| Commentary

114.3 Escalation clauses

| Commentary

114.3 Escalation clauses

Escalation clauses are something of an import from the United States and they tend to be limited to corporate joint ventures and other cases where the company’s shareholders are themselves companies. They presuppose that each of the shareholders involved in any deadlock situation is a company with several levels of management. If a deadlock cannot be resolved by the management at the level which is involved with the company, the problem is then referred up to the next level of management. If the managers at that level cannot resolve the deadlock, it is again referred to the

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