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

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

The 3rd Uni ted countries convention at the Lawof the ocean is getting ready ideas a ways the institution of a global felony regime governing the exploration and exploitation of the assets of the overseas seabed. The Draft conference at the legislation of the ocean (Informal textual content) of 27 August 1980 which has to date been the results of the negotiations in the course of the previous classes 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 below the keep watch over 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 provide­ ing quite a few incentives. Such joint ventures will most likely play a big half in making the foreign firm operative within the early years of its lifestyles. on the convention matters were expressed no matter if and whilst the firm as a newcomer will be able to begin seabed mining and to compete successfully with the nationwide businesses. The Draft conference offers for a couple of methods and capacity to allow the company to strengthen its technological and monetary features for deep sea mining as early as possible.

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Article 13: Accounting, Auditing and Currency Translation . . . . . . . . . . . . . .. 39 62 63 64 65 66 67 69 70 72 73 77 78 79 Article 14: Review and Audit for the Determination of the Revenue Splitting Factor . . . . . . Article 15: Procurement of Goods and Services. . .. Article 16: Transfer of Technology: Equipment, Services and Know-how. . . . . . . . Article 17: Transfer of Technology: Training by the Operating Company . . . . . . . . . .. Article 18: Transfer of Technology: Training by the Investor.

It does not seem advisable to coerce the Investor to make transfers free of charge or at non-remunerative prices because such an arrangement is not in the interest ofboth parties: it reduces the incentive to enter into joint venture agreements, and, more seriously, it stifles the indispensable efforts for continuous innovation and development. Moreover, the special characteristics of the contemplated technology transfer present strong reasons for an intimate relationship between the transferor and the transferee (Operating Company).

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. 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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