Concession contract in Bosnia and Herzegovina: Introducing the World Commerce & Contracting Principles in the concession contract
Recent years have seen a surge in popularity of concession projects, particularly in certain sectors such as energy, mining, and geological explorations. These projects are not only significant and beneficial for the investors, but they are also boosting local economies. The very foundation of such projects is the concession contract (CC)—contract with both public and private law elements determining the relations between the state organ issuing the concession and the private entity. This paper will focus on the case of Bosnia and Herzegovina (B&H) where CCs are often unbalanced and commonly unilaterally designed by the state party that dictates all of its provisions. Consequently, the private party is placed in a difficult, take-it-or-leave-it situation if it does not want to accept the CC as drafted by the state party. Potential steps toward the implementation of World Commerce & Contracting Principles (WCC Principles) in the CCs in B&H shall be presented, along with their predictable benefits and likely impact on the shortening and balancing the process of negotiating the CC in B&H.