Joint Ventures Contracts Sample Clauses

Joint Ventures Contracts. When a company obtains the rights by the host State for execution of exploration and production operations, it faces with a new challenge that how to operate and is nervous about operations risks. As a result, with the host State entity (or a NOC) or/and a number of companies participate and enter into joint venture (JV).1 Iledare and Fubara state that “[t]he formation of a joint venture for the sole purpose of jointly applying or acquiring petroleum rights and conducting petroleum operations has been a standard practice among commercial oil enterprises. This financial option for developing petroleum assets helps mitigate corporate risks and reduce heavy frontloading cost in project development.”2 There is disagreement in the literature as to whether JVs should be regarded as a type of contract. JVs are generally divided into two categories: incorporated joint ventures and unincorporated joint ventures. JV contracts may involve creation of a jointly owned company incorporated in the host State, with a separate legal entity which governed by a board of parties representors and called incorporated joint ventures. In this type of JV, there is legal identity. Henceforward, the parties shall be liable only for responsibilities up to the value of their contributions in the company. In contrast, the contracts may also be executed on the basis of contracts alone, without the establishment of a separate legal entity owned by the parties and this called unincorporated joint ventures or contractual joint ventures. This type of JV, is commonly practiced in the petroleum industry and contrary to the incorporated joint ventures, it lacks legal identity and consequently limited liability.3 Generally, JV contracts involve a combination of two or more parties, private or/and public, usually one of whom is the State entity or a NOC as a part of the consortium*, to engage in oil and gas exploration, development and production activates.4 In other words, under JV contracts, a combination is established between the IOC(s) or investor(s) and the host State in order to explore for and develop oil and gas. In a JV, either the host State does not share in the cost and risk until a commercial field has been discovered, or it shares in costs and risks during exploration, development and exploitation operations and obtains larger share of net revenues.5 Hence, the IOC and the host State jointly operate the petroleum exploration and development activities. Therefore, the host State is...
Sample 1
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Related to Joint Ventures Contracts

  • Joint Ventures The joint venture or partnership arrangements in which the Company or the Partnership is a co-venturer or general partner which are established to acquire or hold Assets.

  • Z2 Joint ventures Z2.1 If the Contractor constitutes a joint venture, consortium or other unincorporated grouping of two or more persons or organisations then these persons or organisations are deemed to be jointly and severally liable to the Employer for the performance of this contract.

  • Management Contracts The Recipient agrees that from the date hereof until the date on which none of the Infrastructure Bonds, of which the proceeds were used to pay or reimburse the costs of the Project, remain outstanding (the "Agreement Term"):

  • Banking Arrangements The banking business of the Corporation including, without limitation, the borrowing of money and the giving of security therefor, shall be transacted with such banks, trust companies or other bodies corporate or organizations as may from time to time be authorized by the board. Such banking business or any part thereof shall be transacted under such agreements, instructions and delegations of powers as the board may from time to time prescribe or authorize.

  • No Joint Venture Nothing contained in this Agreement (i) shall constitute the Administrator and either of the Issuer or the Owner Trustee as members of any partnership, joint venture, association, syndicate, unincorporated business or other separate entity, (ii) shall be construed to impose any liability as such on any of them or (iii) shall be deemed to confer on any of them any express, implied or apparent authority to incur any obligation or liability on behalf of the others.

  • Joint Venture, Consortium or Association 6.1 If the Supplier is a joint venture, consortium, or association, all of the parties shall be jointly and severally liable to the Procuring Entity for the fulfilment of the provisions of the Contract and shall designate one member of the joint venture, consortium, or association to act as a leader with authority to bind the joint venture, consortium, or association. The composition or the constitution of the joint venture, consortium, or association shall not be altered without the prior written consent of the Procuring Entity.

  • SUB-CONTRACTS (a) The Servicer may sub-contract or delegate the performance of all or any of its powers and obligations under this Agreement, provided that (but subject to Section 3.2(b)):

  • Limited Contracts The guideline for the length of year recommended for re-employment of limited contract teachers (not eligible for tenure) is as follows:

  • Working Arrangements As part of a process leading to improvements, it is recognised that hot weather procedures including relocation, must be part of the formal OH&S procedures developed, adopted and managed on a project basis having regard for the different conditions that may prevail on projects in various locations. When the temperature approaches 35 degrees C, the consultative process outlined in sub-clause 24.1.4 of the VBIA shall occur, with an intention that employees may leave site if the temperature actually reaches 35 degrees C. If the temperature reaches 35 degrees C, the task or activity being performed will be completed before work is to cease and the penalty provisions as for emergency work under the NBCIA shall apply. By agreement with the OH&S committee and head contractor during periods of inclement weather (heat) the Saturday break roster can be applied for weekday work.

  • Joint Venture Nothing contained in this Agreement shall be construed as creating a joint venture, partnership, agency or employment relationship between Plan and Controlled Affiliate or between either and BCBSA.

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