Projects: Risky business
UK projects specialists are finding work in the developing world a lucrative source of revenue, but the often underdeveloped legal systems and unstable frameworks of these jurisdictions can mean that there are serious operational risks involved. Tony Marshall looks at how lawyers can best manage these risks
International projects present many challenges for project participants – not least when a foreign state or state party is involved. Apart from the risk of breaches of the contracts underlying the project – a risk in any project – a state might have a range of other powers that could affect those undertaking the project, even where they have not contracted directly with the state itself. It might, for example, place onerous restrictions upon a party’s workforce or on the transfer of capital, or might pass discriminatory laws that drastically reduce the value of a party’s investment in the project, or even expropriate his or her property.
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