CLAUSE EIGHTH - DURATION Clause Samples

CLAUSE EIGHTH - DURATION. 8.1. This Consortium Contract shall enter into force on the date of its signature, thus remaining for 40 years or until the termination of all the obligations arising from the Production Sharing Contract. It is up to the Consortium Members terminate it, provided they have come to an agreement beforehand and fulfilled their obligations in the Production Sharing Contract. When the work is completed, the Common Asset shall be settled by the Operator in an orderly manner, with the proceeds obtained from the sale of the Common Assets that are not reverted to ANP, in accordance with the Production Sharing Contract, will be divided between the Consortium Members according to their share. Likewise, with the termination, the Parties will file with the competent Commercial Registry, a termination declaration of this Consortium Contract.