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Questions and Answers
Economic development projects are solely dependent on local private capital ownership.
Economic development projects are solely dependent on local private capital ownership.
False
The primary goal of economic development agreements is to foster a conducive environment for short-term investments.
The primary goal of economic development agreements is to foster a conducive environment for short-term investments.
False
Economic development agreements do not require any contracts or formal agreements between parties.
Economic development agreements do not require any contracts or formal agreements between parties.
False
Creating the correct climate for investment is a lesser priority in economic development agreements.
Creating the correct climate for investment is a lesser priority in economic development agreements.
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The involvement of foreign private capital is a secondary aspect in economic development projects.
The involvement of foreign private capital is a secondary aspect in economic development projects.
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Quasi international agreements are never referred to as transnational contracts.
Quasi international agreements are never referred to as transnational contracts.
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The term 'economic development agreement' has replaced the terms 'developmental contract' for clarity.
The term 'economic development agreement' has replaced the terms 'developmental contract' for clarity.
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The term 'quasi international agreements' is used exclusively in legal contexts.
The term 'quasi international agreements' is used exclusively in legal contexts.
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The phrase 'transnational contracts' suggests agreements that involve multiple nations.
The phrase 'transnational contracts' suggests agreements that involve multiple nations.
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The primary reason for preferring the new term is its resemblance to earlier agreements.
The primary reason for preferring the new term is its resemblance to earlier agreements.
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There is a consensus among experts that the definition of 'quasi international agreements' is universally accepted.
There is a consensus among experts that the definition of 'quasi international agreements' is universally accepted.
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In its essence, the 'economic development agreement' emphasizes the subject of the agreement.
In its essence, the 'economic development agreement' emphasizes the subject of the agreement.
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The term 'transnational contracts' is synonymous with domestic agreements.
The term 'transnational contracts' is synonymous with domestic agreements.
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The statement claims that the term 'economic development agreement' lacks specificity.
The statement claims that the term 'economic development agreement' lacks specificity.
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The text implies that the earlier terminology was sufficient for expressing agreement objects.
The text implies that the earlier terminology was sufficient for expressing agreement objects.
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Study Notes
Administrative Contract - Level 4/T1
- This contract is for a specific level and part of a program.
- Specific quote is included, promoting the value of taking courageous actions and contemplating beauty.
Economic Development Agreements
- There is no established legal definition for "economic development agreements"
- The term is functionally descriptive of economic, rather than legal, character.
- The term "economic development agreements" replaced "concessions" from the 19th century.
- A concession is a license given by the state to a private individual or corporation for public works, over a long time period, often involving substantial capital investment.
- This includes the grant of mining, mineral, or other state property rights.
- The term concession is not preferred by developing countries, especially those with oil production, as it highlights their weaker position relative to oil companies.
- Recent writers prefer "International Economic Development Agreements," "Economic Development Agreements" and "quasi international agreements / transnational contracts".
- The key difference is a clearer description of the agreement purpose (economic development) and the partnership between the state and foreign investors.
Purpose of Economic Development Agreements
- To encourage long-term foreign investment.
- Several contract types contribute, including:
- Transport and public utilities
- Natural resource exploitation (oil, minerals)
- Manufacturing, commercial, and agricultural activities
- Guaranteeing loans/credit from private banks and financial institutions to state departments and public corporations.
- Management services contracts
General Characteristics of Economic Development Agreements
- Contracts are between a government and a foreign entity.
- Long-term exploitation of resources (often natural resources).
- Investment in permanent facilities is involved.
- They are analogous to property rights, not purely contractual.
- Significant incentives for foreign investors (e.g., exemption from duties, taxes in certain cases).
- Governed by both public and private law.
- No necessary direct relationship between the host state and the investor.
- Often include arbitration clauses.
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Description
Explore the nuances of economic development agreements and how their definitions have evolved over time. Understand the shift from the term 'concessions' and what this means for developing countries and international relations. This quiz will test your knowledge of these important agreements and their implications.
