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Legal Aspect of Oil and Glass Industry

Added on - 28 Jan 2020

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Legal aspect of Oil and GlassIndustry
Table of ContentsINTRODUCTION...........................................................................................................................3QUESTION 1..............................................................................................................................3CONLUSION..................................................................................................................................7REFERENCES................................................................................................................................8
INTRODUCTIONWhen the world has been governed by the business organisation, it is an obvious fact thatthey will carry out the business activities between each other. One of the most important part ofbusiness activity carried out by business organisation is the regulation or running of contractbetween the companies.(Kelland, 2014.)It has been seen that big companies always lookforward to make profitable contract with the other company and in order to protect thecontractual relationship of the companies, government has implemented a very important lawknown as contract law whose main motive is to safeguard the interest of the companies makingcontract. The following project will showcase a basic knowledge of contractual relationshipbetween all big companies. On the other hand, the project shall try to define a new concept ofrelative bargaining power in reference to contractual relationship between the parties. the projectwill create main focus on the contractual relationship between a host-government andinternational oil companies in context to relatively collective bargaining.QUESTION 1(King, 2013.)Oil has been considered as one of the most important essential element forany country. It is because oil is among the necessary source of energy in the world. The reasonfor behind relatively increase in the demand of oil is because, oil has been used in manypurposes. In today's time oil shall be considered as one of the most important raw materialbecause half of the items have been dependent upon oil for an example transport has beenconsidered as one of the foremost activity by which economy generated and such transportationis dependent upon heavy vehicles whose running is dependent upon oil. Oil industry started togrow up from more five years back as the demand of oil has started growing, industry has beganto set up at various places. The market which has been governed for oil selling is buying shall bea monopoly market which makes it more clear that not every country or region has theproduction of oil. There are only few countries which can supply crud oil to various othercountries.(Langton, Longbottom, 2012.)There is fast growing oil consumption in the Non-Asiancountries as the energy has been needed more in these countries and oil is to be considered asone of the most important raw material. It has been further observed that Non-OECD Asianincluding India and china shall account for around 40 percent of the total increase in the worldoil use. From the estimation it is fouind that to meet the projected increase in world oil demand
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