What are the key elements of a legal framework for the extractive sector? These can include a country's constitution (for example, laying out who owns natural resources or is responsible for their management), legislation (which can include licenses), and regulation. Patrick Heller contextualizes these elements within a pyramid framework. He also describes how contracts come into play with regulation, transparency, and other concerns in natural resource management. In order to limit risks associated with using contracts more so than other frameworks, he recommends standardizing terms, competitive bidding for licenses, and the publication of contracts.
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