Enforcement of the Compensatory Penalty. If verified failure to comply with the Minimum Exploration Program, ANP shall summon the Concessionaire to pay the adjusted amount from the units of work which were not performed, as compensatory penalty, within thirty (30) days, without any discount for voluntary payment.
Enforcement of the Compensatory Penalty. If failure to comply with the Minimum Exploration Program is verified, ANP shall require the Concessionaire to pay the adjusted amount of the units of work which were not performed, as a compensatory penalty, within thirty (30) days, without any discount for voluntary payment. In the absence of voluntary payment, ANP shall include the debt in the overdue tax system and execute the amount due, plus applicable statutory charges, minus the amount already executed from the corresponding financial guarantees. The amount of the penalty set forth in the penalty clause shall be adjusted by the IGP-DI until the date on which the effective payment is made. ANP’s manifestation on contract default has immediate effect and characterizes cause sufficient to execute the guarantee offered, including any performance bond. Suspension of the execution of the financial guarantee by ANP, pursuant to item “m” of paragraph 34.5, or any arbitration award or court decision in effect, does not prevent communication of the loss by ANP to the insurance company within the effective period of the corresponding guarantee. After suspension is terminated with no reversal of the administrative decision referred to in paragraph 6.15.3, the financial guarantee shall be effectively executed upon termination of the suspension, even if the original effective period of the guarantee is expired. Receipt of the amount corresponding to the compensatory penalty for failure to perform the Minimum Exploration Program: does not exempt the Concessionaire from performing the other obligations arising from the Agreement; does not affect ANP’s right to seek other remedies and impose any applicable sanctions for acts other than the mere failure to perform the Minimum Exploration Program; and does not allow the Concessionaire to advance to the Production Phase. For escrow deposit, the guarantee shall be executed upon withdrawal of the updated amount of the penalty clause corresponding to the non-performed portion of the Minimum Exploration Program through correspondence from ANP to the depositary, regardless of prior authorization from the depositor.
Enforcement of the Compensatory Penalty. If verified failure to comply with the Minimum Exploration Program, ANP shall summon the Contracted Parties to pay the adjusted amount corresponding to the parcel not implemented, as compensatory penalty, within thirty (30) days, with no discount for voluntary payment. In the absence of voluntary payment, ANP shall execute the respective financial guarantees. ANP’s representation of default in an administrative proceeding subject to adversary proceeding and legal defense has immediate effect and characterizes a cause sufficient to execute the bid bond offered, including performance bond. Any suspension of the execution depends on a decision made by ANP itself, pursuant to item “m” of paragraph 35.5, or on an arbitration or court decision in effect. In any case, such suspension does not preclude ANP from communicating the loss to the insurance company before expiration, as well as its effective execution when the suspension ends and the administrative decision was not reversed, even after the original term. Receipt of the amount corresponding to the compensatory penalty for failure to implement the Minimum Exploration Program: does not exempt the Consortium Members from performing the other obligations arising from the Agreement; does not affect ANP’s right to seek other remedies and impose any applicable sanctions for acts other than the mere failure to implement the Minimum Exploration Program; and does not entitle the Consortium Members to start the Production Phase.
Enforcement of the Compensatory Penalty. If verified failure to comply with the Initial Work Program, ANP shall summon the Concessionaire to pay the amount corresponding to the non-executed portion, as compensatory penalty, within thirty (30) days, without any discount for voluntary payment.
Enforcement of the Compensatory Penalty. If verified failure to comply with the Minimum Exploration Program, ANP shall summon the Concessionaire to pay the adjusted amount from the units of work which were not performed, as compensatory penalty, within thirty (30) days, without any discount for voluntary payment. In the absence of the voluntary payment, ANP shall register the debit in the overdue tax system and execute the amount due, plus applicable statutory charges, deducted from the debit the amount already executed from the corresponding financial guarantees. The amount of the imposition set forth in the penalty clause shall be adjusted by the IGP-DI until the date on which the effective payment is made. Receipt of the amount corresponding to the compensatory penalty for failure to implement the Minimum Exploration Program: does not exempt the Concessionaire from performing the other obligations arising from the Agreement; does not affect ANP’s right to seek other remedies and impose any applicable sanctions for acts other than the mere failure to implement the Minimum Exploration Program; and does not allow the Concessionaire to advance to the Production Phase. For escrow deposit, the guarantee shall be performed upon withdrawal of the adjusted amount, through correspondence from ANP to the depositary, regardless of prior authorization of the depositor.
Enforcement of the Compensatory Penalty. If the Minimum Exploration Program is not complied with, the ANP will summon the Contracted Parties to pay, as a compensatory penalty clause, within 30 (thirty) days, the amount updated by the IGP-DI corresponding to the unfulfilled portion of the Minimum Exploration Program, without any discount for voluntary payment. In case of voluntary non-payment, the ANP will execute the amount due up to the limit guaranteed by the financial guarantees, and will register the remaining debt as an active debt, plus the applicable legal charges. The amount equivalent to the Minimum Exploratory Program not fulfilled will be updated by the IGP-DI until the date on which the effective payment is made. ANP’s manifestation on contract default has immediate effect and characterizes cause sufficient to execute the guarantee offered, including any performance bond Suspension of the execution of the financial guarantee by ANP, pursuant to item “m” of paragraph 36.5, or any arbitration award or court decision in effect, does not prevent communication of the loss by ANP to the insurance company within the effective period of the corresponding guarantee. After suspension is terminated with no reversal of the administrative decision referred to in paragraph 11.14.3, the financial guarantee shall be effectively executed upon termination of the suspension, even if the original effective period of the guarantee is expired. Receipt of the amount corresponding to the compensatory penalty for failure to implement the Minimum Exploration Program:
