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Home > Journal

Choice of Law Provisions when Drafting Arbitration Provisions for International Oil and Gas Agreements

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A.B. Derman
Derman, Andrew B.
M. Hallake
Hallake, Marcello
A. Golding
Golding, Anthony
W.M. Katz Jr.
Katz Jr., William M.
P.A. Vermillion
Vermillion, Peter A.

Article from: OGEL 1 (2006), in International Oil, Gas & Energy Dispute Management

Introduction

In 1987, a Texas court applying New York law awarded Pennzoil Company over $7 billion in actual damages and $1 billion in punitive damages in a lawsuit against Texaco, Inc. That case, which sent one of the world's largest oil companies at the time into bankruptcy, is an example of the importance of choice of law. A key issue in the case was New York's requirement that binding agreements, even if preliminary, carry a duty of good faith performance. No such duty exists under Texas law. Would the result have been different if Texas law applied? Although the Pennzoil case is ...

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Suggested Citation

A.B. Derman; M. Hallake; A. Golding; W.M. Katz Jr.; P.A. Vermillion; "Choice of Law Provisions when Drafting Arbitration Provisions for International Oil and Gas Agreements"
OGEL 1 (2006), www.ogel.org

URL: www.ogel.org/article.asp?key=2061

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