Sole Risk Projects Sample Clauses

Sole Risk Projects. In the event that CVP notifies Harvest Vinccler by means of a detailed proposal to that effect presented for the consideration of the Shareholders’ Meeting of the Mixed Company, of CVP’s intention that the Mixed Company carry out a new investment project that can be technically and economically segregated from the ongoing petroleum operations of the Mixed Company, then Harvest Vinccler shall, within thirty (30) Days following the date of receipt of the notification from CVP, notify CVP of its agreement or disagreement with the new project. In the case that Harvest Vinccler does not notify its disagreement within such period, it shall be deemed to have agreed and the new project shall be carried out by the Mixed Company. In the case that Harvest Vinccler notifies its disagreement within such period, CVP shall have sixty (60) Days from the date of receipt of such notice from Harvest Vinccler to decide whether it wishes to proceed with the new project at its sole risk (hereinafter the “Sole Risk Project”). If CVP decides to proceed in that manner, it shall so notify Harvest Vinccler within such period of sixty (60) Days. The Parties shall negotiate in good faith and agree, within a period of sixty (60) Days commencing with the date of receipt by Harvest Vinccler of such notice, on the means of separating the Sole Risk Project from the ongoing operations of the Mixed Company, including the waiver by the Mixed Company of any rights relating to the Sole Risk Project, such that CVP or an affiliate thereof can proceed with the Sole Risk Project exclusively assuming the risks and costs derived therefrom. The Mixed Company will act as operator for the Sole Risk Project, provided that: (a) all investment, costs, expenses and liabilities related to the Sole Risk Project shall be borne by CVP or its affiliate in a direct manner through the appropriate advances of funds to the Mixed Company, which must maintain such funds separately from its own funds and keep separate accounting records of the same and of the associated investments, expenses, and liabilities, and (b) the Mixed Company shall not have any participation in production or revenues generated by the Sole Risk Project, but shall have the right to receive remuneration for the services rendered based on the cost of such services and taking into consideration the market prices of similar services. Sole Risk Projects shall not interfere or affect in a negative and substantial manner the existing or planned petrole...
Sample 1
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Sole Risk Projects. 26.1.1 Except as provided under this Article, no work shall be done in the Contract Area other than as provided for in the annual Joint Program approved by the Management Committee in accordance with the provisions of Article 8.5 and Article 9 (hereinafter an "Approved Work Program"). 26.1.2 Any willing Party ("Sole Risk Party") may request the carrying out of drilling at its sole risk ("Sole Risk Drilling") or development at its sole risk ("Sole Risk Development") (either being a "Sole Risk Project") in accordance with the provisions of this Article. 26.1.3 Subject to Article 26.6 and 26.8, no Sole risk Project may be carried out if it is substantially similar to or conflicts with all or part of any program approved by the Management Committee. Furthermore, subject to Article 26.6, no Sole Risk Drilling may be carried out if it is substantially similar to or conflicts with any Minimum Work Ob1igations. 26.1.4 All costs (other than those necessarily expended on any Approved Program) arising from a rig remaining on location as the result of the proposal of a Sole Risk Project or carrying out of a Sole Risk Project shall be borne by the Sole Risk Parties.
Sample 1
Sole Risk Projects. Any Participant may undertake any of the following types of project (each a “Sole Risk Project”) as a sole risk project subject to the following provisions of this clause: (a) subject to clause 15.4, sole risk seismic (including geochemical sampling, gravity and magnetic or other geophysical/geological surveying) (“Sole Risk Seismic”); (b) subject to clause 15.5, sole risk drilling (“Sole Risk Drilling”) consisting of:- (i) the drilling of an exploratory well or the deepening or side-tracking of a suspended well neither of such xxxxx being inside the interpreted closure (according to the most recent information submitted to the Joint Operating Committee) of any geological structure or stratigraphic trap on which a well has been drilled in which Petroleum of potential commercial significance has been found to be present; or (ii) the drilling of an exploratory well or the deepening or side-tracking of a suspended well inside the interpreted closure (according to the most recent information submitted to the Joint Operating Committee) of any geological structure or stratigraphic trap on which a well has been drilled in which Petroleum of potentially commercial significance has been found to be present and which well is drilled, deepened or side-tracked to a different stratigraphic level to that in which such Petroleum was found to be present within that interpreted closure and which is not completed in the horizon in which such Petroleum was found to be present, provided always that the approval of the Joint Operating Committee shall be required before any such drilling, deepening or side-tracking is carried out; or (iii) the deepening or side-tracking of a well which is in the course of being drilled and which does not form part of a development Programme, provided always that, unless the Joint Operating Committee otherwise decides, any testing programmes by the Participants must have been carried out, the Participants informed of the results and a decision of the Joint Operating Committee taken to abandon the well before any such deepening or side-tracking is carried out; or (iv) the drilling of a well (“Appraisal Drilling”) inside the interpreted closure of any geological structure or stratigraphic trap on which a well has been drilled in which Petroleum has been found to be present; (c) subject to clause 15.7, sole risk testing and logging (“Sole Risk Testing”) consisting of: (i) the testing and logging of intervals by re-entering a suspended well, or (ii)...
Sample 1

Related to Sole Risk Projects

  • High Risk Activities 1. The Software is not fault-tolerant and is not designed, manufactured or intended for use or resale as on-line control equipment in hazardous environments requiring fail-safe performance, such as in the operation of nuclear facilities, aircraft navigation or communication systems, air traffic control, direct life support machines, or weapons systems, in which the failure of the Software could lead directly to death, personal injury, or severe physical or environmental damage ("High Risk Activities"). Syncro and its suppliers specifically disclaim any express or implied warranty of fitness for High Risk Activities.

  • Project 3.01. The Recipient declares its commitment to the objectives of the Project. To this end, the Recipient shall carry out the Project in accordance with the provisions of Article IV of the General Conditions.

  • The Project The Project is the total construction of which the Work performed under the Contract Documents may be the whole or a part.

  • Projects There shall be a thirty (30) km free zone around the projects excluding the Metro Vancouver Area. For local residents, kilometers shall be paid from the boundary of the free zone around the project. Workers employed by any contractor within an identified free zone who resides outside of that same free zone will be paid according to the Kilometer Chart from the project to their residence less thirty

  • Project Initiation i - Upon final execution of the Agreement with the DISTRICT, the ARCHITECT shall: ♦ Review the Program Management Plan (PMP) with the DISTRICT and its representatives to familiarize them with the proposed tasks and schedule and develop necessary modifications. The PMP defines the Program Master Schedule and Budgets and each Project scope and budget. ii - Within the first week following execution of the Agreement, meet with the DISTRICT and its representatives to prepare a detailed task analysis and work plan for documentation in a computer-generated project schedule. iii - This task analysis and work plan will identify specific tasks including, but not limited to: ♦ interviews, ♦ data collection ♦ analysis, ♦ report preparation, ♦ planning, ♦ Architectural programming, concepts and schematic design preparation and estimating that are part of the work of the Project. Also identified will be milestone activities or dates, specific task responsibilities, required completion times necessary for the review and approval by the DISTRICT and by all regulatory agencies and additional definition of deliverables. iv - Participate in a general Project kick-off meeting to include the ARCHITECT, appropriate sub-consultants, and DISTRICT staff. v - The project kick-off meeting will introduce key team members from the DISTRICT and the ARCHITECT to each other, defining roles and responsibilities relative to the Project. vi - Identify and review pertinent information and/or documentation necessary from the DISTRICT for the completion of the Project. vii - Review and explain the overall project goals, general approach, tasks, work plan and procedures and deliverable products of the Project. viii - Review and explain the task analysis and Project work plan for all parties present; determine any adjustments or fine tuning that needs to be made to the work plan. ix - Review documentation of the Project kick-off meeting prepared by the DISTRICT’S representative and comment prior to distribution. x - Base Drawings and Site Survey Information

  • Country Risk Country Risk shall mean, with respect to the acquisition, ownership, settlement or custody of Investments in a jurisdiction, all risks relating to, or arising in consequence of, systemic and markets factors affecting the acquisition, payment for or ownership of Investments including (a) the prevalence of crime and corruption, (b) the inaccuracy or unreliability of business and financial information, (c) the instability or volatility of banking and financial systems, or the absence or inadequacy of an infrastructure to support such systems, (d) custody and settlement infrastructure of the market in which such Investments are transacted and held, (e) the acts, omissions and operation of any Securities Depository, (f) the risk of the bankruptcy or insolvency of banking agents, counterparties to cash and securities transactions, registrars or transfer agents, and (g) the existence of market conditions which prevent the orderly execution or settlement of transactions or which affect the value of assets.

  • Economic Risk The Purchaser realizes that the purchase of the ------------- Stock will be a highly speculative investment and involves a high degree of risk, and the Purchaser is able, without impairing financial condition, to hold the Stock for an indefinite period of time and to suffer a complete loss on the Purchaser's investment.

  • Builder’s Risk additional provisions The insurance specified shall be maintained in force until final acceptance of the project by the State. (5) Umbrella Excess Liability Policies may be used in conjunction with primary policies to comply with any of the limit requirements specified above. (6) Claims-made" coverage forms are not acceptable without the express written prior consent of the State. Each policy furnished shall contain a rider or non-cancellation clause reading in substance as follows: Anything herein to the contrary notwithstanding, notice of any cancellation, termination or alteration to the insurance contracts must be delivered by registered mail to the Commissioner, Department of Buildings and General Services, State of Vermont, Montpelier, Vermont, at least 60 days before effective cancellation, termination or alteration date unless all work required to be performed under the terms of the Contract is satisfactorily completed as evidenced by the formal acceptance by the State of Vermont. (7) No warranty is made that the coverages and limits listed herein are adequate to cover and protect the interests of the Contractor for the Contractor’s operations. These are solely minimums that have been set to protect the interests of the State. 11.3 The State shall have power to adjust and settle any loss with the insurers.

  • The Properties Attached hereto as Schedule I is the description of certain Land (the "Subject Property"). Effective upon the execution and delivery of this Lease Supplement by Lessor and Lessee, such Land, together with any Building and other improvements thereon or which thereafter may be constructed thereon shall be subject to the terms and provisions of the Lease and Lessor hereby grants, conveys, transfers and assigns to the Related Lessee those interests, rights, titles, estates, powers and privileges provided for in the Lease with respect to the Subject Property.

  • Project Information Except for confidential information designated by the City as information not to be shared, Consultant agrees to share Project information with, and to fully cooperate with, those corporations, firms, contractors, public utilities, governmental entities, and persons involved in or associated with the Project. No information, news, or press releases related to the Project, whether made to representatives of newspapers, magazines, or television and radio stations, shall be made without the written authorization of the City’s Project Manager.

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