Common use of Abandonment upon Termination of Contract Clause in Contracts

Abandonment upon Termination of Contract. Concurrent with the notice of termination in accordance with Article 39 of this Contract, Contractor shall notify Staatsolie of all facilities, assets and xxxxx used in Petroleum Operations that Contractor intends to abandon. Staatsolie may elect to continue to use any such facilities, assets or xxxxx by giving Contractor notice of such election within ninety (90) Days of receipt of Contractor’s notice. Any facilities, assets or xxxxx noted in Contractor’s notice, which Staatsolie has not elected to continue to use, shall be abandoned by Contractor pursuant to Sub-article 29.1 and Contractor shall use the Abandonment Fund for such purpose pursuant to Sub-article 29.

Abandonment upon Termination of Contract. Concurrent with the notice of termination in accordance with Article 39 40 of this Contract, Contractor shall notify Staatsolie of all facilities, assets and xxxxx used in Petroleum Operations that Contractor intends to abandon. Staatsolie may elect to continue to use any such facilities, assets or xxxxx by giving Contractor notice of such election within ninety (90) Days of receipt of Contractor’s notice. Any facilities, assets or xxxxx noted in Contractor’s notice, which Staatsolie has not elected to continue to use, shall be abandoned by Contractor pursuant to Sub-article 29.1 Article 30.1 and Contractor shall use the Abandonment Fund for such purpose pursuant to Sub-article 29.Article