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 ideas a long way the institution of a global felony regime governing the exploration and exploitation of the assets of the foreign seabed. The Draft conference at the legislation of the ocean (Informal textual content) of 27 August 1980 which has to this point been the results of the negotiations through the previous periods of the convention, presents for a so-called "parallel approach" below which a global "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 firm and nationwide businesses or consortia, and encourages such cooperation via furnish ing numerous incentives. Such joint ventures will most likely play a massive half in making the foreign company operative within the early years of its life. on the convention issues were expressed even if and while the company as a newcomer will be able to begin seabed mining and to compete successfully with the nationwide businesses. The Draft conference offers for a few methods and capability to let the company to boost its technological and fiscal functions for deep sea mining as early as possible.
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Extra info for A Joint Venture Agreement for Seabed Mining
The account for R & D expenditures will be prepared by the Investor and may be examined by the Authority through an independent accountant. (7) The term "return on investment" in para. (2) shall mean the ratio of Investor's net proceeds in that accounting year to the development costs as defined in para. (5). Development costs for the purposes of this paragraph shall include expenditures on new or replacement equipment less the original cost of the equipment replaced. (8) For matters of construction Annex 111, Article 13 of the Convention shall be applied accordingly.
Means the Investor's share of the Operating Company's net profit as defined in Part C, Article 9 of this Agreement, less the production charge or annual fixed fee payable to the Authority, less the recovery of development costs, and less the recovery of R & D expenses attributable to the mining sector. In determining the tax level, the following factors should be considered: - The costs incurred by the Operating Company for the training of personne I (cf. Part c: Article 17) will diminish the Operating Company's net proceeds by a substantial sum, thus also diminishing the Investor's profit share.
If the parties cannot agree on a mutually acceptable consulting firm, the final decision as to the firm will be made by an umpire. Our Agreement further provides that, in the cas~~ of disagreement between the Special Investment Plan and the calculations of the consulting firm, the latter judgement is to prevail. As unlikely as such disagreement may be, the Investor must be prepared to tolerate for an initial period of three years the fact that his own projections may deviate from those established by the independent consultant.