| This paper is an academic research about the international project finance (IPF) from the point of view of law based on the basic introduction to IPF and its procedure. In the process of IPF, a signal of success of project finance is the reasonable project risks allocation among all project parties, and I think the risk allocation is carried out mainly through legal means, and at the same time, the risk allocation is very closely relevant to the success or failure of project finance. So the risk and its allocation are major points in this paper.There are ten chapters in this paper, the first and the second chapters are basic parts, it begins with the introduction to the definition, legal characteristics and procedure of IPF, and a further research about IPF follows. On the basis of the first chapter, the second chapter focuses on the legal analysis of IPF and a conclusion maybe drawn that the legal analysis of IPF is very important. At the end of the second chapter, risks of IPF are listed for next chapter study.The chapters from 3 to 9 are the most important parts of this paper about the deep thinking of IPF from point of view of law, and I try to analysis IPF from different angles and try to find out some valuable legal measures to cope with project risks.In chapter 3, investment structure in IPF is a major point to discuss how investment structure allocates project risks. There are about three major types of investment structures, or the IPF ownership structure, such as corporation, partnership and unincorporated joint venture. During process of IPF, a proper investment structure is very important to ensure the rights and obligations of each party and could make IPF work smoothly.In chapter 4, I focus on the legal study on the models of IPF. In both China and the world, there are no projects which are the same, so the models of IPF are not the same as well. Because models of IPF is a key step in the process of IPF, it is important for the arrangement of the capitals offered by every party, it is important for the protection of rights and enforcement of obligations of every party too. So the prudent choose and decision of the proper project model is the core content of the structure of IPF. For the reasons above, I have paid much attention on this chapter to discuss the common elements of IPF such as risk-allocation, limited-recourse and economic cost etc, so the project sponsor can characterize the different legal relationship and take the necessary legal measures to deal with legal relationship of project parties and allocate the project's risks properly.In chapter 5, it is the legal study about the guarantee legal system in IPF. IPF is quite different from venture investment in which guarantee is not necessary. In IPF, different means of guarantee is needed to keep the enforcement of legal rights. I make a further study on the guarantee legal system and on the different means of guarantee including mortgage, charge, and project guarantor, and some other means of guarantee innovated by partied through will of autonomy such as different contracts, construction contract etc.. The guarantee system is positive for the IPF and is somehow negative for the project.Chapter 6 is about the study on the contract law system in IPF. In international project finance, the legal relationships are very complicated, innovation is one of the most important legal characteristics of IPF, and contract is a legal system which is full of autonomy of will and innovation of parties, so contract is an important legal means to balance the rights and obligations of project parties, and contract is an important supplement for the shortage of law at the same time.Chapter 7 is a study on the insurance law in IPF. The major function of insurance law is to allocate risks; besides this function, insurance law also regulate that the insurance capital is one of the major source of capital market. From this point of view, I focus on the two topics about the insurance law system in IPF: one is the function of risk...
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