Fiduciary obligations and joint ventures: the collaborative fiduciary relationship
The book argues that the Operator owes fiduciary duties to the co-venturers and that the co-venturers owe fiduciary duties among themselves. These fiduciary duties impose high standards of conduct on the co-venturers. This book will be essential reading for anyone working in the area of energy and n...
Gespeichert in:
| Beteilige Person: | |
|---|---|
| Format: | Buch |
| Sprache: | Englisch |
| Veröffentlicht: |
Oxford
Clarendon Press
1995
|
| Schlagwörter: | |
| Links: | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=006863081&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| Zusammenfassung: | The book argues that the Operator owes fiduciary duties to the co-venturers and that the co-venturers owe fiduciary duties among themselves. These fiduciary duties impose high standards of conduct on the co-venturers. This book will be essential reading for anyone working in the area of energy and natural resources law as well as equity lawyers and anyone interested in joint ventures |
| Abstract: | The Joint Operating Agreement (JOA) is a commercial contract extensively used in oil and gas joint ventures, where one co-venturer manages the venture under the supervision of the other co-venturers. The English courts have yet to pronounce whether a joint operating agreement establishes a fiduciary relationship between its co-venturers and whether fiduciary duties are created by it. As UK oil exploration companies move to operate outside the North Sea and enter into more contracts with companies from civil law jurisdictions (with expectations of good faith on the part of their co-contracting parties) and as an increasing number of independent oil companies participate in exploration and development, the standards of conduct of co-venturers becomes increasingly important. This book reviews whether a joint operating agreement, as an example of a joint venture, is a fiduciary relationship, and whether fiduciary duties may apply to resource companies as co-venturers |
| Beschreibung: | Teilw. zugl.: Cambridge, Univ., Diss. |
| Umfang: | XLVI, 311 S. |
| ISBN: | 019825928X |
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| 520 | 3 | |a The Joint Operating Agreement (JOA) is a commercial contract extensively used in oil and gas joint ventures, where one co-venturer manages the venture under the supervision of the other co-venturers. The English courts have yet to pronounce whether a joint operating agreement establishes a fiduciary relationship between its co-venturers and whether fiduciary duties are created by it. As UK oil exploration companies move to operate outside the North Sea and enter into more contracts with companies from civil law jurisdictions (with expectations of good faith on the part of their co-contracting parties) and as an increasing number of independent oil companies participate in exploration and development, the standards of conduct of co-venturers becomes increasingly important. This book reviews whether a joint operating agreement, as an example of a joint venture, is a fiduciary relationship, and whether fiduciary duties may apply to resource companies as co-venturers | |
| 520 | |a The book argues that the Operator owes fiduciary duties to the co-venturers and that the co-venturers owe fiduciary duties among themselves. These fiduciary duties impose high standards of conduct on the co-venturers. This book will be essential reading for anyone working in the area of energy and natural resources law as well as equity lawyers and anyone interested in joint ventures | ||
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Datensatz im Suchindex
| _version_ | 1819344253349789696 |
|---|---|
| adam_text | Contents
Acknowledgements vii
Abbreviations xrv
Table of Cases xix
Statutory Instruments xxxvii
Table of Statutes xxxviii
Legislation xxxix
Regulations and Statutory Instruments *1
Introduction x^
PART 1 JOINT VENTURES
Chapter 1 Joint Ventures and Joint Operating Agreements
1. Introduction
2. The Joint Operating Agreement as a Relationship 4
(a) Joint Ventures *
(b) Contractual Basis of Relationship 6
(c) Delectus Personae ^
(d) Scope of the JOA n
(e) Property Interests 12
3. Management
(a) The Operator 14
(b) The Operating Committee 16
(c) Default 17
4. Sole Risk and Non Consent Provisions 18
5. Summary
PART 2 FIDUCIARY LAW
Chapter 2 An Introduction to Fiduciary Law
23
1. Introduction
2. Equity s Jurisdiction
3. The Purpose of Fiduciary Duties 27
4. The Quality of Trust 32
I
x Contents
5. Who is a Fiduciary? 36
(a) Categories of Fiduciary Relationship 38
(b) Category 1: Those who Control Another s Property 38
(c) Category 2: Duty to Act on Another s Behalf 39
(d) Category 3: Keech v. Sandford 40
(e) Category 4: Presumed Undue Influence 40
(f) Confidential Information 42
6. Types of Fiduciary Duty 42
Chapter 3 Fiduciary Law in a Commercial Context
1. Introduction 46
2. Fiduciaries in a Commercial Context 47
(a) Different Types of Commercial Transaction 50
(b) Antagonistic Transactions 50
(c) Collaborative Transactions 52
(d) Applying Presumptions about Transactions 53
3. Commercial Dealings and the Arm s Length Concept 54
4. Commercial Parties and Self Protection 59
5. Fiduciary Law and Certainty 63
6. Equity and its Remedies 65
Chapter 4 Fiduciary Law in a Contractual Context
1. Introduction 68
2. Recognizing Fiduciary Duties in a Contractual Context 70
(a) Fiduciary Duties as Implied Terms 73
(i) Terms Implied in Fact 74
(ii) Terms Implied by Operation of Law 75
(iii) Terms Implied as Trade Customs 78
(b) Duty to Co operate 79
(i) Duty to Co operate and Joint Ventures 80
3. The Exclusion of Fiduciary Duties 84
(a) Judicial Approaches to Exclusion Clauses 85
(b) Joint Ventures and Exclusion Clauses 87
(c) Exclusion of Fiduciary Duties: Residual Duties 88
(d) The Duty to Deal Fairly 91
PART 3 INTER S£ FIDUCIARY RELATIONSHIP BETWEEN THE
CO VENTURERS
Chapter 5 The Status Approach
1. Introduction 97
Contents xi
2. The Co Venturers as Co Owners 99
(a) The Co Venturers as Agents 101
(b) JOA and Partnership 101
(c) Section 1(1) of the Partnership Act 1890 103
(d) Comparison with Forms of Partnership 106
(i) Self interested Decision Making 109
(ii) Operating Committee 110
3. The Status of the Operator 111
(a) Role of the Operator 111
(b) The Operator as an Agent 112
Chapter 6 The First Principles Approach
1. Introduction 115
2. The Search for the Fiduciary Principle 117
(a) The Undertaking Test 120
(i) Application to a JOA 127
(ii) Inherent Undertakings 128
(b) The Power and Discretion Test 129
(i) Application to a JOA 133
3. Vulnerability as a Ground? 134
Chapter 7 The Collaborative Fiduciary Relationship
1. Introduction 139
2. The Delectus Personae 140
(i) Application to a JOA 144
3. Mutual Trust and Confidence 146
4. Identifying Mutual Trust and Confidence 149
5. Application to Joint Ventures 154
6. Non Integrated Joint Ventures 155
PART 4 PRESCRIPTIVE FIDUCIARY DUTIES
Chapter 8 The Operator as Manager
1. Management: Exercising Powers to Maximize Returns 161
2. A Trustee s Managerial Duties 161
3. The Managerial Fiduciary Duty 165
4. Extending the Recognition of Managerial Roles 167
5. Business Judgement and the Joint Interest 170
6. Standards of Care 173
7. Remedies for Breach 174
xii Contents .
Chapter 9 Fiduciary Constraints on the Operating Committee j
1. Introduction 176 3
(a) Types of Interests 179
Ob) Legitimate Interests 180
(c) Conflicts of Interest 183
2. Comparison with Other Relationships 184
3. Majority Rule 185
4. Procedural Limits on Majority Rule 186
5. Substantive Limits on Majority Rule 187
6. Extension of the Collaborative Fiduciary Relationship 190
7. The Limits of the Collaborative Fiduciary Relationship 196
(a) Minority Vetoes 196
(i) Sole Risk and Non Consent 198
(b) Termination and Dissolution of the Venture 200
(c) Assignment of Interests in a Venture 202
8. Remedies for Breach 205
PART 5 PROSCRIPTIVE FIDUCIARY DUTIES
Chapter 10 The Prescriptive Fiduciary Duties
1. Introduction 209
(a) The Subject Matter of the Fiduciary Relationship 210
(b) Problem Areas 213
2. The Duty to Avoid a Conflict of Interest 215
(a) (i) The Scope of the Fiduciary s Role 218
(ii) Limits on the Fiduciary s Role 222
(b) Overlap with the No Profit Rule 226
(c) No Competition as a Corollary 227
(d) The Scope of the Competing Businesses 230
3. The Duty not to Make an Unauthorized Profit 233
(a) The Identification of a Profit 234
(b) The Connection Between the Profit and the Fiduciary s Role 234
(c) Termination of the Relationship 238
4. Keech v. Sandford 240
(a) Application to Surrendered Areas 244
(b) Application to Reversions 245
(c) After Acquired Rights Clauses 247
5. Misuse of a Beneficiary s Property 249
6. Scope of the Business 250
(a) Determining the Scope of the Business 253
(b) Alteration of the Scope 253
Contents xiii
(c) The Use of Information 255
(d) Information as Property 258
(i) Restrictions on Entitlement to Information 262
7. Remedies for Breach of Duty 263
Chapter 11 Duties of Disclosure and Confidentiality
1. Introduction 265
2. Duty of Full Disclosure 265
(a) The Level of Disclosure 268
(b) Pre contractual Disclosure and Duties 269
(c) Remedies for Breach of Duty 273
3. The Duty of Confidentiality 275
(a) The Nature of the Duty 275
(b) Pre contractual Confidentiality . 277
(c) Breach of Confidence and Fiduciary Duties 279
(i) The Effect of the Duty 281
(d) Interplay of the Contract and Equitable Duty 283
(e) Remedies for Breach of Duty 286
Chapter 12 Conclusion
1. Contract Law 288
2. The Duty to Act Honestly in the Best Interests of the Joint
Venture 289
3. Proscriptive Fiduciary Duties 291
4. Terms of the JOA 293
5. Keech v. Sandford 293
6. Misuse of a Beneficiary s Assets 293
7. Duty of Full Disclosure 294
8. Duty of Confidentiality 294
Bibliography 295
Index 307
|
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| spellingShingle | Bean, Gerard M. D. Fiduciary obligations and joint ventures the collaborative fiduciary relationship Belangenconflicten gtt Goede trouw gtt Internationaal privaatrecht gtt Joint ventures gtt Vennootschapsrecht gtt Recht Conflict of interests Good faith (Law) Joint ventures Law and legislation Partnership Trusts and trustees Treuhandgeschäft (DE-588)4186001-9 gnd |
| subject_GND | (DE-588)4186001-9 (DE-588)4022153-2 (DE-588)4113937-9 |
| title | Fiduciary obligations and joint ventures the collaborative fiduciary relationship |
| title_auth | Fiduciary obligations and joint ventures the collaborative fiduciary relationship |
| title_exact_search | Fiduciary obligations and joint ventures the collaborative fiduciary relationship |
| title_full | Fiduciary obligations and joint ventures the collaborative fiduciary relationship Gerard M. D. Bean |
| title_fullStr | Fiduciary obligations and joint ventures the collaborative fiduciary relationship Gerard M. D. Bean |
| title_full_unstemmed | Fiduciary obligations and joint ventures the collaborative fiduciary relationship Gerard M. D. Bean |
| title_short | Fiduciary obligations and joint ventures |
| title_sort | fiduciary obligations and joint ventures the collaborative fiduciary relationship |
| title_sub | the collaborative fiduciary relationship |
| topic | Belangenconflicten gtt Goede trouw gtt Internationaal privaatrecht gtt Joint ventures gtt Vennootschapsrecht gtt Recht Conflict of interests Good faith (Law) Joint ventures Law and legislation Partnership Trusts and trustees Treuhandgeschäft (DE-588)4186001-9 gnd |
| topic_facet | Belangenconflicten Goede trouw Internationaal privaatrecht Joint ventures Vennootschapsrecht Recht Conflict of interests Good faith (Law) Joint ventures Law and legislation Partnership Trusts and trustees Treuhandgeschäft Großbritannien Hochschulschrift |
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