Expert Determination
By glancing at the economies and the trading patterns of the world it can be deduced that the investments made in the petroleum business, forms a radical majority; as it involves huge and many a times capital intensive projects. The facts indicate that the conditions, economies and the states that form the parties to the oil and gas contracts change integrally, this variation causes disputes. Energy in today's world is an ultimate source to generate power and accumulate wealth, so this is hereby an urge of the nations to stay involved as active participants in the contracts pertaining to oil and gas development and enrichment. As petroleum sector forms a major portion of the world's investments and consequently the international structure of energy; the affiliated developmental activities often results in wide range of international investment disputes. The major issue that needs timely anticipation is to analyze a company's methodology and competence to resolve conflicts timely. As it has been mentioned that the contracts pertaining to the oil and gas are prone to disputes and there timely resolution generates the goodwill of an organizations investment and corporate standing.
1: Introduction
Dispute in the contract pertaining to the oil and gas is inevitable due to the involvement of huge capital and intellectual properties. Many a times the parties involved in a contract that having an actual dispute select counselors and arbitrators, which serve to facilitate the ongoing dispute among the contracting parties. Keeping the fact in mind that corporations by and large plan and implement operation for devising effective dispute resolution strategies, mainly because of two facts; initially because they need to plan the dispute immediately and secondly because the corporation operate to maximize the profits and at the same time reduce the possible loss that may result as a conflict[footnoteRef:1]. [1: Cummings, S.N. (Ed.). (2003). Oil, Transition and Security in Central Asia. New York: Routledge. Retrieved July 8, 2011, from Questia database: http://www.questia.com/PM.qst?a=o&d=104242848]
The point of dispute management and its needs elevates once the corporations are in a process of binding themselves in a formal contract pertaining to energy including oil or gas, because; at this point the parties are hoping a dispute free contract and a mutually positive actualization and implementations of that very contract. Owing to the importance of dispute management it is generally advisable for the businesses and corporations that at the time of making a contract they should also decide with the mutual consent the ways rather the acceptable ways by which the contract will be dissolved or the dispute will be settled. In has been observed for long that organization or the contracting parties think over the fact of depute management planning as the last clause while negotiating over the contract details and benefits. The negotiation over dispute resolution clause is depended the discretion of the contracting parties. If the contract is among the international parties than this clause is not discussed as it is not considered ethical to discuss the ends before initiating the final terms of the contract, the organizations operate on an ongoing assumption and considering the facts that calls for the interpretations both the applied as well as the enforced[footnoteRef:2]. But on the other hand while considering the nature of domestically contracting parties; they usually discuss the dispute resolution as the last clause of the negotiations mainly due to the fact that the two parties exist and operate within the similar domains and more precisely face similar challenges and scarcities. Nevertheless once the two international parties came into an international energy contract there is a greater risk involved because if the contract ends up at a dispute than there are equal chances for either of the two parties to get exploited by the unfriendly and hostile laws on an international forum. This is therefore advisable that the companies should come up to a valid point where the disputes will be resolved to avoid all possible intrusions. Hence the dispute planning in the international countries hereby does not include the local courts but the process of dispute management and timely management needs an analysis for the resolutions. [2: Energy and International Law: Development, Litigation, and Regulation. (2001). Texas International Law Journal, 36(1), 1+. Retrieved July 8, 2011, from Questia database: http://www.questia.com/PM.qst?a=o&d=5037676098]
The chief forms of disputes that pertain to the oil and gas contracts are the state vs. state disputes, company vs. states disputes, company vs. company and in some cases individuals vs. individuals. Energy as a matter of fact is the substance of...
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