Joint Operations. Joint operations are arrangements where contractual agreements are in place under which the council and one or more other parties share control. The joint venturers have rights to assets and obligations in relation to liabilities. The council accounts only for its share of the assets, liabilities, revenue and expenses of the arrangement.
Joint Operations. 1. On imports, exports and transit of goods, where the extent of the trade and the related risk to taxes and subsidies is such that the potential financial loss to the budget of the Contracting Parties is considerable, those Parties may agree to conduct joint cross-border operations for the prevention and prosecution of illegal activities to which this Agreement applies.
2. The coordination and planning of such cross-border operations shall be the responsibility of the central unit or of an office designated by it.
Joint Operations. Where otherwise non-commercial volumes of Petroleum in the Contract Area would, if exploited together with deposits in an area adjacent to the Contract Area, be commercial, Staatsolie may require Contractor and the contractor of that adjacent area to share facilities.
Joint Operations. A joint operation (JO) is defined as two or more sole proprietors working together. How closely these proprietors work together is at their discretion. They may benefit financially by exchanging excess capacity in one aspect of an operation for the use of resources that otherwise might be inaccessible. No filings or public disclo- sure are required, but it is best to have a written operating agreement that defines the joint nature of the operation and explicitly states that no partnership exists or is implied. Control of man- agement is retained by each individual to the extent that their decisions are not contrary to the operating agreement. Each proprietor maintains his own assets and depreciation schedule, and new capital purchases are made individually. For income tax management, each member of a JO has the same flexibility and options available to any sole proprietor. The financial resources of each proprietor of a JO are limited to his own debt or equity capital. Because there is no joint ownership of any property, the accounting and termination of a JO is relatively simple. Generally, there are no tax consequences to terminating a JO. Each proprietor is able to leave the JO with his assets. However, the JO agreement should specify the methods that will be used to terminate the JO. Each proprietor in a JO is subject to unlimited liability like any sole proprietor. Working with another individual without any kind of writ- ten agreement could be risky because the lack of a written joint operating agreement could be construed to imply a partnership arrangement. This may expose one individual financially to the financial problems of the other.
Joint Operations. 5.1 BP does not own but has a limited non-exclusive right to use the Data in accordance with the Seismic Use Agreements. Under the Seismic Use Agreements, BP may not sell, assign, copy, transfer, display, exhibit or in any way reveal the Data, except as authorized by and in compliance with the provisions of the Seismic Use Agreements. Therefore, Company’s access to the Data shall be limited, and may be prohibited all together upon execution of this Agreement, unless Company obtains the consent or otherwise enters into a seismic license or seismic use agreement with the Data Owner. BP does not represent or warrant in any way, and expressly disclaims any representations or warranties, of any kind, express, implied or otherwise, that it owns the Data or otherwise has the right to provide all or any portion of the Data to Company.
5.2 BP shall deliver to Company the Well Information derived from or attributable to the Initial Well and any Substitute Well and Additional Well, if such Well Information is acquired, obtained, or performed by BP.
5.3 The Initial Well and each Substitute Well and Additional Well shall be under the exclusive control of BP and the operation thereof shall be conducted in a prudent and workmanlike manner. BP shall conduct all its activities under this Agreement as a reasonable prudent operator, in a good and workmanlike manner, with due diligence and dispatch, in accordance with good oilfield practice, and in compliance with applicable law and regulation, but in no event shall BP have any liability to Company for losses sustained or liabilities or obligations incurred except such as may result from BP’s gross negligence or willful misconduct.
5.4 Except as otherwise specifically provided in this Agreement, BP shall promptly pay and discharge expenses incurred in drilling the Initial Well and each Substitute Well and Additional Well pursuant to this Agreement and shall charge Company with its proportionate shares upon the expense basis provided in Exhibit “C” to the Operating Agreement, whether or not such Operating Agreement has been executed by the Parties. BP shall keep an accurate record, in accordance with generally accepted accounting principles, showing expenses incurred and charges and credits made and received.
5.5 When and if the Initial Well is drilled to the Objective Zone and successfully Completed as a well capable of producing oil and/or gas in paying quantities, BP and Company shall enter into an operating agreement attac...
Joint Operations. Exploration Costs PT-RTZ will pay all Exploration Costs approved by the relevant Exploration Committee for Exploration in Xxxxxxxx Xxxx Xxxxx X xxx Xxxxxxxx Xxxx Xxxxx X until the Exploration Obligation has been satisfied, including the expenditure of not less than $40,000,000 in respect of Contract Area Block A. Thereafter, the Participants will pay all Exploration Costs in proportion to their respective Participating Interests in Contract Area Block A and Contract Area Block B.
Joint Operations.
(a) Save as provided in sub-article (b) and sub-article (c) (iii) of this Article, Contractor shall bear and pay all Contract Expenses incurred in carrying out Petroleum Operations hereunder and Contractor shall recover such expenses only from the Petroleum to which it is entitled as hereinafter provided in Article 11.
(b) (i) TPDC may at any time, by notice in writing to Contractor, elect to contribute in the Specified Proportion to Contract Expenses other than Exploration Expenses (such Exploration Expenses to include expenses in respect of an appraisal programme) incurred in the first and every subsequent Development Area from the date such notice is rendered, providing that in the case of a second and each subsequent development TPDC has the option, exercisable separately at or before the time the Development Plan is approved, not to participate in Joint Operations in respect of which TPDC has elected to contribute expenses as aforesaid. Any election in respect of any Development Area shall be irrevocable. The Specified Proportion shall remain as indicated in such notice unless and until such time that TPDC renders a further notice in writing to Contractor indicating a specified proportion in excess of the Specified Proportion indicated in the previous notice.
Joint Operations. (a) Save as provided in paragraph (b) and paragraph (c) (iii) of this Article, Contractor shall bear and pay all Contract Expenses incurred in carrying out Petroleum Operations hereunder, and Contractor shall recover such expenses only from the Petroleum to which it is entitled as hereinafter provided in Article 12.
Joint Operations. All operations conducted in the Xxxxxxxxxx Area shall be subjected to the provisions of a Joint Operating Agreement. All operations conducted on the Xxxxxxxxxx Area shall be subject to the provisions of a Joint Operating Agreement. The Joint Operating Agreement shall be in the form and language of AAPL Form 610-1989, with the modifications and additions as set forth on Exhibit "E", attached hereto, including any further or additional modifications or amendments as may be mutually agreed by the parties ("JOA"). Xxxx shall be named as the Operator under the JOA. SK agrees to execute and deliver to Xxxx the JOA contemplated in this paragraph at Closing. In the event of a conflict between this Agreement and the terms of the JOA, this Agreement shall prevail.
Joint Operations. From the Closing (or the Alternate Closing) until such time as the Buyer and the Seller can physically separate the Business from the operations of the Seller, the parties agree to share certain operational assets and space on a cooperative basis with Buyer and Seller each paying fifty percent (50%) of such shared services, including, without limitation, rent, utilities, and telephone charges. If either party vacates the current Winter Park, FL office facility prior to December 31, 2001, such party shall continue to pay fifty percent (50%) of the rent and other expenses for such facility through December 31, 2001. The parties further agree to provide to one another free of charge certain additional services from the date hereof until such time as the Buyer and the Seller can physically separate the Business from the operations of the Seller. Such additional services to be provided by the Seller to the Buyer free of charge shall be in the nature of accounting services, including payroll services, generation of NASD focus reports and bookkeeping services. Additional services to be provided by the Buyer to the Seller free of charge shall include such operational services not specified above but otherwise necessary for the operation of the Business in the ordinary course, including, but not limited to, training and support of Wexford ADP system operations."
11. Section 7.3. Section 7.3 of the Purchase Agreement is hereby amended ----------- in its entirety to read as follows:
