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Crystallex International Corporation is a Canadian-based gold company with a successful record of developing and operating gold mines in Venezuela and elsewhere in South America

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Message: The problem with Venezuelan Law - pricing "Good Faith"

Very interesting point. Though I have a small practice, I have occasion to work with people from most corners of the world. There is definitely a different view among different groups/nationalities as to the future value of a currently signed sheet of paper. We're often reminded in the press that in many communities, the most important issue is "saving face". The Sharia code, for instance, is based almost exclusively on exacting revenge for causing the loss of a family's respect within its community.

It is often difficult to anticipate what exactly "turns someone's crank" when negotiating deals with people from other parts of the world, and when closing them. Hopefully, KRY has had enough experience by now to have a general grasp of what goes on within the minds of those sitting across from them at the negotiating table.

Over and above this, however - we are now dealing with a dictatorship that is probably beginning to wobble, and the effects that the shifting sands have on day-to-day affairs are generally impossible to predict.

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