Common use of General Conditions of Contracts Clause in Contracts

General Conditions of Contracts. 4.1 The payment terms shall provide that: (a) unless the Parties agree otherwise a minimum of ten percent (10%) of the contract price shall be held as a retention fee until after the end of a guarantee period agreed with the sub-contractor which shall vary between six (6) months and twelve (12) months, depending upon the contract, with the exception of drilling and seismic data acquisition, well surveys and other such services, provided that a sub-contractor may be given the option to provide another guarantee equivalent to the ten percent (10%) retention such as an irrevocable stand-by letter of credit or performance bond; and (b) a provision shall be made for appropriate withholding tax as may be applicable. 4.2 The governing law of all agreements signed with sub-contractors shall be, to the extent feasible, Sao-tomean Law and if not the laws of England and Wales. 4.3 Sao-Tomean law shall apply to all sub-contractors performing work in the Territory of Sao Tome and Principe. In as far as practicable, they shall use Sao-Tomean resources, both human and material, in accordance with the Petroleum Law. 4.4 Each contract shall provide for early termination, where necessary, and the Contractor shall use all reasonable endeavors to obtain a termination provision with minimal penalty. 4.5 Sub-contractors shall provide, in the case of a foreign sub-contractor, that the local part of the work, in all cases, shall be performed by the sub-contractor's local subsidiary whenever possible.

General Conditions of Contracts. 4.1 The payment terms shall provide that: (a) unless the Parties agree otherwise otherwise, a minimum of ten percent (10%) of the contract price shall be held as a retention fee until after the end of a guarantee period agreed with the sub-contractor which shall vary between six (6) months and twelve (12) months, depending upon the contract, with the exception of drilling and seismic data acquisition, well surveys and other such servicesservices provided that, provided that a sub-contractor may be given the option to provide another guarantee equivalent to the ten percent (10%) retention such as an irrevocable stand-by letter of credit or performance bond; and (b) a provision shall be made for appropriate withholding tax as may be applicable. 4.2 The governing law of all agreements signed with sub-contractors shall be, to the extent feasible, Sao-tomean Law Tomean law and if not the laws of England and Wales. 4.3 Sao-Tomean law shall apply to all sub-contractors performing work in the Territory of Sao Tome and Principe. In as far as practicable, they shall use Sao-Tomean resources, both human and material, in accordance with the Petroleum Law. 4.4 Each contract shall provide for early termination, where necessary, and the Contractor shall use all reasonable endeavors to obtain a termination provision with minimal penalty. 4.5 Sub-contractors shall provide, in the case of a foreign sub-contractor, that the local part of the work, in all cases, shall be performed by the sub-contractor's ’s local subsidiary whenever possible.

General Conditions of Contracts. 4.1 The payment terms shall provide that: (a) unless the Parties agree otherwise a minimum of ten percent (10%) of the contract price shall be held as a retention fee until after the end of a guarantee period agreed with the sub-sub­ contractor which shall vary between six (6) months and twelve (12) months, depending upon the contract, with the exception of drilling and seismic data acquisition, well surveys and other such services, services provided that a sub-contractor may be given the option to provide another guarantee equivalent to the ten percent (10%) retention such as an irrevocable stand-by letter of credit or performance bond; and (b) a provision shall be made for appropriate withholding tax as may be applicable. 4.2 The governing law of all agreements signed with sub-contractors shall be, to the extent feasible, Sao-tomean Law and if not the laws of England and WalesTomean law. 4.3 Sao-Tomean law shall apply to all sub-contractors performing work in the Territory of Sao Tome and Principe. In as far as practicable, they shall use Sao-Tomean resources, resources both human and material, material in accordance with the Petroleum Law. 4.4 Each contract shall provide for early termination, termination where necessary, necessary and the Contractor shall use all reasonable endeavors to obtain a termination provision with minimal penalty. 4.5 Sub-contractors shall provide, in the case of a foreign sub-contractor, that the local part of the work, in all cases, shall be performed by the sub-contractor's local subsidiary whenever possible.

General Conditions of Contracts. 4.1 The payment terms shall provide that: (a) unless the Parties agree otherwise a minimum of ten percent (10%) of the contract price shall be held as a retention fee until after the end of a guarantee period agreed with the sub-sub contractor which shall vary between six (6) months and twelve (12) months, depending upon the contract, with the exception of drilling and seismic data acquisition, well surveys and other such services, services provided that a sub-contractor may be given the option to provide another guarantee equivalent to the ten percent (10%) retention such as an irrevocable stand-by letter of credit or performance bond; and (b) a provision shall be made for appropriate withholding tax as may be applicable. 4.2 The governing law of all agreements signed with sub-contractors shall be, to the extent feasible, Sao-tomean Law and if not the laws of England and WalesSao- Tomean law. 4.3 Sao-Tomean law shall apply to all sub-contractors performing work in the Territory of Sao Tome and Principe. In as far as practicable, they shall use Sao-Tomean resources, resources both human and material, material in accordance with the Petroleum Law. 4.4 Each contract shall provide for early termination, termination where necessary, necessary and the Contractor shall use all reasonable endeavors to obtain a termination provision with minimal penalty. 4.5 Sub-contractors shall provide, in the case of a foreign sub-contractor, that the local part of the work, in all cases, shall be performed by the sub-contractor's local subsidiary whenever possible.