A Joint Venture Agreement for Seabed Mining by Dr. iur. Günther Jaenicke, Dr. iur. Erich Schanze LL.M.,

By Dr. iur. Günther Jaenicke, Dr. iur. Erich Schanze LL.M., Wolfgang Hauser LL.M. (auth.)

The 3rd Uni ted international locations convention at the Lawof the ocean is getting ready ideas a long way the institution of a world felony regime governing the exploration and exploitation of the assets of the foreign 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 classes of the convention, offers for a so-called "parallel process" lower than which a world "Enterprise" as weIl as nationwide inner most or state-owned businesses should be granted entry to the assets of the foreign seabed below the keep an eye on of a world 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 furnish­ ing numerous incentives. Such joint ventures will most likely play an enormous half in making the foreign company operative within the early years of its lifestyles. on the convention issues were expressed even if and while the firm as a newcomer will be able to commence seabed mining and to compete successfully with the nationwide businesses. The Draft conference presents for a few methods and capacity to let the company to strengthen its technological and monetary services for deep sea mining as early as possible.

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Article 19: Default and Force Majeure .............. Article 20: Dispute Settlement . . . . . . . . . . Article 21: Applicable Law ........................ Article 22: Renegotiation. . . . . . . . . . . . .. Article 23: Termination and Assignment ............ 40 80 81 82 83 84 85 86 87 88 90 General Definitions: 1. Affiliated Party A person shall be considered as an affiliate of another person if the first person, directly or through any third person or persons, controls, is controlled by, or is under common control with, the second person.

On the other hand, given the incremental nature of productivity gains, they would probably not materially affect the conditions in the nickel market during the term of this Agreement and would not thereby counteract the general policy of production limits. Paragraph (4) refers to the problem that, during the exploitation phase, technological defects or flaws might arise which make reaching the contemplated production goal impossible (for example, lower sweep efficiency). If the Investor is fully convinced that its technology will produce the contemplated results, this c1ause is superfluous.

Article 23: Termination and Assignment ............ 40 80 81 82 83 84 85 86 87 88 90 General Definitions: 1. Affiliated Party A person shall be considered as an affiliate of another person if the first person, directly or through any third person or persons, controls, is controlled by, or is under common control with, the second person. The term "control" means the possession, directly or indirectly, of the power to direct or cause the direction of the management and the policies of a person, whether through the ownership of voting securities or by contract or otherwise.

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