Law360, New York ( February 10, 2015, 10:44 AM EST) -- The uncertain geopolitical landscape of today's natural gas markets has led increasingly to renegotiation of long-term gas supply contracts. Such contracts, which can be worth billions of dollars, often include price adjustment mechanisms that are intended to ensure that over the lifetime of the contract the contractual price can be adjusted to reflect changes in the market. Those mechanisms can provide for negotiations with a backstop of arbitration. While negotiations will be the preferred method to respond to minor changes in the market, when market fluctuations are volatile enough one (or both) parties may be incentivized to push instead for arbitration. This may be a significant roll of the dice, and some recent arbitral awards show that arbitral tribunals are not afraid of determining the appropriate price in accordance with the underlying contract and price review mechanism....