The simple economics of risk-sharing agreements between the NHS and the pharmaceutical industry

The Janssen-Cilag proposal for a risk-sharing agreement regarding bortezomib received a welcome signal from NICE. The Office of Fair Trading report included risk-sharing agreements as an available tool for the National Health Service. Nonetheless, recent discussions have somewhat neglected the economic fundamentals underlying risk-sharing agreements. We argue here that risk-sharing agreements, although attractive due to the principle of paying by results, also entail risks. Too many patients may be put under treatment even with a low success probability. Prices are likely to be adjusted upward, in anticipation of future risk-sharing agreements between the pharmaceutical company and the third-party payer. An available instrument is a verification cost per patient treated, which allows obtaining the first-best allocation of patients to the new treatment, under the risk sharing agreement. Overall, the welfare effects of risk-sharing agreements are ambiguous, and care must be taken with their use.

O contrato de Project Finance

Currently, Angola portrays a notorious economic growth and due to recent innovative legislations, it has become the major investment attracting pole, especially in Sub-Saharan Africa, having, thus, an extraordinary potentiality for a rapid and sustainable development, likely to place her in outstanding positions in the world economic ranking. Yet, such economic growth entails demanding levels of intensive investment in infrastructure, what has been reported of the Angolan Government to be unable to respond to, save if recurring to very high index of external debt, poisoning, in this way, the future budgeting of the country. Due to these infrastructure investment shortages, the cost of production remains highly onerous and the cost of life extremely unaffordable. On this account, the current study disserts about the contract of Project Finance; an alternative finance resource given as a viable solution for the private financing of infrastructure, aiming to demonstrate that such contractual figure, likewise the experience of several emerging economies and others, is a contract bid framework to take into account in today’s world. It refers to a financing technique – through which the Government may satisfy a common need (for example, the construction of a public domain or public servicing), without having to pay neither offer any collateral – based on a complex legal-financial engineering, arranged throughout a coalition of typical and atypical agreements, whereby it is mandatory to look back at the basic concepts of corporate law. More than just a simple financial study, the dissertation at stake analyses the nature and legal framework of Project Finance, which is a legally atypical and innominate contract, concluding that there is a relevant need for regulating and devoting a special legal regime in the Angolan jurisdiction for this promising legal form in the contemporary corporate finance world.

Zon-Optimus merger: Case study

The present Work Project was performed as a Case Study, analysing the merger between Zon, a leading Portuguese Pay TV operator and Optimus, the third largest mobile company in Portugal. The Case Study was developed with the purpose of understanding the value creation of the Zon-Optimus merger, being analysed the: (i) industry trends, (ii) parties’ contribution, (iii) pre-merger events, (iv) merger rationale, (v) deal structure and valuation, (vi) competition authority decision and (vii) competitive advantages and future strategy. Was also attached a Teaching Note where synergies, implied valuations, exchange ratios, shareholder agreements, swot analysis, among others, were duly analysed.

O incumprimento do contrato de crédito ao consumo pelo consumidor

Consumer relations, established between the Consumer and the Creditor, which carry a consequent inequality of contractual positioning between the parties, have been pushing the legislator to adopt more rigid regulations with regard to lending for the purchase of goods or services of consum issues. In this sense, the Decree-Law 359/91 was approved, meanwhile repealed by the Decree-Law 133/2009, which regulates the consumer credit agreement’s regime in the portuguese legal system. Through this contract, the financier makes available to the consumer a certain amount of money, which the consumer must repay, plus the respective remuneration (interest) and other charges, according to a refund plan agreed by the parties. The consumer will be in delay if he breaches this stipulation. In case of default, the creditor, notwithstanding, can choose to wait for the performance by the debtor, promote the loss of benefit of the term or the termination of the contract. From the outset it would seem that, in one way or another, the financier, by imposing a forced shortening of the contract duration initially agreed, will lose the right to remuneration for the provision of capital agreed, but not verified. Nevertheless, unlike presently, the previous regime allowed the parties to rule otherwise, being permitted to agree to the payment of interest of outstanding installments. On the other hand, in the consumer credit contract the principle of freedom of contractual provision of the parties is strongly mitigated by the special legislation, which prevents the waiver of rights by the consumer, and by the regime of general contractual terms, which restricts the freedom of the financier to stipulate the contractual content freely and the freedom of the consumer to negotiate. For all these reasons, associated with the growing need of credit resource to satisfy their needs of consumption, it is confirm the relevance of legislative intervention on consumers protection in the context of hiring credit.

O incumprimento do contrato de crédito ao consumo pelo consumidor

Consumer relations, established between the Consumer and the Creditor, which carry a consequent inequality of contractual positioning between the parties, have been pushing the legislator to adopt more rigid regulations with regard to lending for the purchase of goods or services of consum issues. In this sense, the Decree-Law 359/91 was approved, meanwhile repealed by the Decree-Law 133/2009, which regulates the consumer credit agreement’s regime in the portuguese legal system. Through this contract, the financier makes available to the consumer a certain amount of money, which the consumer must repay, plus the respective remuneration (interest) and other charges, according to a refund plan agreed by the parties. The consumer will be in delay if he breaches this stipulation. In case of default, the creditor, notwithstanding, can choose to wait for the performance by the debtor, promote the loss of benefit of the term or the termination of the contract. From the outset it would seem that, in one way or another, the financier, by imposing a forced shortening of the contract duration initially agreed, will lose the right to remuneration for the provision of capital agreed, but not verified. Nevertheless, unlike presently, the previous regime allowed the parties to rule otherwise, being permitted to agree to the payment of interest of outstanding installments. On the other hand, in the consumer credit contract the principle of freedom of contractual provision of the parties is strongly mitigated by the special legislation, which prevents the waiver of rights by the consumer, and by the regime of general contractual terms, which restricts the freedom of the financier to stipulate the contractual content freely and the freedom of the consumer to negotiate. For all these reasons, associated with the growing need of credit resource to satisfy their needs of consumption, it is confirm the relevance of legislative intervention on consumers protection in the context of hiring credit.

Raptos, sequestros e tomada de reféns

In this thesis we address the paradigms and inconsistencies involving crisis kidnappings and hostage-taking. This work particularly focuses on foreign hostages seized by terrorists and guerrilla movements. It highlights major global events that have contributed to the collective awareness of the phenomenon and the evolution of international agreements and protocols. We focus on the episodes involving Portugal or Portuguese abroad, particularly on the kidnapping of Portuguese in the Cabinda enclave. It also deals with the problems associated with the payment of ransoms, the increasing involvement of private agents in addressing these crises, and incongruities in the motivations of the kidnappers.

A protecção jurídica do consumidor em Angola

The scope of the present work is to study the legal protection conferred upon the consumer in Angola, especially as regards electronic communication agreements. Its purpose is to promote consumers’ rights and contribute to its defence given the relatively privileged position of professionals in their relationship with consumers. With this in mind, we have made a description of the Consumer Law in Angola based on the Angolan Constitution (as the law that establishes the fundamental rights and guarantees of citizens) and on the Consumer’s Defence Law, which, as the basic law regarding consumers’ rights, provides the framework for this dissertation. We have analysed several aspects relating to consumer relationships, starting from its concept and rights of consumers and covering the legal and contractual mechanisms put in place for their protection. We have also analysed the Advertising Law with a view to better understand consumer’s rights before advertising campaigns carried out by professionals whilst promoting their goods and services and, additionally, to understand the duties and principles that shall be complied with in such campaigns with the purpose to protect the rights and interests of consumers. From a criminal point of view, we have briefly covered the crimes against consumers provided for in the Penal Code and the Law of Infractions against the Economy. In the second part of this work, we have summarised the institutions that protect the rights and interests of consumers, which include the Public Prosecutor Office, the National Institute for the Defence of the Consumers and the Consumers’ Associations. The third and last part of this work covers electronic communications agreements. Given the fact that there is no specific legislation in this matter, our analysis was based on the Civil Code – specifically the part relating to contracts – the Law on General Contractual Terms and Conditions and the Consumer’s Defence Law. We have analysed the formation of contracts, compliance and consumers’ rights resulting from contract breach. We further have appealed to the Angolan legislator to legislate certain aspects of consumer relationships, especially those where breach of consumers’ rights are blatant and facilitated by the lack of specific laws addressing such cases.

Kixikila - um contrato de financiamento informal

The purpose of the present work is to analyse and provide kixikila legal framework under Angolan law. Kixikila, despite being a legally atypical agreement, is a socially typical contract, governed essentially by the practices and customs in Angola and concluded throughout the country. With the above purpose in mind, this thesis is structured in five chapters: the first one aims at better understanding its features and, therefore, it describes the kixikila in accordance with oral research, direct observation and the contributions of scholars that have examined this matter. The second chapter aims at qualifying the kixikila as a legal transaction. For this purpose, we have analysed its requirements, formation stages, content and form, characteristics, rights and obligations of the parties, effects and compliance. We have also covered the reasons that explain why this type of agreement shall be legally protected in line with the protection conferred upon other legal agreements, taking into account its economic and social function. The third chapter covers the vicissitudes which may occur during the term of the kixikila agreement, as well as the enforcement mechanisms in face of breach and its termination. The fourth chapter aims at qualifying this agreement by comparing its most relevant characteristics with those of typical agreements, with a view to determining its legal nature based upon the similarity with other contractual types. This chapter further makes a comparative synthesis between the contracts in analysis. The fifth chapter analyses the legal nature and legal framework applicable to kixikila taking into account mixed-purpose contracts and sui generis contracts. We conclude that practices and customs in Angola take precedence as regards kixikila. Lastly, we attach additional information, such as excerpts of interviews with some individuals intervening in kixikila, the functional structure of kixikila and examples of kixikila, as well as demonstrative lists of countries where this type of agreement takes place and the obligations arising therefrom.

O contrato de transporte aéreo

The international conventions and agreements on civil liability emerged with the purpose of regulating the liability of the air carrier, bearing in mind two essential factors: i) the need to protect passengers interests, and ii) to ensure the continuous development of an incipient activity by limiting the compensation amounts. This research will focus on the analysis of the nature of the contract of air carriage, as well as the air carrier's liability regime regarding damages endured by passengers that may result from the non-performance of the contract.

As peculiaridades da democratização da região do Cáucaso do Sul no contexto da Política Europeia de Vizinhança

O período após o colapso da União Soviética foi o tempo da procura de novas identidades na nova realidade e de escolha de novos parceiros e aliados, o tempo da construção de novos estados e de formulação das regras e normas nacionais. Após o desmoronamento da ideologia soviética - um facto reconhecido oficialmente durante o período da Perestroika –, as pessoas sentiram uma necessidade de preencher o vácuo ideológico e desenvolver uma nova identidade. Foi proclamada a rejeição da estrutura política administrativa herdada da União Soviética e do sistema de economia planificada, e desenvolvida a tendência para a construção do estado democrático fundado numa economia de mercado. As expectativas relativas às transformações no período pós-soviético estavam relacionadas com o Ocidente (EUA e UE), e a construção do estado soberano foi fundada em modelos ocidentais de estado de direito, ‘boa governança’ e a economia de mercado. A UE desempenhou um papel importante na democratização dos estados da região do Sul do Cáucaso através de vários projetos e programas bilaterais e multilaterais no âmbito da Política Europeia de Vizinhança e da Parceria Oriental. Embora as reformas democráticas tenham sido realizadas com vista ao estabelecimento de uma Constituição democrática, à implementação de eleições democráticas e ao desenvolvimento da sociedade civil, fortaleceram, também, ainda mais, a natureza autoritária do poder, impediram a criação de um estado de direito, reforçaram violação dos direitos e das liberdades humanas. (NODIYA, 2003: 30; BAKHMAN, 2003: 17; BADALOV, 2003: 20). Deste modo, o processo da promoção da democracia através das reformas nos três estados do Sul do Cáucaso conduziu à criação de estados de “conteúdo autocrático misto, mas de forma democrática” (CHETERYAN, 2003: 41). Embora seja possível identificar as semelhanças entre os três estados da região do Sul do Cáucaso nas reformas do processo de desenvolvimento, os métodos e meios de implementação de reformas nas realidades dos estados regionais pela administração nacional foram bastante diferentes, por razões associadas às especificidades de cada um (DELCOUR e WOLCZUK, 2013: 3). Cada país é caracterizado pelas suas peculiaridades ao nível da situação geopolítica e diversidade do potencial económico – fatores que definem a trajetória política e económica do estado no período pós-soviético e, em certa medida, influenciam o modo como se desenvolvem as relações com a UE e, portanto, o processo de adoção das reformas e a sua introdução a nível nacional.

Contingent contracts

International businesses bring with them additional negotiation complexities and extra risks, thus calling for negotiation integrative solutions and additional legal protection. The recent economic crisis forced, companies, including SMEs, to look for international markets and face these additional complexities and issues. In the search for a practical and simplified solution, to serve less sophisticated companies, this paper brings insights from the negotiation literature to a specific legal issue. Specifically, I investigate the negotiation and use of contingent agreements as a tool for facilitating the negotiation process and managing risk in international deals. Looking into an international sale of goods from Portugal to Brazil, this paper proposes the structuring of two contingent contracts related to two category of products in order to demonstrate the potential benefits of some of its relevant features, specifically the creation of incentives and identification and allocation of future risks. In general, the structuring of contingent agreements is likely to provide positive results in mitigating the issues of lack of trust and dealing with the additional risks derived from international deals, therefore facilitating and improving the overall quality of the deal.