Legal Nature and Validity of Take-or-Pay Clause in Longterm Gas Sale Agreements: A Comparative Study

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HAJIAN MOHAMMAD MAHDI; Moosavi Mitra

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Journal: PRIVATE LAW Year:2016 | Volume:5 | Issue:16 Page(s): 81-108

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Title

Legal Nature and Validity of Take-or-Pay Clause in Longterm Gas Sale Agreements: A Comparative Study

Author(s)

HAJIAN MOHAMMAD MAHDI | Moosavi Mitra | Issue Writer Certificate

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Abstract

Take-or-Pay clause (T-o-P)، as an essential element of long-term off-take and supply contracts in energy sector، particularly in Gas Sales Agreements. The philosophy of T-o-P clause is based on the importance of the fact that the seller will receive a level of revenue guaranteed under the agreement that covers massive financial commitments and debts arising from the upstream project. Although T-o-P clause is frequently considered in GSAs، the validity and applicability of this condition is subject to controversy among different legal systems. Some lawyers have treated this provision as a penalty clause which is invalid and unenforceable. However، others regard it as a valid and enforceable liquidated damage clause. This paper first focuses on uncertainties and ambiguities regarding the legal status of take-or-pay provision، particularly in English legal system. Then، it discusses the issue by considering the fundamentals of Islamic contract rules and jurisprudence، particularly Iranian legal system reflected in the Iranian Civil Code.

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APA: Copy

HAJIAN, MOHAMMAD MAHDI, & Moosavi, Mitra. (2016). Legal Nature and Validity of Take-or-Pay Clause in Longterm Gas Sale Agreements: A Comparative Study. PRIVATE LAW, 5(16 ), 81-108. SID. https://sid.ir/paper/252768/en

Vancouver: Copy

HAJIAN MOHAMMAD MAHDI, Moosavi Mitra. Legal Nature and Validity of Take-or-Pay Clause in Longterm Gas Sale Agreements: A Comparative Study. PRIVATE LAW[Internet]. 2016;5(16 ):81-108. Available from: https://sid.ir/paper/252768/en

IEEE: Copy

MOHAMMAD MAHDI HAJIAN, and Mitra Moosavi, “Legal Nature and Validity of Take-or-Pay Clause in Longterm Gas Sale Agreements: A Comparative Study,” PRIVATE LAW, vol. 5, no. 16 , pp. 81–108, 2016, [Online]. Available: https://sid.ir/paper/252768/en

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