Thesis (M.B.A.)--Boston University / PLEASE NOTE: Boston University Libraries did not receive an Authorization To Manage form for this thesis or dissertation. It is therefore not openly accessible, though it may be available by request. If you are the author or principal advisor of this work and would like to request open access for it, please contact us at open-help@bu.edu. Thank you. / 2031-01-01

No description available.

The discourse on stability of petroleum contracts revolves around how to resolve the tension between the sovereign right to regulate the petroleum industry and the necessity to protect the legitimate interests of foreign investors. The irreversible nature of investment in the petroleum sector, the long pay back period in petroleum contracts, and the political and commercial risks inherent in petroleum projects necessitates stability over the life of the contract as an essential condition for achieving economic interests for the main players in the petroleum industry. The stability of a petroleum contract involves a complex interaction of the legal, economic and political environment in the host country in which it operates and is profoundly shaped by the interplay between internal and external factors governing the petroleum industry. The aim of the thesis is to examine and analyse the recent trends on stability of the petroleum contract in developing countries and economies in transition. Perception of petroleum as a finite, non-renewable resource and the attendant public interest dimension embedded in the contractual arrangements for its exploitation makes the petroleum industry a highly regulated and historically popular area of state intervention. Petroleum contracts are also vulnerable to various kinds of change of circumstances, which can disturb the economic equilibrium of contracts. Stability mechanisms in legal, contractual and economic forms are needed to counter these political, fiscal and commercial risks in petroleum contracts.The study observes that over the last two decades, the fierce competition among the developing countries and economies in transition for attracting foreign investment in natural resources exploration and the end of their radical nationalistic feelings and hostile attitude towards foreign investment have persuaded them to provide favourable conditions in petroleum contracts for the petroleum companies. The study finds that the petroleum contracts in these countries during this period have been marked by increased stability guarantees, greater flexibility in fiscal terms and increased efforts of the parties to make provisions for renegotiation and adaptation of the contract in changing circumstances to maintain stability in the contract and to attract foreign investment in petroleum projects. The growing concerns about negative environmental impact and consequently regulatory and liability risks by the host states have appeared as a significant political risk factor to the petroleum companies. Similarly, host communities' hostile actions spurred by negative social impact of petroleum operations and human rights violations at various stages of petroleum development can pose a threat to stability and to the economic viability of petroleum projects. The study emphasises that integration of environmental and social concerns in petroleum development, assessment of environmental and social impacts, consultation with key stakeholders in the project design and implementation, equitable distribution of economic benefits from the project, respect for human rights of the host community in petroleum exploitation are all seen as key issues to be addressed in order to reduce negative impacts from project, and to enhance stability of the projects. A clearly defined role for the government and company in the area of social responsibility is needed to reduce much of the uncertainty about the allocation of responsibilities that they should undertake.

No description available.

Since 1809 the common law has clearly provided that a promise by a party to perform an act that he or she is already legally bound to perform is not good consideration. Accordingly a promise received in exchange is not enforceable. This is so whether the promise would have the effect of creating a new contract or modifying the terms of an existing contract. The rule has from time to time been the subject of judicial criticism but nevertheless operated with full vigor until 1991. Hitherto, (except in unilateral contract situations) consideration subsisted in the promises made by the parties at the instant of exchange rendering the promises thenceforth mutually enforceable. The contract or the modified contract effectively existed from that time, unconcerned with what the parties hoped to gain from the exchange or what each in fact gained. The English Court of Appeal decision in Williams v. Roffey Bros & Nicholls Ltd has the potential to change the law as settled. This dissertation is concerned with the consequences of the decision in the context of promises intended to modify the terms of existing contracts. In Williams v. Roffey the successful promisee gave the promisor no more than an understanding that he would continue to attempt to perform his undertaking under a prior contract. The Court held that the 'practical benefit' that accrued to the promisor from the repetition of the previous promise was sufficient consideration to make the promise of increased payment enforceable. The second promise was made outside the bargaining process and the potential for 'practical benefit' was neither solicited nor offered. The fact that there would be a 'practical benefit' was a deduction made by the Court as a result of questioning counsel for the defendant during the argument of the appeal. The dissertation examines the history of the doctrine of consideration, its incidents, which are said to enable consideration to moderate bargains, and how each is potentially rendered redundant by the decision. As a result of the decision, the role of the court has changed with greater emphasis on the substance of the transaction instead of external characteristics. The superior record keeping methods available to commerce in the 20th century facilitates this change. The following matters seem implicit in the decision. First, the bargaining process has lost its significance in contract modification situations. Second, the courts in determining what is practical and what is not, will find it difficult to avoid investigating the adequacy of consideration. This is an investigation that the courts have steadfastly refused to undertake in the past. The series of Australian authorities commencing with Je Maintendrai v. Quaglia and culminating in The Commonwealth of Australia v. Verwayen are examined. Whilst it is correct to say that those decisions, especially Waltons Stores v. Maher, introduce reliance based liability into the Australian law, the conclusion is reached that extensions to the law of estoppel do not solve the problems arising out of promises that modify existing contracts. This is because detriment to the promisee is necessary to trigger the operation of the law of estoppel and the remedy, being equitable, is discretionary. In contract modification situations the detriment suffered by the promisee is often ethereal and a discretionary remedy (as opposed to enforcing the promise) deprives the transaction of the certainty that is desirable in commercial transactions. The work concludes that, in regard to contract modifications, the doctrine of consideration ceases to perform a useful role and the equitable remedies do not meet the needs of commerce. Accordingly, the suggestion is made that all promises having the effect of modifying an existing contract should be enforceable provided that there is satisfactory evidence that the promise was made and the absence of duress.

Toward the end of 1999 and during the early part of 2000, the commercial construction sector in the Auckland area of New Zealand was affected as a result of liquidations of a number of major commercial construction companies. The aim of the research is to investigate the employment of building contracts, their administration, and into the incidence, nature and resolution of disputes executed during the calendar years of 1999 and 2000. This research was undertaken by surveying 100 commercial and 60 residential projects undertaken in the Auckland region of New Zealand to determine if the problems being experienced by the commercial contractors who were liquidated was incidental and limited to the commercial sector. Projects surveyed ranged in value between NZ$10,000 and NZ$700,000 for residential projects and between NZ$150,000 and NZ$99,000,000 for commercial projects. The literature review identifies, analyses and discusses: (i) To what extent are 'standard' forms of building contracts used by the construction industry including who was responsible for the drafting of those contracts? (ii) What provision was made in these building contracts for the resolution of disputes? (iii) Who was responsible for the independent administration of those building contracts? (iv) What was the incidence of disputes that resulted as a consequence of the usage of these building contracts and what was the nature of the disputes and how were they resolved? and (v) Would the construction industry in New Zealand benefit from legislation that would require that an independent third party be engaged for the administration of the building contract? Gaps in the literature of all areas of the research were identified. The following hypothesis was promoted: The incidence of disputes is reduced in building contracts that are administered by an independent third party for both commercial and residential sectors of the construction industry in New Zealand. A statistical analysis of the data collected was used to test the hypothesis as well as to determine whether the appointment of a third party to administer a contract between the client and contractor was of direct benefit and assisted in the avoidance or resolution of disputes. The results provided support for the hypothesis in both the commercial and residential sectors of the construction industry. Additionally, there was also qualitative endorsement for the propositions. The surveys provided evidence about the attitude adopted by those involved in the particular sectors to the independent administration of building contracts. 79% of the building contracts surveyed in the commercial projects were independently administered compared to 42% in the residential sector. The data was also used to provide positive test results for a proposition known as the 'principle of remotivity' which states that: 'the further the architect (or designer) is from the independent administration of a building contract during its execution, the more likely it is that disputes will arise'. The research confirmed that the culture of the construction industry in New Zealand; the legislation used to control the industry; and the decisions of local judiciaries in construction related matters are different to those adopted in Australia and the United Kingdom. These variations are not recognised by persons connected to and detached from the construction industry. The dissertation concludes by making 19 (nineteen) suggestions and recommendations. The research was limited to projects undertaken in Auckland, New Zealand and replication of the study would provide a broader understanding of this area of inquiry and further data to qualify the 'principle of remotivity'.

Thesis (M.Sc.)--University of Hong Kong, 2006. / Includes bibliographical references (p. 91-97)

Thesis (Ph. D.)--University of Hong Kong, 2007. / Title proper from title frame. Also available in printed format.

Thesis (Ph. D.)--Ohio State University, 2006. / Title from first page of PDF file. Includes bibliographical references (p. 157-160).

Thesis (doctoral)--Universität, Münster, 2004. / Description based on print version record. Includes bibliographical references.