Decommissioning and Abandonment Guarantees. The Contractor shall provide decommissioning and abandonment guarantee as of the Production Start Date, and, for that, it may use: performance bond; letter of credit; support fund; or other types of guarantees, at ANP’s discretion. The amount of the decommissioning and abandonment guarantee for a Development Area or Field shall be reviewed at the request of the Contractor or ANP, whenever there are events that change the cost of abandonment and decommissioning of Operations. The guarantee provided by the Contractor shall be equivalent to the expected cost for decommissioning and abandonment of the infrastructure already implemented. In the case of a guarantee provided through a support fund: the Contractors shall submit to ANP, every 15th of February and August each year, supporting documentation for the contributions made, as well as inform the adjusted balance of the fund; ANP may audit the procedures adopted by the Contractors in management of the support fund; the balance ascertained after all Operations required for decommissioning and abandonment of the Field are conducted shall be for the sole benefit of the Contracting Party. The provision of a decommissioning and abandonment guarantee does not exempt the Consortium Members from the obligation to execute all Operations required for decommissioning and abandonment of the Field. Properties to be Reversed Pursuant to articles 29, XV, and 32, paragraphs 1 and 2, of Law No. 12,351/2010, any and all personal and real properties, principal and ancillary, forming part of the Concession Area and that, at the Contracting Party’s sole discretion, based on ANP’s opinion, are necessary to enable continuity of the Operations or which use is considered of public interest shall become owned by the Federal Government and be managed by ANP in case of termination of this Agreement or relinquishment of plots of the Contract Area. Properties used in the Operations that are subject matter of a rental, lease, or charter agreement which useful life does not extend beyond the effectiveness of the Agreement and shall not become owned by the Contracting Party or by ANP’s management. With respect to properties which useful life extends beyond the effectiveness of the Agreement, the Contractor shall include in the rental, lease, or charter agreement a section that allows its assignment or renewal with a future Contractor, aiming at ensuring continuity of the Operations, as provided for in paragraph 14.9. In case properties are...
Decommissioning and Abandonment Guarantees. 23.5. The Contractor shall provide a decommissioning and abandonment guarantee as of the Production Start Date, and, for that, it may use:
Decommissioning and Abandonment Guarantees. 22.5. The Contracted Party shall provide decommissioning and abandonment guarantee as of the Production Start Date, and, therefor, it may use:
