The Viewpoint - Change Force Majeure and Renegotiation Infrastructure ProjectsApril 16 2012
By Amit Kapur & Vishnu Sudarsan
Inherently, renegotiation of a concluded contract is counter-intuitive to the principle of sanctity of contract (pacta sunt servanda) which is one of the guiding principles of commerce in common law countries. In context of infrastructure services (highways, water supply, etc) renegotiation in privately owned/ managed facilities is viewed with suspicion for various reasons which have been debated much in recent days in the public domain. It is bound to alter some basics like levels of investment, nature of concessions, duration of concession, rate/tariff charged for the facility, standards . . .
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