Change of Circumstances and Contractual Conditions mechanism for Balancing Interests in Petroleum contracts

Document Type : Scientific Research

Authors

1 Ph.D. In International Law, Scienece and Reserche Branche, Islamic Azad University, Tehran, Iran

2 Assistant Professor, Department of Law, Tehran University, Tehran, Iran

3 Assistant Prof. Department of Public Law, Islamic Azad University

Abstract

between the interests and legitimate expectations of the parties under the terms In oil and petroleum contracts, unexpected events causes drastic changes in the original terms and conditions of contracts and balance of interest of parties will be adversely affected and interrupted. Various conditions need to be foreseen for these clauses such as forecasting contractual mechanisms for renegotiation, revisit and adaptation of economic equilibrium which accordingly would substitute the preliminary agreement with new conditions in such contracts so that the interests of the parties continue to be balanced. Undoubtedly, one of the most important developments in the field of petroleum contracts is the modern approach to contract terms for the continuation of the contract through a compromise of the modification of the contractual obligations of those actors changed in the circumstances. Thus, what is the mechanism of contractual equilibrium in oil contracts? This is a question that this article seeks to answer by examining and analyzing the terms of the contract and its achievement is ‘‘The mechanism of contractual conditions for balance is a new approach to coexistence and a combination of renegotiation conditions and stability conditions to increase contract the versatility and reduce the hardness of the contract to create a balance of benefits and increase the efficiency and performance of the oil contract’’.

Keywords

References

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