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

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 principles some distance 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 up to now been the results of the negotiations in the course of the previous classes of the convention, offers for a so-called "parallel method" less than which a world "Enterprise" as weIl as nationwide deepest or state-owned businesses could be granted entry to the assets of the overseas seabed lower than the regulate 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 supply­ ing numerous incentives. Such joint ventures will most likely play an incredible 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 firm as a newcomer will be able to commence seabed mining and to compete successfully with the nationwide businesses. The Draft conference offers for a few methods and capacity to let the company to advance its technological and monetary functions for deep sea mining as early as possible.

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Sample text

Article 9: Distribution of Net Profits ............... Article 10: Sale and Pricing of Nodules - Revenue Splitting Scheme ...................... Article 11: Operating Costs ...................... Article 12: Development Costs .................... 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 .

Consequently, we have also proposed some model clauses for the training ofEnterprise personnel (see hereafter Part C, Articles 17-18 of the Daft Tripartitc! Agreement). For this purpose we have drawn on the practice in land-based mining joint venture agreements, but it should be borne in mind that the training possibilities in deep sea mining are much more limited as to the personnel that could be employed on the mining ships at sea or in the headquarters of the Operating Company on land. For this reason it may weH be a negotiating point whether and to what extent the Investor will be capable and prepared to train within his own premises personnel of the Enterprise and, when the primary need of the Enterprise has been satisfied in this respect, also personnel from interested developing countries.

In some instances the question arises whether a host country majority would be required for this type of investment. If the costs of establishing a pro- 48 Part A, Article 7: Reports, Documents and Other Data The Enterprise will make sure that the Operating Company submits all reports, maps, documents and other data wh ich are necessary and relevant to an effective implementation of the powers and functions of the principal organs of the Authority in regard to the Designated Area. cessing plant in a developing country are higher than in industrial countries, the Authority must consider whether to grant financial incentives to facilitate the construction in a deve10ping country.

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