Adaptation of Petroleum Contract by Third Party: An Overview
Article from: TDM 4 (2006), in Resolving International Business Disputes by ADR in Asia
Petroleum contracts like many other the long-term contracts need adaptation and renegotiation for various reasons such as necessity of introducing flexibility, ensuring a stable contractual relationship and achieving the desired outcome from the project in the event of changes of circumstance. The long duration of petroleum contract reveals the reality that it can never be perfectly drafted because the parties' foreseeability to predict all the contingencies is limited. The fact that petroleum contracts are negotiated under conditions of considerable complexity and uncertainty, ...