Common use of Joint Leadership Team Clause in Contracts

Joint Leadership Team. The Parties shall establish the JLT, which shall be comprised of an equal number of members of management from each of SLB and SEECO who are directly associated with the Project, which in no event shall be fewer than two (2) from each Party. The JLT shall convene periodically at such times as may be agreed upon by the members of the JLT for the purpose of fulfilling its functions and responsibilities. In no event shall the JLT meet less than once each calendar quarter, with the first such meeting to be held not later than thirty (30) days after the Effective Date of this Agreement. A majority of the JLT members must be present in order for the JLT to convene a meeting and the approval of a majority of all of the members of the JLT shall be required to take any action. Members of the JLT may be substituted by either Party at any time or from time to time upon prior written notice to the other Party. No action amending this Agreement or significantly modifying a Party’s rights or obligations hereunder shall be binding unless such action has been approved in writing by an officer of such Party with due authority to take such action. The JLT will have the following functions and responsibilities: a) To resolve conflicts with respect to the provision of services hereunder ; b) To assess and recommend appropriate actions to optimize the performance of the Project; c) To increase the number of JLT members required from each Party and to establish any technical expertise requirements for JLT members; d) To approve the minutes of each JLT meeting within ten (10) days of the date of each such meeting ; e) To identify potential joint research and development or technology development projects, which shall be subject to a separate agreement between the Parties; and f) To monitor the Project and to insure compliance with the requirements for timely service delivery and efficient equipment utilization. The JLT will negotiate in good faith for a period of thirty (30) days to resolve any disputed issue which cannot be agreed upon by a majority of the JLT. If the JLT is unable to resolve the disputed issue within said 30-day period, then both Parties shall set forth the disputed issue in writing and thereafter follow the Dispute Resolution Process as set forth in Section 5.5(ii) and thereafter.

Joint Leadership Team. The Parties shall establish the JLT, which shall be comprised of an equal number of members of management from each of SLB and SEECO who are directly associated with the Project, which in no event shall be fewer than two (2) from each Party. The JLT shall convene periodically at such times as may be agreed upon by the members of the JLT for the purpose of fulfilling its functions and responsibilities. In no event shall the JLT meet less than once each calendar quarter, with the first such meeting to be held not later than thirty (30) days after the Effective Date of this Agreement. A majority of the JLT members must be present in order for the JLT to convene a meeting and the approval of a majority of all of the members of the JLT shall be required to take any action. Members of the JLT may be substituted by either Party at any time or from time to time upon prior written notice to the other Party. No action amending this Agreement or significantly modifying a Party’s rights or obligations hereunder shall be binding unless such action has been approved in writing by an officer of such Party with due authority to take such action. The JLT will have the following functions and responsibilities: a) To resolve conflicts with respect to the provision of services hereunder hereunder; b) To assess and recommend appropriate actions to optimize the performance of the Project; c) To review in-house Technical Support requirements and modify as described in Section 3.5; d) To increase the number of JLT members required from each Party and to establish any technical expertise requirements for JLT members; de) To approve the minutes of each JLT meeting within ten (10) days of the date of each such meeting meeting; ef) To identify potential joint research and development or technology development projects, which shall be subject to a separate agreement between the Parties; 5 g) To amend “Exhibits C, D and F” to this Agreement as contemplated hereby; provided that all such amendments shall be approved in writing by a duly authorized officer of each Party; and fh) To monitor the Project and to insure compliance with the requirements for timely service delivery and efficient equipment utilization. The JLT will negotiate in good faith for a period of thirty (30) days to resolve any disputed issue which cannot be agreed upon by a majority of the JLT. If the JLT is unable to resolve the disputed issue within said 30-day period, then both Parties shall set forth the disputed issue in writing and thereafter follow the Dispute Resolution Process as set forth in Section 5.5(ii) and thereafter.