Natural Wealth and Resources Contracts (Review and Re-Negotiation of Unconscionable Terms) Act, 2017 (No. 6 of 2017).

This Act gives power to the National Assembly to review any arrangements or agreement made by the Government relating to natural wealth and resources and which contain, in the opinion of the Assembly "unconscionable terms" (defined). “Natural wealth and resources” means all materials or substances occurring in nature such as soil, subsoil, gaseous and water resources, and flora, fauna, genetic resources, aquatic resources, micro-organisms, air space, rivers, lakes and maritime space, including the Tanzania’s territorial sea and the continental shelf, living and non-living resources in the Exclusive Economic Zone any other natural wealth and resources as the Minister may by notice in the Gazette prescribe which can be extracted, exploited or acquired and use for economic gain. In asserting the principle of permanent sovereignty over natural wealth and resources, there shall be implied in every arrangement or agreement that the negotiation are concluded in good faith and fairly and, at all times, observe the interests of the People and the United Republic. The Schedule to this Act (containing the General assembly Resolution on Permanent Sovereignty over Natural Resources) shall have effect in relation to assertion of permanent sovereignty over natural wealth and resources by the People and the United Republic. The National Assembly may, by resolution, advise the Government to initiate re-negotiation of the agreement or arrangement with a view to rectifying the terms. If the other party to the agreement fails to agree to re-negotiate the unconscionable terms or no agreement is reached with regards to the unconscionable terms such terms shall cease to have effect to the extent of those terms and shall be treated as having been expunged.