Dear Editor,
There is no question that culture is important in any contract. A contract may be written or it can be verbal (as distinct from oral). In some cultures, a mere handshake (after some squabbling) is adequate consequent to meeting of the minds. Written or verbal are valid and binding if done properly. It matters not whether it is “North America and Europe” or “Guyana”, “Latin America and the Caribbean”, the same elements of the contractual agreements apply.
Contract laws are adhered to in all cases. The “sanctity of the contract” of any contract is implied. But nothing is written in stone. For example, if there is no full disclosure, or defects that are latent or hidden, then “sanctity” becomes null, and the contract may be null and void, or it may then be open for [re]negotiation. Further, importantly, the parties may be vulnerable; they may succumb to inducements (otherwise called bribery). Remember too, that big investors are there to maximize profit. They are not altruistic. And they employ powerful people who sit in special places called lobbies.
As far as the “masses” are concerned, it is not culture per se that leads them; it is probably the (mis)education process from birth, which goes hand in hand with an ongoing brainwashing, yes, probably from the “elites”, but more so from politicians. Dr. Randolph Persaud is an acclaimed academic. He is a Professor Emeritus at a university in the Unites States. We met twice in the past at a think tank meeting. I find the last paragraph of his letter most distasteful, a slap to those who seek redress. Foreign investments may be good for development or may drain the resources of the host countries to foreign lands. There are many examples of the latter in Guyana.
Thus far, Guyana has not been better because of foreign investments, Alcan, Bookers, Barama, Omai come to mind readily. There is no evidence that big oil would favour Guyanese. Dr. Persaud is quite capable to do the fundamental research to understand this — “our hydrocarbon resources” better be left under the water. Dr. Persaud is likely speaking his truth based on his school of thought, or he is living in denial and/or playing second fiddle to Guyana’s oil czar Bharrat Jagdeo.
Sincerely,
Gary Girdhari
