TY - JOUR ID - 137540 TI - The Parameters for Drafting Insurance and Indemnity Contractual Clauses as the Subset of Risk Allocation Provisions Outlined in the Main Types of Upstream Petroleum Contracts: A Case Study of IPC JO - Petroleum Business Review JA - PBR LA - en SN - 2645-4726 AU - Sakhaei, Shima AU - Kazemi Najafabadi, Abbas AD - Instructor, Private Law Department, Faculty of Law & Political Sciences, Allameh Tabataba'i University, Tehran, Iran, Email: sakhaei.sh@gmail.com AD - Assistant Professor, Private Law Department, Faculty of Law & Political Sciences, Allameh Tabataba'i University, Tehran, Iran, Email: abaskazemi@gmail.com Y1 - 2021 PY - 2021 VL - 5 IS - 4 SP - 53 EP - 72 KW - Indemnity clause KW - Iranian Petroleum Contract (IPC) KW - Risk Allocation Provisions KW - Upstream Petroleum Contracts DO - 10.22050/pbr.2021.282922.1184 N2 - Various types of hazard exist in the upstream oil and gas industry. Therefore, the contracting parties of any petroleum contract always try to reduce the inevitable economic burdens of occurring adverse events arising out of risks in the course of petroleum operation by applying legal approaches such as contractual risk allocation provisions, which can be realized by drafting efficient insurance and indemnity clauses as the subset of risk allocation provisions. Hence, this study addressed the main research question of “What are the necessary parameters for drafting the insurance and indemnity clauses in the main types of upstream petroleum contracts?”. To this end, the mentioned clauses stipulated in the main types of upstream petroleum contracts, including concessions, production sharing, and service contracts of 15 different countries worldwide, in addition to the comparative analysis with the new model of Iranian Petroleum Contract (IPC), are examined. Eventually, the hypothesis of this study verified that there should be several parameters such as liability towards risks, limitation of liability, and exclusions/exemptions for drafting the insurance and indemnity clauses in these contracts, that is, the result and the answer to the research question. Moreover, the comparative analysis of the extracted set of parameters needed to draft these clauses legally, with the related ones in IPC, is conducted. Therefore, the existing contractual shortcomings are detected. After that, the necessary suggestions to resolve them are offered, which can enhance the effectiveness of the upstream petroleum contracts and avoid potential litigation in this regard. UR - https://pbr.put.ac.ir/article_137540.html L1 - https://pbr.put.ac.ir/article_137540_18a96ceae8331a64c99c49b194da1d13.pdf ER -