About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline

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: 


                     Eduardo Pereira


    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.


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.

Contact us for annual subscription options:

Already a HeinOnline Subscriber?

profiles profiles most