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Renegotiation and Contract Adaptation in International Investment Projects
Abstract
This study focuses on the law and practice with respect to renegotiation of long-
term international investment agreements-particularly in the natural resources and
energy sector. It analyses the concept of renegotiation in the context of long-term
international commercial contracts, and in particular in the upstream petroleum
industry. It discusses the reasons governments and companies have for insisting on, and
accommodating, renegotiation. It provides a survey of legal issues which are relevant to
renegotiation. First, naturally, the question of what law is applicable, and second, how
the major legal systems deal with the issue of renegotiation (including international law).
The survey then concentrates on how, in practice, particularly in the natural resources
industry, governments and companies have dealt with the challenge of renegotiation
due to changed circumstances, and it concludes with a recommendation on how
reasonable contract partners should accommodate fundamental changes of
circumstance.