RISK ALLOCATION IN PETROLEUM JOINT VENTURES

1996 ◽  
Vol 36 (1) ◽  
pp. 580
Author(s):  
S.J. Barrymore
Keyword(s):  
The Other ◽  
Management Technique ◽  
Risk Allocation ◽  
Short Term ◽  
Loss And Damage ◽  
Force Majeure ◽  
Property Loss ◽  
Offshore Development ◽  
A Minor ◽  
Contractual Risk

This paper will consider aspects of contractual risk allocation in the energy industry.The industry is a mature one, with sophisticated and experienced contractors and operators. Hydrocarbons have uniquely hazardous characteristics making all parties, the State and the community acutely aware of the need to control the means of its discovery, appraisal, production and transportation.The Exxon Valdez and Piper Alpha disasters are paradigm examples of the drastic consequences and the magnitude of the risk, that can flow from what might otherwise be considered 'a minor act or omission'.Risk management is based on the premise that it is in the interest of any project that certain risks be borne by certain parties, normally the person in the best position to control the risk concerned. A realistic approach to allocation of risk will reduce costs and claims and prevent over or under insurance. Where a risk which can be efficiently absorbed or covered by one party is passed to another, the short-term gain may be more than offset by the other party's increased charges or defensive practices for absorbing the risk or its inability to perform following a liability arising from that risk.As noted above, the risk allocation and management technique dealt with in this paper is contractual. Parties seek to distribute and allocate risks by the use of clauses of indemnity, limitation, exclusion, insurance and force majeure. Each of these contracts allocate risk to one party or the other for matters such as personal injury, property loss and damage, public liability, pollution, negligent workmanship and indirect loss or damage.This paper will examine the structure of these clauses (other than insurance) in the context of offshore development projects, centring around the joint operating agreement made between an operator and the licence holders, and a consideration of contracts entered into between the operator and its participants and the project contractors and project insurers. It will also address the issue of conduct in breach of statute and the effect of such conduct on indemnity and insurance agreements.

12. Discharge by frustration: subsequent impossibility

2021 ◽  
pp. 599-627
Author(s):  
Robert Merkin ◽  
Séverine Saintier
Keyword(s):  
Theoretical Basis ◽  
Case Law ◽  
Contract Law ◽  
Law Reform ◽  
Risk Allocation ◽  
Force Majeure ◽  
The Subject ◽  
Contractual Obligations ◽  
Contractual Risk ◽  
Selection Of

Poole’s Casebook on Contract Law provides a comprehensive selection of case law that addresses all aspects of the subject encountered on undergraduate courses. Without the fault of either party, a contract may be automatically discharged due to frustration that renders further performance of the contract impossible, illegal, or radically different from what was originally conceived. In this case, the parties will be excused further performance of their contractual obligations. However, the frustration doctrine applies only where there is no express provision in the contract (a force majeure clause) allocating the risk. This chapter, which examines the frustration doctrine and discharge for subsequent impossibility, first considers the contractual risk allocation before turning to the theoretical basis for the doctrine of frustration. It then discusses limitations on the operation of the frustration doctrine before examining the effects of frustration and the effects on the parties’ positions of the Law Reform (Frustrated Contracts) Act 1943.

12. Discharge by frustration: subsequent impossibility

2019 ◽  
pp. 571-600
Author(s):  
Robert Merkin ◽  
Séverine Saintier
Keyword(s):  
Theoretical Basis ◽  
Case Law ◽  
Law Reform ◽  
Risk Allocation ◽  
Force Majeure ◽  
The Subject ◽  
The Law ◽  
Contractual Obligations ◽  
Contractual Risk ◽  
Selection Of

The Casebook series provides a comprehensive selection of case law that addresses all aspects of the subject encountered on undergraduate courses. Without the fault of either party, a contract may be automatically discharged due to frustration that renders further performance of the contract impossible, illegal, or radically different from what was originally conceived. In this case, the parties will be excused further performance of their contractual obligations. However, the frustration doctrine applies only where there is no express provision in the contract (a force majeure clause) allocating the risk. This chapter, which examines the frustration doctrine and discharge for subsequent impossibility, first considers the contractual risk allocation before turning to the theoretical basis for the doctrine of frustration. It then discusses limitations on the operation of the frustration doctrine before examining the effects of frustration and the effects on the parties’ positions of the Law Reform (Frustrated Contracts) Act 1943.

A Bird in the Hand Isn’t Good for Long

2018 ◽  
Vol 65 (1) ◽  
pp. 23-31 ◽  
Author(s):  
Stefan Scherbaum ◽  
Simon Frisch ◽  
Maja Dshemuchadse
Keyword(s):  
Decision Making ◽  
Cognitive Control ◽  
The Other ◽  
Decision Task ◽  
Short Term ◽  
Additional Time ◽  
Control Processes ◽  
Folk Wisdom ◽  
Study Participants ◽  
Insight Into

Abstract. Folk wisdom tells us that additional time to make a decision helps us to refrain from the first impulse to take the bird in the hand. However, the question why the time to decide plays an important role is still unanswered. Here we distinguish two explanations, one based on a bias in value accumulation that has to be overcome with time, the other based on cognitive control processes that need time to set in. In an intertemporal decision task, we use mouse tracking to study participants’ responses to options’ values and delays which were presented sequentially. We find that the information about options’ delays does indeed lead to an immediate bias that is controlled afterwards, matching the prediction of control processes needed to counter initial impulses. Hence, by using a dynamic measure, we provide insight into the processes underlying short-term oriented choices in intertemporal decision making.

Hidden “holes” in the capital of banks and the supply of credit to the real sector of economy

2018 ◽  
pp. 49-68 ◽  
Author(s):  
M. E. Mamonov
Keyword(s):  
Credit Risk ◽  
The Other ◽  
Real Sector ◽  
Capital Management ◽  
Loan Loss ◽  
Short Term ◽  
The Real ◽  
Ex Post ◽  
The One

Our analysis documents that the existence of hidden “holes” in the capital of not yet failed banks - while creating intertemporal pressure on the actual level of capital - leads to changing of maturity of loans supplied rather than to contracting of their volume. Long-term loans decrease, whereas short-term loans rise - and, what is most remarkably, by approximately the same amounts. Standardly, the higher the maturity of loans the higher the credit risk and, thus, the more loan loss reserves (LLP) banks are forced to create, increasing the pressure on capital. Banks that already hide “holes” in the capital, but have not yet faced with license withdrawal, must possess strong incentives to shorten the maturity of supplied loans. On the one hand, it raises the turnovers of LLP and facilitates the flexibility of capital management; on the other hand, it allows increasing the speed of shifting of attracted deposits to loans to related parties in domestic or foreign jurisdictions. This enlarges the potential size of ex post revealed “hole” in the capital and, therefore, allows us to assume that not every loan might be viewed as a good for the economy: excessive short-term and insufficient long-term loans can produce the source for future losses.

Pengembangan Kemitraan Koperasi, Usaha Mikro Dan Kecil (KUMK) Dengan Usaha Menengah/Besar Untuk Komoditi Unggulan Lokal

2019 ◽  
Vol 9 (1) ◽  
pp. 53-66 ◽  
Author(s):  
Dandan Irawan
Keyword(s):  
Business Performance ◽  
The Other ◽  
Economic Conditions ◽  
Small Enterprises ◽  
Business Partnerships ◽  
Short Term ◽  
Business Partnership ◽  
Structure Factors ◽  
Micro And Small Enterprises ◽  
Business Entities

Basically a natural partnership will achieve its goal if mutual requirements, mutual reinforcement, and mutual benefit can be maintained and made a strong fundamental commitment among partners. Nevertheless the development seems very slow. The cause is the presence of specific and different conditions and structure factors compared to other countries. Along with that, we still encounter various forms of gaps, such as inequality among regions, among income groups, between sectors, among economic actors, and so forth. The next problem is that in business entities including cooperatives and micro and small enterprises in running their business activities requires business partnerships with medium and large enterprises in order to improve business performance and business scale. While on the other hand our economic conditions and structures are not yet fully conducive to fostering partnerships based on purely business considerations or competitive market motivations but the business partnership of the foundation is strong enough in our country's constitution. Partnerships will work if partners are equally benefiting. Our concept of partnership is like that, although in the short term, there is a party or a party benefiting more from the other side.

EFFECT OF ACTINOMYCIN D ON TSH-INDUCED STIMULATION OF THYROIDAL PROTEIN SYNTHESIS IN THE RAT

1974 ◽  
Vol 77 (1) ◽  
pp. 64-70 ◽  
Author(s):  
Gustav Wägar
Keyword(s):  
Protein Synthesis ◽  
Actinomycin D ◽  
The Other ◽  
Leucine Incorporation ◽  
Short Term ◽  
Other Hand ◽  
Thyroid Glands ◽  
Translational Level ◽  
Stimulation Of

ABSTRACT Whether the short-term regulation of thyroidal protein synthesis by TSH occurs at the transcriptional or the translational level was tested by measuring the effect of actinomycin D (act D) on the TSH-induced stimulation of L-14C-leucine incorporation into the thyroidal proteins of rats. TSH was injected 6 h before the rats were killed. The thyroid glands were then removed and incubated in vitro in the presence of L-14C-leucine for 2 h. The pronounced stimulation of leucine incorporation in the TSH-treated animals was depressed as compared with controls but still significant even when the animals had been pre-treated with 100 μg act D 24 and 7 h before sacrifice. On the other hand, act D strongly decreased incorporation of 3H-uridine into RNA. Short-term regulation of thyroidal protein synthesis by TSH appears to be partly but not wholly dependent on neosynthesis of RNA. Hence regulation may partly occur at the translation level of protein synthesis.

FORCE MAJEURE, CHANGE OF CIRCUMSTANCES AND TERMINATION OF CONTRACT

2016 ◽  
Vol 3 (1) ◽  
pp. 31-44
Author(s):  
Shiyuan Han
Keyword(s):  
United Nations ◽  
Contract Law ◽  
Unified Model ◽  
The Other ◽  
Final Decision ◽  
Dual Model ◽  
Chinese Law ◽  
Force Majeure ◽  
United Nations Convention ◽  
Distinct Line

It is impossible to draw a distinct line between force majeure and change of circumstances, because the two overlap. In order to regulate both force majeure and change of circumstances, the United Nations Convention on Contracts for the International Sale of Goods (CISG) has adopted a unified model in article 79, whereas Chinese law adopts a dual model by treating them as different things and regulating them in different articles. Where the purpose of a contract becomes impossible to achieve because of a force majeure and both the CISG and Chinese Contract Law (the CCL) adopt the same model of termination of the contract, the contract should be terminated by one party with a notice to the other party instead of ipso facto avoidance. In a case of a change of circumstances, in order to terminate the contract, both the CISG and the CCL actually follow the path of raising an action by a notice of avoidance or termination to theother party. Both approaches have their merits and demerits but the differences between them in practice are not as large as presumed. Where force majeure and change of circumstances overlap each other, possible ways for termination of the contract are for a party either to choose their preferred solution or to follow the lex specialis derogat generali. The latter way is preferred in this article; and while in an action for termination the judge may balance the interests of both parties in making a final decision, the uniform application of the law, the safety of the transaction and the fairness of the judgment may be ensured in so doing.

scholarly journals Prediction of Head Movement in 360-Degree Videos Using Attention Model

Sensors ◽  
2021 ◽  
Vol 21 (11) ◽  
pp. 3678
Author(s):  
Dongwon Lee ◽  
Minji Choi ◽  
Joohyun Lee
Keyword(s):  
Machine Learning ◽  
Short Term Memory ◽  
Moving Average ◽  
The Other ◽  
Learning Models ◽  
Short Term ◽  
Term Memory ◽  
Attention Model ◽  
Long Short Term Memory ◽  
Machine Learning Models

In this paper, we propose a prediction algorithm, the combination of Long Short-Term Memory (LSTM) and attention model, based on machine learning models to predict the vision coordinates when watching 360-degree videos in a Virtual Reality (VR) or Augmented Reality (AR) system. Predicting the vision coordinates while video streaming is important when the network condition is degraded. However, the traditional prediction models such as Moving Average (MA) and Autoregression Moving Average (ARMA) are linear so they cannot consider the nonlinear relationship. Therefore, machine learning models based on deep learning are recently used for nonlinear predictions. We use the Long Short-Term Memory (LSTM) and Gated Recurrent Unit (GRU) neural network methods, originated in Recurrent Neural Networks (RNN), and predict the head position in the 360-degree videos. Therefore, we adopt the attention model to LSTM to make more accurate results. We also compare the performance of the proposed model with the other machine learning models such as Multi-Layer Perceptron (MLP) and RNN using the root mean squared error (RMSE) of predicted and real coordinates. We demonstrate that our model can predict the vision coordinates more accurately than the other models in various videos.

THE INVOLVEMENT OF DIETARY PROTEIN SOURCE AND CHILLING IN THE ETIOLOGY OF DIARRHEA IN NEWLY WEANED PIGS

1982 ◽  
Vol 62 (4) ◽  
pp. 1199-1209 ◽  
Author(s):  
V. A. POUTEAUX ◽  
G. I. CHRISTISON ◽  
C. S. RHODES
Keyword(s):  
Transit Time ◽  
Dietary Protein ◽  
The Other ◽  
Protein Source ◽  
Coliform Bacteria ◽  
Protein Concentrate ◽  
Feeding Trial ◽  
Short Term ◽  
Buttermilk Powder ◽  
Dietary Protein Source

Two experiments were conducted to evaluate the involvement of dietary protein and short-term chilling on the incidence of diarrhea and on transit time of digesta in pigs weaned at 3–4 wk of age. The three protein sources used were buttermilk powder (BMP), soybean meal (SBM) or pea protein concentrate (PPC), which provided 85% of the dietary protein. In exp. 1, 72 pigs were exposed to a 16 °C decrease in ambient temperature for 8 h on day 4 of a 9-day feeding trial; 72 pigs were not chilled. The pigs on the PPC diet gained less (539 g) (P < 0.05) than pigs on BMP (1183 g) or SBM (952 g) although intakes were similar. Neither diet nor chilling affected fecal moisture content or the incidence of diarrhea. The PPC ration increased (P < 0.05) transit time (slowed rate of passage) on day 8. Chilling on day 4 decreased (P < 0.05) transit time (18.7 vs. 25.6 h) on that day. Neither protein source nor chilling caused differences in total or coliform bacteria isolated from fecal samples on blood agar or MacConkey's agar. In exp. 2, eight chilled and nine control pigs were euthanized and the quantity of three markers in six segments of the gastrointestinal tract was determined. The PPC diet passed more slowly than the other diets. In chilled pigs, the chromic oxide front was closer to the anus, indicating an increased rate of passage. It was concluded that the severity of the cold exposure was not suffficient to induce diarrhea and that there was no interaction between the effects of chilling and of dietary protein. There was, however, a tendency for chilling to increase the rate of passage of digesta which could have an additive effect on the severity of nutritional diarrhea. Key words: Pigs, weaning, diarrhea, protein, cold, transit time.

A modified Runge-Kutta method

SIMULATION ◽  
1968 ◽  
Vol 10 (5) ◽  
pp. 221-223 ◽  
Author(s):  
A.S. Chai
Keyword(s):  
Error Estimate ◽  
Linear Combination ◽  
Experimental Results ◽  
The Other ◽  
New Method ◽  
Kutta Method ◽  
Starting Values ◽  
Runge Kutta Method ◽  
Runge Kutta ◽  
A Minor

It is possible to replace k2 in a 4th-order Runge-Kutta for mula (also Nth-order 3 ≤ N ≤ 5) by a linear combination of k1 and the ki's in the last step, using the same procedure for computing the other ki's and y as in the standard R-K method. The advantages of the new method are: It re quires one less derivative evaluation, provides an error estimate at each step, gives more accurate results, and needs a minor change to switch to the RK to obtain the starting values. Experimental results are shown in verification of the for mula.

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