Impact Benefit Agreement Definition

In recent decades, IBAs have become increasingly established and are considered a standard business practice by many project promoters. While the main purpose of ICI is to compensate Aboriginal communities for the negative effects of development, Aboriginal groups have negotiated a large number of benefits to facilitate their participation in the resource development sector. These benefits have evolved to include not only employment opportunities and opportunities for local business development, but also royalties and direct payments. In addition, IAS are seen by governments as evidence that Aboriginal and treaty rights have been taken into account. In the future, the popularity and use of IBAs in resource development activities could be affected by new laws requiring the disclosure of IBA payments. As a rule, IBAs cover the entire life of a project: first negotiations, completion of work, operation and completion of the project. Therefore, these agreements must be drawn up with care and reflection and account should be taken of any changes in the circumstances and requirements of the parties in the future. . . .