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 world criminal 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 through the previous periods of the convention, presents for a so-called "parallel method" lower than which a world "Enterprise" as weIl as nationwide deepest or state-owned businesses may be granted entry to the assets of the foreign seabed less than the keep watch over of a global Seabed Authority. The Draft conference additionally envisages the condusion of three way partnership agreements among the overseas company and nationwide businesses or consortia, and encourages such cooperation via furnish­ ing numerous incentives. Such joint ventures will most likely play an enormous half in making the foreign company operative within the early years of its lifestyles. on the convention matters were expressed even if and while the firm as a newcomer will be capable of begin seabed mining and to compete successfully with the nationwide businesses. The Draft conference offers for a few methods and potential to permit the company to strengthen its technological and fiscal features for deep sea mining as early as possible.

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The consent requirements are tuned to the needs of the partners of the Draft Agreement including the Operating Company. Article 19 of Annex IIf reads: "Revision of Contract 1. When circumstances have arisen, or are likely to arise which, in the opinion of either party, would render the contract inequitable or make it impracticable or impossible to achieve the objectives set out in the contract or in Part XI, the parties shall enter into negotiations to adjust it to new circurnstances. 2. » The revision clause should be read in conjunction with the contract revision clause in this Agreement: Part Article 22, pllra.

2) The initial capital shall be paid in cash or as attributable deliveries at market prices. Commentary, Part C, Article 4. Our assumptions about the capital required are taken from the Aachen/Battelle studyand serve illustrative purposes only. To avoid the delicate negotiation problem of the valuation of the prospected area and the contributions through rendering R & D and other development costs of the sea-bed mining technology, we have inserted a clause which excludes these items from the initial capital valuation.

Designated Area The term "Designated Area" shall mean that area of the seabed covered by the plan of work approved by the Authority and described in a Schedule to this Agreement. 41 7. Enterprise The term "Enterprise" shall mean the organ of the Authority which is established to carry out activities in accordance with the Convention. 8. Exploration Period The term "Exploration Period" shall mean the period referred to in Part A, Article 3 of this Agreement. 9. Force Majeure The term "Force Majeure" shall be used as defined in Part S, Article 5 para.

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