Concession Contracts Sample Clauses
A Concession Contracts clause defines the terms under which one party (the grantor) allows another party (the concessionaire) to operate, manage, or exploit a specific asset, service, or resource, typically for a set period and under agreed conditions. This clause outlines the scope of rights granted, performance obligations, payment structures such as fees or royalties, and the duration of the concession. For example, it may apply to the operation of public infrastructure like toll roads, airports, or utilities by private entities. The core function of this clause is to clearly allocate operational responsibilities and financial arrangements, ensuring both parties understand their rights and obligations while facilitating private sector involvement in public projects.
Concession Contracts. The expiration, termination or material breach of any of the Concession Agreements of the Corporation or the Subsidiaries which would have a Material Adverse Effect or the seizure, nationalization or forfeiture of any assets of the Corporation or the Subsidiaries; or
Concession Contracts. 31 11.11 Indentures..............................................31 11.12
Concession Contracts. For the benefit of and subject to the approval by the Owner, the Manager shall make arrangements for the concessionaires, licensees, tenants or other intended users of the facilities of the Property.
Concession Contracts. Concession contracts, sometimes called licenses or tax/royalty systems, are the oldest form of petroleum contracts. The concession contract which originated at the very beginning of the petroleum industry in the mid-1800s, was the first system of petroleum development arrangement adopted to regulate the petroleum industry and is still the most widely practised contract system throughout the world. Concessions contract first developed in the United States of America (the USA) in the 1800s, especially in 18591, then IOCs exported the idea of the contract to oil producing countries. The basic principle of concession contracts is derived from the concept of ‘land ownership’ based on the American system of land ownership. In the country, a landowner has absolute legal right over his land, beneath (sub-surface) and the sky above the surface of it. Therefore, this would include petroleum below the land that can be granted to a company. Accordingly, this contracts seen more or less as granting a land ownership to a private company over a period of time for a fee.2 This type of contract has evolved significantly since its introduction and is used in many countries, for example,
1 S Saidu and ▇ ▇ ▇▇▇▇▇, ‘Production Sharing or Joint Venturing: What Is the Optimum Petroleum Contractual Arrangement for the Exploitation of Nigeria Oil and Gas?’ (2014) 2 (2) Journal of Business and Management Sciences 35-44. DOI: 10.12691/jbms-2-2-2 .
Concession Contracts. The Concession Contracts from which Future Production will be extracted under the Pledge are identified below without prejudice of any other contract as provided in Section 3.05.
Concession Contracts. Future Productions under the Pledge include all those Future Productions produced under Concession Contracts that are listed in Annex 4 of the Contract, and all future concession agreements, licenses or permits and other agreements entered into by the Pledgor with the applicable Colombian regulatory authorities arising from the concession contracts and mining applications listed in Annex 4, which grant to the Pledgor or any of the Pledgor Affiliates’, successors’ or assigns’, rights to explore and exploit the Minerals. At the time the Pledgor holds any concession agreement on the terms of the preceding paragraph it shall comply as specified in Clause 0above, in respect with such concession contract, without prejudice that the Secured Creditor exercises the option to forward such records, as provided in paragraph of Section 0 CHAPTER IV INDIVISIBILITY OF PLEDGE This Pledge is indivisible, which is why the Concession Contracts, will be affected by this Pledge as defined in Article 2430 of the Civil Code and therefore the Future Productions on which rests the Pledge, are subject to the compliance of all of the Secured Obligation. Consequently, if the Secured Creditor enforces payment of the Secured Obligation, the property and assets subject to this Pledge will be used exclusively and privileged to pay all claims of Secured Creditor.
Concession Contracts. Any Borrower publicly announces that it is abandoning or intends to abandon the activities which it carries out pursuant to a Concession Contract or the decision of a Borrower to abandon such activities becomes public or a Borrower fails or is unable to comply with any of the terms of a Concession Contract or any other contract which is material to such Borrower's ability to carry on its business or revocation, cancellation or surrender of a Concession Contract occurs.
Concession Contracts. (A) The Company's and each of its subsidiaries' concession contracts with ▇▇▇▇▇ or any other governmental entity with power to represent the Brazilian federal government are in full force and effect, and have not been amended since the date of this Agreement, and (B) neither the Company nor any of its subsidiaries has received any notice of the termination of any of such contracts, or, except as disclosed in the Registration Statement and the Prospectus, of any adverse changes to tariff rates in effect as of the date of this Agreement, set by ▇▇▇▇▇, or by any other governmental entity with powers to set tariff rates, pursuant to the terms of such contracts; except, in the case of each of either (A) and (B), which would singly or in the aggregate, result in a Material Adverse Effect.
Concession Contracts. 3.12.1 Concession Contracts are contracts for the supply, for the pecuniary interest, of works or services to the Authority where:
a) At least part of the consideration for the supply is a right for the supplier to exploit the works or services, and b) under the contract the supplier is exposed to real operating risk.
3.12.2 An “operating risk” is a risk that the supplier will not be able to recover its costs in connection with the supply and operation or the works or services, where the factors giving rise to that risk:
a) are reasonably foreseeable at the time of award, and
b) arise from matters outside of the control of the Authority and the supplier.
3.12.3 Where the Authority seeks to procure services that are defined as Concession services under Legislation, a higher Threshold limit applies (see 3.1).
3.12.4 Concession Contracts that have a value below the Concession contract Threshold may be procured as a Regulated Below-Threshold Procurement contract. Where the value exceeds the Concession contract Threshold, the Above Threshold process should be followed.