Making the Most of Arbitration as A Tailored Mechanism for Resolving LNG Disputes
Article from: OGEL 4 (2017), in Liquefied Natural Gas (LNG)
Abstract
LNG is frequently traded under short or medium-term contracts or on the spot market. However, most LNG is still bought and sold under long-term agreements. These longer-term sale and purchase agreements provide project security and bankability and they are probably here to stay, at least in the medium term of low oil and commodity prices. But where contractual terms are fixed for long periods of time (several decades in many instances), it is prudent for the contract to cater for the unexpected. However, it is difficult for drafters to spell out the consequences of that which ...