Common use of Assignment Rights Clause in Contracts

Assignment Rights. 27.1 THE ASSOCIATE is entitled to fully or partially cede or transfer its rights, interests, and obligations in the Association Contract to another person, company or group, with the consent of the Minister of Mines & Energy and the President of ECOPETROL. Consequently, THE ASSOCIATE must notify the Ministry of Mines & Energy and the President of ECOPETROL via a certified document of any project that implies total/partial assignment or transfer of its interest, rights and obligations hereunder, indicating essential points of the transaction such as possible assignee, price, interest, rights and obligations to be assigned, scope of the operation etc. The Minister of Mines & Energy and President of the Empresa Colombiana de Petroleos - ECOPETROL shall have thirty (30) business days to exercise their discretionary powers and appraise the possible assignees, and subsequently take a decision without being obliged to give reasons therefor. In any case, the criterion of the Minister of Mines & Energy shall prevail.

Assignment Rights. 27.1 THE ASSOCIATE is entitled to fully or partially cede or transfer its rights, interests, and obligations in the Association Contract to another person, company or group, with the consent of the Minister of Mines & Energy and the President of ECOPETROL. ECOPETROL Consequently, THE ASSOCIATE must notify the Ministry of Mines & Energy and the President of ECOPETROL via a certified document of any project that implies total/partial assignment or transfer of its interest, rights and obligations hereunder, indicating essential points of the transaction such as possible assignee, price, interest, rights and obligations to be assigned, scope of the operation etc. The Minister of Mines & Energy and President of the Empresa Colombiana de Petroleos - ECOPETROL shall have thirty (30) business days to exercise their discretionary powers and appraise the possible assignees, and subsequently take a decision without being obliged to give reasons therefor. In any case, the criterion of the Minister of Mines & Energy shall prevail.