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Gas Sale and Purchase Agreements under Swiss Law

Gas Sale and Purchase Agreements under Swiss Law MARC IYNEDJIAN* Introduction In recent years, there has been an increasing number of disputes relating to long-term natural gas sale and purchase contracts ("GSPA(s)"). Typically, these disputes are between large European (and Russian) gas companies, involve significant sums of money and are subject to arbitration. Swiss law plays an important role in GSPAs-related disputes as it is often chosen by non-Swiss parties to GSPAs as the (neutral) law applicable to their contract1. This article first describes the general features of GSPAs (see section B below). It then analyses, under Swiss domestic contract law, (i) how GSPAs are to be classified (see section C below) and (ii) some of the salient provisions found in GSPAs (see section D below). General Features of GSPAs Under a (long-term) GSPA, a party ­ the seller ­ undertakes to continuously sell and deliver, over a long period of time (typically 20 years), certain quantities of natural gas for a certain price to another party - the buyer ­ who accepts to purchase and take these quantities for the agreed price. In Continental Europe, since inception, most GSPAs have displayed common features because they have been developed around the following economics and principles: ­ http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png ASA Bulletin Kluwer Law International

Gas Sale and Purchase Agreements under Swiss Law

Iynedjian
ASA Bulletin , Volume 30 (4) – Jan 21, 2012
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Publisher
Kluwer Law International
Copyright
Copyright © Kluwer Law International
ISSN
1010-9153
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Abstract

MARC IYNEDJIAN* Introduction In recent years, there has been an increasing number of disputes relating to long-term natural gas sale and purchase contracts ("GSPA(s)"). Typically, these disputes are between large European (and Russian) gas companies, involve significant sums of money and are subject to arbitration. Swiss law plays an important role in GSPAs-related disputes as it is often chosen by non-Swiss parties to GSPAs as the (neutral) law applicable to their contract1. This article first describes the general features of GSPAs (see section B below). It then analyses, under Swiss domestic contract law, (i) how GSPAs are to be classified (see section C below) and (ii) some of the salient provisions found in GSPAs (see section D below). General Features of GSPAs Under a (long-term) GSPA, a party ­ the seller ­ undertakes to continuously sell and deliver, over a long period of time (typically 20 years), certain quantities of natural gas for a certain price to another party - the buyer ­ who accepts to purchase and take these quantities for the agreed price. In Continental Europe, since inception, most GSPAs have displayed common features because they have been developed around the following economics and principles: ­

Journal

ASA Bulletin – Kluwer Law International

Published: Jan 21, 2012

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