Corporate claims for damages arising from the Gulf War

Article Abstract:

The United Nations Compensation Commission began accepting war damage claims against Iraq on Jan 1, 1993 and will accept individual claims until Jul 1, 1993. Over 400,000 individual claims have been presented in six categories and the total is expected to exceed $100 billion, which poses the problem for the Commission of determining the order in which claims will be honored, the portion of each claim that will be remitted and the status of remainders of claims. Iraqi oil sales garnishment could generate $3 to $4 billion annually. Procedures for presenting corporate claims are presented.

Laws, regulations and rules, Persian Gulf War, 1991, Reparations, War reparations

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Guarantees and political risks: understanding the basic lesson of the Gulf and Iranian crises; exposure and unfounded calls when political crisis erupts

Article Abstract:

The International Chamber of Commerce (ICC) has restructured its rules to protect American contractors from calls of credit by foreign nations in time of political unrest. Though nations who are on poor terms with the US, such as Iran during the hostage crisis or Iraq during the Gulf War, may still make credit calls, ICC rules provide a means through which contractors can challenge calls as abusive or fraudulent. The effects of the hostage crisis and the Gulf War on international business are discussed.

Standards, Management, International aspects, International business enterprises, Multinational corporations, Political aspects, Letters of credit, Iran Hostage Crisis, 1979-1981, Political risk, Iran-Iraq War, 1980-1988, International Chamber of Commerce

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