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 ways the institution of a world felony regime governing the exploration and exploitation of the assets of the foreign seabed. The Draft conference at the legislations of the ocean (Informal textual content) of 27 August 1980 which has to this point been the results of the negotiations throughout the previous periods of the convention, presents for a so-called "parallel approach" below which a world "Enterprise" as weIl as nationwide inner most or state-owned businesses should be granted entry to the assets of the overseas seabed less than the regulate 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 supply ing a variety of incentives. Such joint ventures will most likely play an incredible half in making the overseas firm operative within the early years of its lifestyles. on the convention issues were expressed no matter if and whilst the company as a newcomer will be able to begin seabed mining and to compete successfully with the nationwide businesses. The Draft conference offers for a few methods and skill to allow the firm to improve its technological and fiscal services for deep sea mining as early as possible.
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Additional resources for A Joint Venture Agreement for Seabed Mining
Agreement The term "Agreement" shall mean the whole Tripartite Agreement between the Authority, the Enterprise, and the Investor consisting of Parts A, B, and C, and the annexes attached to it. 3. Authority The term "Authority" means the International Seabed Authority as established under the Convention on the Law of the Sea. 4. Convention The term "Convention" shall mean the text presently contained in the Draft Convention on the Law of the Sea (Informal Text) of 27 August 1980. 5. Date of this Agreement The term "Date of this Agreement" shall mean the date on wh ich this Agreement shall become binding on the three parti es to this Agreement.
A joint venture scheme between the Enterprise and another qualified party, whether public or private, which already possesses the necessary technology, seems to be a much better, and in other fields of industrial co-operation already well-tried method for making the technology available to a party who requires it. " It follows from this provision that the rules and procedures of mandatory transfer of technology contained in the preceding paragraphs of this Article shall not be applicable in the case of joint ventures between the Enterprise and a qualified private or public partner.
Paragraph (5) is drafted along the lines of standard clauses contained in recent land-based mining agreements. Paragraph (6) provides for a special monetary penalty if the Investor is in default in making any payment of money to the Authority. 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.