called "parallel procedure" below which a global "Enterprise" as weIl as nationwide deepest or state-owned businesses could be granted entry to the assets of the overseas seabed below the keep watch over of a global Seabed Authority. The Draft conference additionally envisages the condusion of three way partnership agreements among the overseas firm and nationwide businesses or consortia, and encourages such cooperation via provide ing quite a few incentives. Such joint ventures will most likely play a tremendous half in making the overseas company operative within the early years of its life. on the convention matters were expressed no matter if and whilst the firm as a newcomer will be capable of begin seabed mining and to compete successfully with the nationwide businesses. The Draft conference offers for a few methods and capability to permit the firm to strengthen its technological and monetary features for deep sea mining as early as possible.
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Extra resources for A Joint Venture Agreement for Seabed Mining
2. » The revision clause should be read in conjunction with the contract revision clause in this Agreement: Part Article 22, pllra. 1. c: 56 Part B, Article 5: Default and Force Majeure (1) Any failure by either party to carry out any of its obligations, other than obligations for the payment of money, shall not be deemed a breach of contract or default if such failure is caused by Force Majeure. (2) Force Majeure shall without limitation include wars, revolutions, insurrections, civil disturbances, blockades, embargoes, strikes and other labor conflicts, riots, epidemics, earthquakes and other seismic disturbances, storms, floods, lightning, or other adverse weather conditions, explosions, fires, order or directions of any government de jure or de facto or instrumentality or subdivision thereof, acts of God or the public enemy, breakdown of facilities or machinery, wherever occurring, and any cause (whether or not the kind hereinabove described) over wh ich the affected party has no reasonable control and of such nature as to delay, curtail or prevent timely action by the party affected.
58 Part B, Article 6: Termination (1) If over aperiod of two (2) years during the Period of Commercial Exploitation, the Investor incurs, after payment of the praduction chargeor annual fixed fee to the Authority, net losses from his participation in the Operating Company, then the Investor may withdraw from the Operating Company and fram this Agreement. (2) To effect such a withdrawal, the Investor shall give a noti ce of withdrawal not less than six months before the intended withdrawal shall take effect.
56 5: Default and Force Majeure. . . . . . . .. 57 6: Termination ............................ 59 7: Dispute Settlement. . . . . . . . . . .. 60 8: Applicable Law ......................... 61 Part C Article 1: Formation of a Joint Company ........... Article 2: Principal Office ....................... Article 3: Capital Proportion . . . . . . . . . . .. Article 4: Initial Capital .......................... Article 5: Financing, Commercial Exploitation.