Consolidated text of the agreed provisions of the United Nations Draft Code of Conduct on Transnational Corporations, UN Doc. E/1983/17/Rev.1, Annex II

Agreed Provisions of the Draft Code of Conduct on Transnational Corporations 



Activities of Transnational Corporations

A. General and Political


11. Review and Renegotiation of Contracts

Contracts between Governments and transnational corporations should be negotiated and implemented in good faith. In such contracts, especially long-term ones, review or renegotiation clauses should be normally included.

In the absence of such clauses and where there has been a fundamental change of the circumstances on which the contract or agreement was based, transnational corporations, acting in good faith, shall/should co-operate with Governments for the review or renegotiation of such contract or agreement.

Review or renegotiation of such contracts or agreements shall/should be subject to [the laws of the host country] [relevant national laws and international legal principles].

*See UN Document E/1983/17/Rev.1; EC/10/1983/S/5/Rev.1 Annex II as amended by subsequent negotiations up to January 1986.

Referring Principles
Trans-Lex Principle: IV.6.7 - Duty to renegotiate
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