1. Torger Reve, ‘The Firm as a Nexus of Internal and External Contract’ In The Firm as a Nexus of Treaties, Masahiko Aoki, Bo Gustafsson and Oliver E. Williamson (eds.), Sage Publications, London, 1990, p. 139.
2. P. Milgrom and J. Roberts, Economics, Organization and Management, Prentice Hall International, Edgewood Cliffs, 1992, pp. 106–8.
3. In Venezuela, compensation for nationalizing the oil industry was initially established on $ 1.04 billion. The companies initially received $475 million, while the remainder was placed into a guarantee fund and would be paid when installations had been inspected. The government claimed that the installations were not in good working order and deducted $ 135 million from the fund. In 1976, the remainder in the fund ($425 million) was frozen when the government sought $635 million from companies in unpaid taxes. The companies offered to settle for $135 million, but the government refused to accept this offer and the parties went to court. L. Randall, The Political Economy of Venezuelan Oil, Praeger, New York, 1987, pp. 55–6
4. As one of the sources of PDVSA’s capital is listed: Bs 6,165 million for the capitalized (book) value of fixed assets and indemnified materials from the concessionaires. The book value was less of one-fifth than the market value. L. Randall, The Political Economy of Venezuelan Oil, Praeger, New York, 1987, p.46 and note 15, p. 60.
5. L.E. Grayson, National Oil Companies, John Wiley and Sons, Chichester, 1981, p. 10.