Common use of Substitute Xxxxx Clause in Contracts

Substitute Xxxxx. If any obligatory Exploration Well is abandoned due to insurmountable technical problems as set out in Article 3.2.1 (b), (c) and (d) and, at the time of such abandonment, the Exploration Costs for such Well have equaled or exceeded [insert amount] Dollars ($[insert amount]), for all purposes of this Contract, the Contractor shall be deemed to have fulfilled the minimum work obligations for the relevant period. If any obligatory Exploration Well is abandoned due to insurmountable technical problems, and if at the time of such abandonment, the Exploration Costs for such Well are less than [insert amount] Dollars ($[insert amount]) then the Contractor shall have the option to either:

Appears in 4 contracts

Samples: www.resourcecontracts.org, s3.amazonaws.com, www.droit-afrique.com

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