Title
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
Content

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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