About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

41 Hous. J. Int'l L. 285 (2018-2019)
Enforceability of Default Provisions under Joint Operating Agreements

handle is hein.journals/hujil41 and id is 305 raw text is: ENFORCEABILITY OF DEFAULT PROVISIONS UNDER JOINT OPERATING AGREEMENTS Eduardo Pereira ABSTRACT Default provisions are commonly included in joint operating agreements (JOAs) in the context of petroleum operations. Among other contractual provisions, default provisions memorialize the commitment among the parties to share cost and underscore the consequences of any failure to do so. However, transnational pe- troleum contracts and their default provisions might not be con- sistently enforceable across jurisdictions, depending heavily on factors including the precise terms of the provision as well as the jurisdiction's adherence to civil or common law systems. Despite the fact that the usefulness of a default provision hinges on its enforceability, this issue remains largely unexamined in the con- text of international petroleum transactions under a number of common and civil law jurisdictions. This article explores the rea- sons behind Operators' choice to include a default provision in a JOA, the issues arising out of the possible unenforceability of such provisions across jurisdictions, and finally, the suite of remedies available for default that extend beyond forfeiture, including buy- outs, liens, transfer-of-interest rights, or withdrawal. 285

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Short-term subscription options include 24 hours, 48 hours, or 1 week to HeinOnline.

Purchase Access

Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most