Unfair Contract Terms Act 1977: does it provide a good model in regulating risk allocation provisions in oilfield contracts in Malaysia?

The unequal bargaining power of the parties in the oil and gas industry has lead to the imbalanced contractual risk allocation in oilfield contracts in Malaysia. In this regard, there is a prospect that the operators pass an unfair share of the risks on to the contractors. However, the contractors...

Full description

Bibliographic Details
Main Author:	Wan Zahari, Wan Mohd. Zulhafiz
Format:	Article
Language:	English
Published:	Inderscience 2015
Subjects:	HF Commerce K Law (General) KBP1468 Social laws and legislation KBP3190 Economic law
Online Access:	http://irep.iium.edu.my/43900/ http://irep.iium.edu.my/43900/ http://irep.iium.edu.my/43900/2/IJTGM80101_Zulhafiz.pdf

id	iium-43900
recordtype	eprints
spelling	iium-439002018-05-23T00:47:34Z http://irep.iium.edu.my/43900/ Unfair Contract Terms Act 1977: does it provide a good model in regulating risk allocation provisions in oilfield contracts in Malaysia? Wan Zahari, Wan Mohd. Zulhafiz HF Commerce K Law (General) KBP1468 Social laws and legislation KBP3190 Economic law The unequal bargaining power of the parties in the oil and gas industry has lead to the imbalanced contractual risk allocation in oilfield contracts in Malaysia. In this regard, there is a prospect that the operators pass an unfair share of the risks on to the contractors. However, the contractors might still enter into such imbalanced agreement to secure a job and thereby assume these risks. In this paper, it is argued that a statutory controlling mechanism, such as Unfair Contract Terms Act 1977 (UCTA) in the UK, should be adopted to protect the liability of the contractor in relation to the risk allocation provisions of oilfield contracts in Malaysia. This paper seeks to analyse the deficiencies of the risk allocation provisions of oilfield contracts in Malaysia and to consider whether the principle of reasonableness test as provided in UCTA could provide a potential solution. It will employ a combination of case study and analysis. Inderscience 2015 Article PeerReviewed application/pdf en http://irep.iium.edu.my/43900/2/IJTGM80101_Zulhafiz.pdf Wan Zahari, Wan Mohd. Zulhafiz (2015) Unfair Contract Terms Act 1977: does it provide a good model in regulating risk allocation provisions in oilfield contracts in Malaysia? Int. J. Trade and Global Markets, 8 (1). pp. 3-21. ISSN 1742-755X http://www.inderscience.com/info/inarticle.php?artid=67969
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English
topic	HF Commerce K Law (General) KBP1468 Social laws and legislation KBP3190 Economic law
spellingShingle	HF Commerce K Law (General) KBP1468 Social laws and legislation KBP3190 Economic law Wan Zahari, Wan Mohd. Zulhafiz Unfair Contract Terms Act 1977: does it provide a good model in regulating risk allocation provisions in oilfield contracts in Malaysia?
description	The unequal bargaining power of the parties in the oil and gas industry has lead to the imbalanced contractual risk allocation in oilfield contracts in Malaysia. In this regard, there is a prospect that the operators pass an unfair share of the risks on to the contractors. However, the contractors might still enter into such imbalanced agreement to secure a job and thereby assume these risks. In this paper, it is argued that a statutory controlling mechanism, such as Unfair Contract Terms Act 1977 (UCTA) in the UK, should be adopted to protect the liability of the contractor in relation to the risk allocation provisions of oilfield contracts in Malaysia. This paper seeks to analyse the deficiencies of the risk allocation provisions of oilfield contracts in Malaysia and to consider whether the principle of reasonableness test as provided in UCTA could provide a potential solution. It will employ a combination of case study and analysis.
format	Article
author	Wan Zahari, Wan Mohd. Zulhafiz
author_facet	Wan Zahari, Wan Mohd. Zulhafiz
author_sort	Wan Zahari, Wan Mohd. Zulhafiz
title	Unfair Contract Terms Act 1977: does it provide a good model in regulating risk allocation provisions in oilfield contracts in Malaysia?
title_short	Unfair Contract Terms Act 1977: does it provide a good model in regulating risk allocation provisions in oilfield contracts in Malaysia?
title_full	Unfair Contract Terms Act 1977: does it provide a good model in regulating risk allocation provisions in oilfield contracts in Malaysia?
title_fullStr	Unfair Contract Terms Act 1977: does it provide a good model in regulating risk allocation provisions in oilfield contracts in Malaysia?
title_full_unstemmed	Unfair Contract Terms Act 1977: does it provide a good model in regulating risk allocation provisions in oilfield contracts in Malaysia?
title_sort	unfair contract terms act 1977: does it provide a good model in regulating risk allocation provisions in oilfield contracts in malaysia?
publisher	Inderscience
publishDate	2015
url	http://irep.iium.edu.my/43900/ http://irep.iium.edu.my/43900/ http://irep.iium.edu.my/43900/2/IJTGM80101_Zulhafiz.pdf
first_indexed	2023-09-18T21:02:28Z
last_indexed	2023-09-18T21:02:28Z
_version_	1777410714799964160

Unfair Contract Terms Act 1977: does it provide a good model in regulating risk allocation provisions in oilfield contracts in Malaysia?

Similar Items