Sole Risk Development Sample Clauses

Sole Risk Development. 7.5.1 In the event that a proposal is made to the Operating Committee that a development Programme and Budget should be prepared for a particular Discovery pursuant to Article 5.5 and such proposal is rejected then, provided that any appraisal programme approved by the Operating Committee and relating to that Discovery has been completed (but excluding any appraisal work included in an appraisal programme if an AFE therefore has been submitted to the Parties under Article 5.10 and the Operating Committee has voted against or failed to vote in favour of the same within the period specified by the Operator for consideration of the AFE pursuant to Article 5), any Party may give notice to the other Parties that it intends to prepare a development Programme and Budget for that Discovery. Such Party, together with such of the other Parties as within twenty-eight (28) days of such notice give counter- notice of their wish to participate therein, shall be entitled to proceed with the preparation thereof and to submit the same for approval by the Operating Committee in accordance with Article 5. 7.5.2 If a development Programme and Budget prepared in accordance with Article 7.5.1 or a revised form thereof is approved by the Operating Committee in accordance with Article 5 then the Party or Parties which prepared the development Programme and Budget shall be entitled to charge all reasonable costs incurred in the preparation thereof to the Joint Account together with interest calculated on a day to day basis at the rate of two (2) per cent per annum above the Cost of Fund Rate from the date on which the costs were incurred to the date of repayment. 7.5.3 In the event that, following the submission to the Operating Committee of a proposed development Programme and Budget for a particular Discovery in accordance with Article 5, the Operating Committee does not approve such development Programme and Budget within one hundred (100) days of its submission (or such other period as the Operating Committee may have agreed), then any Party may serve notice (and receipt of the notice which is the first in time, if more than one (1) notice is served, shall be effective) on all the other Parties of its intention to develop the Discovery at sole risk. Such notice shall be accompanied by details of its proposed development Programme and Budget. The other Parties may give counter-notice that they wish to participate in the development Programme: (a) Within twenty-eight (28) days o...
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Sole Risk Development. If the Board of Directors does not approve of the implementation of Mining Operations, then either Party which is willing to undertake Mining Operations shall be permitted to do so and the Non-contributing Party shall be subject to dilution in accordance with the terms of Article 10.
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Sole Risk Development. (a) If a Sole Funding Party wishes to proceed with a Sole Risk Development pursuant to clause 8.3, the Sole Funding Party must pay in accordance with the Funding and Distribution Policy an amount equal to the other Owner’s Participating Share of the fair market value of the scheduled reserves and resources referred to in paragraph (b). A Sole Funding Party may not proceed with a Sole Risk Development until such time as the relevant payment has been made. (b) The fair market value will be agreed by the Owners or, failing agreement, will be determined by the Valuers in accordance with item 1 of schedule 9:
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Sole Risk Development. If a Sole Funding Party wishes to proceed with a Sole Risk Development pursuant to clause 8.3, the Sole Funding Party must pay in accordance with the Funding and Distribution Policy an amount equal to the other Owner’s Participating Share of the fair market value of the scheduled reserves and resources referred to in paragraph (b). A Sole Funding Party may not proceed with a Sole Risk Development until such time as the relevant payment has been made.
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Sole Risk Development. (a) A Joint Venturer electing to undertake and contribute to the Sole Risk Proposal (Sole Risk Development Joint Venturer) is referred as undertaking a Sole Risk Development. (b) The Sole Risk Development must be carried out at the cost, risk and expense of the Sole Risk Development Joint Venturer substantially in accordance with the Sole Risk Proposal, subject to reasonable (and not material) deviation from the Sole Risk Proposal in the ordinary course. In the event that the Sole Risk Development Joint Venturer electing to undertake the Sole Risk Proposal proposes to materially amend the Sole Risk Proposal, the Sole Risk Development Joint Venturer must seek Special Majority Vote by the Board. (c) Upon commencement of the Sole Risk Development: (i) the Sole Risk Area is excised from this agreement; (ii) the Sole Risk Area must be held by the JV Company for the benefit of the Sole Risk Development Joint Venturer as beneficial owner; and (iii) the Sole Risk Development Joint Venturer(s) must indemnify and keep indemnified the other Joint Venturers not electing to undertake the Sole Risk Proposal (Non-Participating Joint Venturers) against all claims and liability arising out of any acts or omissions committed by the Sole Risk Development Joint Venturer in carrying out any Sole Risk Development; and (iv) if the Sole Risk Development Joint Venturer fails to commence the Sole Risk Development in the Sole Risk Area in accordance with the terms of the Sole Risk Proposal within 12 months from the date of the Sole Risk Notice, the Sole Risk Development Joint Venturer is deemed to have agreed not to proceed with Mining in the Sole Risk Area, whereupon the Sole Risk Area will revert to and be included in the Tenements and the Joint Venturers will be entitled to an interest in the Sole Risk Area in accordance with their then Percentage Shares.
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Sole Risk Development. 34 11.4 Required Authorizations and Parameters for Mining Operation....................................... 34 11.4.1 GEC-FGEB's Obligation to Obtain all Required Authorizations............................ 34 11.4.2 Parameters of Mining Operations........................................................ 34 11.5 Marketing of Minerals from the Joint Venture...................................................... 35 11.5.1 Marketing Policy....................................................................... 35 11.5.2 Exporting Rights....................................................................... 35 12.0 LABOUR, TRAINING OF JOINT VENTURE PERSONNEL AND TECHNOLOGY TRANSFERS ....................................................................................... 35 12.1 Labour Policy of the Joint Venture ............................................................... 35
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Related to Sole Risk Development

  • Program Development NWESD agrees that priority in the development of new applications services by XXXXX shall be in accordance with the expressed direction of the XXXXX Board of Directors operating under their bylaws.

  • Staff Development ‌ The County and the Association agree that the County retains full authority to determine training needs, resources that can be made available, and the method of payment for training authorized by the County. Nothing in this subsection shall preclude the right of an employee to request specific training.

  • Research and Development (i) Advice and assistance in relation to research and development of Party B; (ii) Advice and assistance in strategic planning; and

  • Curriculum Development This includes the analysis and coordination of textual materials; constant review of current literature in the field, some of which are selected for the college library collection, the preparation of selective, descriptive materials such as outlines and syllabi; conferring with other faculty and administration on curricular problems; and, the attendance and participation in inter and intra-college conferences and advisory committees.

  • Sustainable Development 4.1 The Authority will review the Contractor’s Sustainable Development Policy Statement and Sustainable Development Plan submitted by the Contractor in accordance with the Schedule (Sustainable Development Requirements) and then at least annually thereafter. 4.2 Sustainable Procurement Risk Assessment Methodology (SPRAM) is a tool used by the Authority to identify and mitigate any potential risks to sustainability in contracts. The process requires that each Contract be assessed for its potential social, economic and environmental risks, throughout the various stages of its lifetime. Where risks are identified, appropriate mitigation action is required to reduce or eliminate the risk to sustainability. The Authority may at times require input from the Contractor in order to ensure that this process is given the required levels of consideration.

  • Project Development a. Collaborate with COUNTY and project clients to identify requirements and develop a project Scope Statement. a. Develop a Work Breakdown Structure (WBS) for each project. b. Evaluate Scope Statement to develop a preliminary cost estimate and determinate whether project be vendor bid or be executed under a Job Order Contract (JOC).

  • Skills Development The Company acknowledges the changing pace of technology in the electrical contracting industry and the need for employees to understand those changes and have the necessary skill requirements to keep the Company at the forefront of the industry. The Parties to this Agreement recognise that in order to increase the efficiency, productivity and competitiveness of the Company, a commitment to training and skill development is required. Accordingly, the parties commit themselves to: i) Developing a more highly skilled and flexible workforce. ii) Providing employees with career opportunities through appropriate training to acquire the additional skills as required by the Company. Taking into account; The current and future skill needs of the Company. The size, structure and nature of the Company. The need to develop vocational skills relevant to the Company and the Electrical Contracting Industry. Where, by agreement between the employee and employer, an employee undertakes training providing skills, which are not a company specific requirement, any time spent in the completion of this training shall be unpaid.

  • Software Development Software designs, prototypes, and all documentation for the final designs developed under this agreement must be made fully transferable upon direction of NSF. NSF may make the software design, prototype, and documentation for the final design available to competitors for review during any anticipated re-competition of the project.

  • Joint Development If joint development is involved, the Recipient agrees to follow the latest edition of FTA Circular 7050.1, “Federal Transit Administration Guidance on Joint Development.”

  • Design Development An interim step in the design process. Design Development documents consist of plans, elevations, and other drawings and outline specifications. These documents will fix and illustrate the size and character of the entire project in its essentials as to kinds of materials, type of structure, grade elevations, sidewalks, utilities, roads, parking areas, mechanical and electrical systems, and such other work as may be required.

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