Cooperation supervision Sample Clauses

Cooperation supervision. Each party undertakes to follow the production schedule and budget specified in the technical provisions of the contract. In view of the uncertain character of many projects, these production timetables are generally given for information only and do not incur the liability of the parties. However, the risk of uncontrolled time and cost escalation is very real in many projects. To limit this risk, it is desirable to provide for a strict and effective inspection and supervision system managed by the steering committee: - frequent progress meetings (ranging from once a month to one per quarter); - frequent technical and financial progress reports (actions completed and results obtained); - optional exceptional meetings as soon as agreed estimated deadlines are overrun, including the right for the parties to review their position within the cooperative venture as based on clearly stated reasons.