earticle

영어

It is general that clauses of renegotiation and adaptation are included in the long term investment agreements, for example, in natural resources exploration agreements such as oils or minerals. By including the clauses, parties may recover contractual equilibrium when the unexpected political, legal, economic or geological events occurred. However, renegotiation and adaptation clauses have not a single formula, and these clauses are different depending on contractual relationship of the parties and other factors. In these context, this study examines practical characteristics and rationales of renegotiation and adaptation of contracts. And also, this study reviews the renegotiation clauses including the triggering events, obligations of the parties during renegotiation, as well as legal consequences in case of failure of renegotiation, in long term agreements.