EXPLOITATION PROGRAMS AND BUDGETS Clause Samples
The 'Exploitation Programs and Budgets' clause defines how parties will plan, approve, and manage the activities and financial resources related to the commercial use of a product, service, or intellectual property. Typically, this clause outlines the process for developing annual or project-specific exploitation plans, including the submission, review, and approval of associated budgets. It may also specify the responsibilities of each party in executing the agreed programs and tracking expenditures. The core function of this clause is to ensure that both parties have a clear, mutually agreed framework for investing in and managing exploitation efforts, thereby reducing misunderstandings and disputes over resource allocation and program execution.
EXPLOITATION PROGRAMS AND BUDGETS. Within three (3) months following the acceptance of a Commercial Field in the Contracted Area, the Operator shall submit to the Parties the proposed projects, programs, and Budget for the Development Plan of the Commercial Field, for the rest of the respective calendar year, to be approved by the Executive Committee. In the event that less than six and a half (6½) months remain before the end of said year, the Operator shall prepare and submit the proposed projects, programs, and budget for the following calendar year, within a three-month period.
EXPLOITATION PROGRAMS AND BUDGETS. 11.1 Within three (3) months following the acceptance of a Commercial Field in the Contracted Area, the Operator shall submit to the Parties the proposed projects programs, and Development Plan Budget for the Commercial Field, for the rest of the corresponding calendar year, to be approved by the Executive Committee. In the event that less than six and a half (6 1/2) months remain before the end of said year, the Operator shall prepare and submit the proposed projects, programs, and budget for the following calendar year, within a three-month period.
11.1.1 The projects, programs and Budget contained in the Development Plan for the Commercial Field shall be reviewed and revised annually, and submitted to the Parties by the Operator during the month of May, each calendar year, to which end, the Operator shall submit its proposal within the first ten (10) days of May. Within twenty (20) days following the receipt of the proposed projects, programs, and Development Plan Budget for the Commercial Field, the Parties will inform in writing to the Operator in regards to the changes they wish to
EXPLOITATION PROGRAMS AND BUDGETS. 11.1 For purposes of Clause 11 herein, the Operator shall submit the proposal for projects, programs and annual Budget, set forth in the Development Plan for each Commercial Field, with a detail short- term and medium- term outlook. The short- term Budget shall be submitted annually and by quarters, in order to facilitate its execution and for the preparation of the corresponding treasury flows.
11.2 The Operator shall submit to ECOPETROL the organization chart for the operation of each Commercial Field, which shall be agreed to at Subcommittee level and approved by the Executive Committee.
EXPLOITATION PROGRAMS AND BUDGETS. Within three (3) months following the acceptance of a Commercial Field in the Contracted Area, the Operator shall submit to the Parties and activity program and a Budget for the remainder of the pertinent calendar. In the event that there area less than six and a half (6-1/2) left before the end of that year the Operator shall prepare and submit a Budget and programs for the following calendar year, within a term of three (3) months. The future Budgets and programs shall be submitted to the Parties at the ordinary meeting of the Executive Committee scheduled for the month of July of the immediately preceding year. Within twenty (20) days following the receipt of the Budgets and programs, the Parties shall inform the Operator in writing of the changes they wish to propose. When this occurs, the Operator shall take into account the observations and modifications proposed by the Parties in the preparation of the Budget and of the programs which shall be submitted for the final approval of the Executive Committee, at the ordinary meeting held in November of each year, except in the event that there are less than six and a half (6-1/2) months left before the end of the year in which the existence of the Commercial Field is recognized. In the event that the total Budget has not been approved before the month of November, those aspects of the Budget as to which an agreement has been reached shall be approved by the Executive Committee, and those aspects which are not approved shall be submitted immediately to the Parties for further study and a final decision as provided in Clause 20.