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 long way the institution of a global felony regime governing the exploration and exploitation of the assets of the overseas seabed. The Draft conference at the legislations of the ocean (Informal textual content) of 27 August 1980 which has thus far been the results of the negotiations in the course of the previous periods of the convention, presents for a so-called "parallel approach" lower than which a world "Enterprise" as weIl as nationwide deepest or state-owned businesses might be granted entry to the assets of the foreign seabed lower than the keep an eye on of a world Seabed Authority. The Draft conference additionally envisages the condusion of three way partnership agreements among the foreign firm and nationwide businesses or consortia, and encourages such cooperation via supply ing numerous incentives. Such joint ventures will most likely play a major half in making the foreign company operative within the early years of its life. on the convention issues were expressed no matter if and while the company as a newcomer will be capable of begin seabed mining and to compete successfully with the nationwide businesses. The Draft conference offers for a few methods and capacity to allow the company to enhance its technological and fiscal services for deep sea mining as early as possible.
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Extra resources for A Joint Venture Agreement for Seabed Mining
Paragraph (1) provides for a linking between the approval of the Plan of Work and the formation of the Joint Company as Operating Company of the mining venture. Paragraph (2) is a consequence of our premise that the Joint Venture will be incorporated (cf. Part C, Article 1). This provision provides for the possibility of using the mined nodules as security for outstanding debt. The provision reflects Annex IIf, Article 1 of the Draft Convention which provides that "tide to minerals shall pass upon recovery in accordance with this Convention".
Article 17: Transfer of Technology: Training by the Operating Company . . . . . . . . . .. Article 18: Transfer of Technology: Training by the Investor. . . . . . . . . . . . . . . Article 19: Default and Force Majeure .............. Article 20: Dispute Settlement . . . . . . . . . . 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.
The place of the principal office should be at the place of incorporation. If the seat is to be selected in the dose vicinity of the mining operation, then the coastal states of the United States, Canada, Mexico or Hawaii are possible places for the principal office. However, one could also consider establishing the principal office at the seat of the Authority, as for example Fiji, Jamaica or Malta, which are presently under consideration. The place of incorporation determines the law applicable to the Joint Venture Agreement (Part c: Article 21).