EXCLUDING CONSEQUENTIAL LOSS IN PETROLEUM JOINT OPERATING AGREEMENTS WITH EMPHASIS ON BRITISH LEGAL SYSTEM

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EBRAHIMI NASROLLAH; TAJARLOU REZA; Hooshmand Jaber

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Journal: PRIVATE LAW STUDIES Year:2018 | Volume:48 | Issue:3 Page(s): 383-400

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Information Journal Paper

Title

EXCLUDING CONSEQUENTIAL LOSS IN PETROLEUM JOINT OPERATING AGREEMENTS WITH EMPHASIS ON BRITISH LEGAL SYSTEM

Author(s)

EBRAHIMI NASROLLAH | TAJARLOU REZA | Hooshmand Jaber | Issue Writer Certificate

Keywords

Risk ManagementQ1

Liability Exclusion ClausesQ1

Knock for Knock ClauseQ1

Recoverable DamagesQ2

Loss of ProfitQ1

Abstract

A well-known method for Risk Management in petroleum Joint Operating Agreements (JOA) is the use of knock for knock liability clauses. In one type of such clauses, parties in the JOA exclude their liability to consequential loss. The British courts try to construe and interpret the exclusion of consequential loss and Loss of Profit narrowly and, therefore, insisted on recoverability of such losses to the extent possible despite the parties’ agreement to exclude them. Furthermore, Loss of Profit may be considered as direct losses in British and American legal systems. Under Iranian legal system, directness is a condition, among others, for recoverability of damages, but, such condition may not be considered as equivalent to direct damage in Britain and accordingly the concept of indirect damage is different in the two countries. Therefore, the usefulness of excluding consequential loss responsibility in the contracts with applicable laws and regulations of Iran is questionable if the parties do not define a clear and distinguishing definition of it in such contracts. Despite the existing doubts with regard to recoverability of Loss of Profit, probably all Iranian scholars believe in recoverability of Loss of Profit and, therefore, it should be considered as direct damage.

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APA: Copy

EBRAHIMI, NASROLLAH, TAJARLOU, REZA, & Hooshmand, Jaber. (2018). EXCLUDING CONSEQUENTIAL LOSS IN PETROLEUM JOINT OPERATING AGREEMENTS WITH EMPHASIS ON BRITISH LEGAL SYSTEM. PRIVATE LAW STUDIES, 48(3 ), 383-400. SID. https://sid.ir/paper/124659/en

Vancouver: Copy

EBRAHIMI NASROLLAH, TAJARLOU REZA, Hooshmand Jaber. EXCLUDING CONSEQUENTIAL LOSS IN PETROLEUM JOINT OPERATING AGREEMENTS WITH EMPHASIS ON BRITISH LEGAL SYSTEM. PRIVATE LAW STUDIES[Internet]. 2018;48(3 ):383-400. Available from: https://sid.ir/paper/124659/en

IEEE: Copy

NASROLLAH EBRAHIMI, REZA TAJARLOU, and Jaber Hooshmand, “EXCLUDING CONSEQUENTIAL LOSS IN PETROLEUM JOINT OPERATING AGREEMENTS WITH EMPHASIS ON BRITISH LEGAL SYSTEM,” PRIVATE LAW STUDIES, vol. 48, no. 3 , pp. 383–400, 2018, [Online]. Available: https://sid.ir/paper/124659/en

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