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.


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