Common use of Limitation of Applicability Clause in Contracts

Limitation of Applicability. Operations with Exclusive Risks may be proposed by any Contractor as long as the interested party or parties undertake all risks, being responsible for costs and investments and undertaking liability for any damages related to the conduct of the Operations and its consequences. Petrobras, as the sole Operator under this Agreement, shall conduct any and all approved Operation with Exclusive Risk according to the Best Practices of the Oil Industry and the “No Gain, No Loss” Principle When conducting an Operation with Exclusive Risk in which it does not participate, Petrobras may require payment in advance of the costs related to such Operation and shall not be required to start or proceed with the Operation with Exclusive Risk until such advance payments are made. The Manager may not propose Operations with Exclusive Risk. The Contractors choosing not to participate in an Operation with Exclusive Risk shall not undertake risks, be responsible for costs and investments, or undertake liability for any damages related to the conduct of the Operations and its consequences. Only the following Operations may be proposed and conducted as Operations with Exclusive Risks: drilling and/or testing in exploratory xxxxx and assessment xxxxx, except for Operations required for performing the obligations of the Minimum Exploration Program; continuity of the Exploration Phase after the Operating Committee’s decision of early conclusion; deepening, lateral deviation, secondary cementation, and/or recompletion of xxxxx; acquisition of geological and geophysical data, except for Operations required for performing the obligations of the Minimum Exploration Program.

Limitation of Applicability. Operations with Exclusive Risks may be proposed by any Contractor as long as the interested party or parties undertake all risks, being responsible for costs and investments and undertaking liability for any damages related to the conduct of the Operations and its consequences. Petrobras, as As the sole Operator under of this Agreement, Petrobras shall conduct any and all approved Operation with Exclusive Risk according to the Best Practices of the Oil Industry and the “Industry, having No Gain, No Loss” Principle Loss or Gain When conducting an Operation with Exclusive Risk in which it does not participate, Petrobras may require payment in advance of the costs related to such Operation and shall not be required to start or proceed with the Operation with Exclusive Risk until such advance payments are made. made The Manager may not propose Operations with Exclusive Risk. The Contractors choosing not to participate in an Operation with Exclusive Risk shall not undertake risks, be responsible for costs and investments, or undertake liability for any damages related to the conduct of the Operations and its consequences. Only the following Operations may be proposed and conducted as Operations with Exclusive Risks: drilling Drilling and/or testing tests in exploratory xxxxx and assessment xxxxx, except for Operations required necessary for performing the obligations of the Minimum Exploration Program; continuity Continuity of the Exploration Phase after the Operating Committee’s decision of early conclusion; deepeningDeepening, lateral deviation, secondary cementation, and/or recompletion new completion of xxxxx; acquisition Acquisition of geological and geophysical data, except for Operations required necessary for performing the obligations of the Minimum Exploration Program.;

Limitation of Applicability. Operations with Exclusive Risks may be proposed by any Contractor as long as the interested party or parties undertake all risks, being responsible for costs and investments and undertaking liability for any damages related to the conduct of the Operations and its consequences. Petrobras, as the sole Operator under this Agreement, shall conduct any and all approved Operation with Exclusive Risk according to the Best Practices of the Oil Industry and the “No Gain, No Loss” Principle Principle. When conducting an Operation with Exclusive Risk in which it does not participate, Petrobras may require payment in advance of the costs related to such Operation and shall not be required to start or proceed with the Operation with Exclusive Risk until such advance payments are made. The Manager may not propose No Operations with Exclusive RiskRisk may be proposed by the Manager. The Contractors Contracted Parties choosing not to participate in an Operation with Exclusive Risk shall not neither undertake risks, nor be responsible for costs and investments, or nor undertake liability for any damages related to the conduct of the Operations Operation and its consequences. Transactions carried out with the participation of all Contractors, but without the agreement of the Manager, will be treated as Transactions with Exclusive Risks. Only the following Operations may be proposed and conducted as Operations with Exclusive Risks: drilling and/or testing in exploratory xxxxx and assessment xxxxx, except for Operations required for performing the obligations of the Minimum Exploration Program; continuity of the Exploration Phase after the Operating Committee’s decision of early conclusion; deepening, lateral deviation, secondary cementation, and/or recompletion of xxxxx; acquisition of geological and geophysical data, except for Operations required for performing the obligations of the Minimum Exploration Program.