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Bayer Preussag Agreement 1973 (Ratification) Act, 1974

An Act ratifying and giving legal effect to a 1973 agreement between the Government of Sierra Leone and the Bayer/Preussag interests.

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Summary

The Bayer Preussag Agreement 1973 (Ratification) Act, 1974 is a ratification statute. Its purpose was to approve and give the force of law to an agreement concluded in 1973 between the Government of Sierra Leone and the German companies Bayer and Preussag, concerning a commercial or mineral-development venture.

Ratification Acts of this kind annex the agreement as a schedule and provide that it is binding and enforceable, giving investors legal certainty and committing the Government to the terms negotiated. The substantive rights and obligations are those set out in the scheduled agreement itself.

Main provisions

  • Ratifies and gives the force of law to the 1973 Bayer/Preussag agreement.
  • Typically annexes the agreement to the Act as a schedule.
  • Binds the Government and the companies to the agreed terms.
  • Provides legal certainty for the venture covered by the agreement.