TY - JOUR ID - 120704 TI - Management and Efficient Distribution of Risk in Oil and Gas Contracts through Contractual Clauses JO - Journal of Legal Research JA - JLR LA - en SN - 1682-9220 AU - Hajian, Mohammadmahdi AU - Salimi, Seyyedeh Sheida AD - Assistant Professor of Private and Economic Law Department, Faculty of Law and Political Sciences, Allameh Tabataba’i University, Tehran, Iran. AD - M.A. in Oil and Gas Law, Faculty of Law and Political Sciences, Allameh Tabataba’i University, Tehran, Iran. Y1 - 2020 PY - 2020 VL - 19 IS - 44 SP - 213 EP - 249 KW - Contractual Terms KW - risk distribution KW - Oil and Gas projects DO - 10.48300/jlr.2020.120704 N2 - Given the wide range of risks the contracting parties face in oil and gas projects, risk management strategies play an essential role in reducing risk costs, reducing disputes between contracting parties, and ultimately, achieving the business objectives of the contract. Contractual allocating of project risks through the inclusion of key distribution risk clauses in the contract, as one of the most important risk management mechanisms, has been considerably taken into account in recent years in oil and gas contracts. So that the successful implementation of each project is based on the efficient design of the contract, leading to an optimal and equitable distribution of project risks by transferring the responsibility for accepting and managing risks to the one that is in the best position to manage them. This paper examines the use of a variety of contractual risk allocation mechanisms in oil and gas contracts, such as exclusion clause, liability limitation clause, indemnity clause, liquidated damage clause and the clause of requirement to obtain certain insurance coverage and at the end, discusses invalidity of contractual terms when they lead to unfair risk allocation. UR - https://jlr.sdil.ac.ir/article_120704.html L1 - https://jlr.sdil.ac.ir/article_120704_5d1652c33e67e60764db87b1d98373ad.pdf ER -