Common use of Transfer of Ownership on Contract Termination Clause in Contracts

Transfer of Ownership on Contract Termination. On termination of this Contract, Contractor shall (subject to and in accordance with Article 29), leave all assets (such as xxxxx, equipment, plants and machinery purchased, installed or constructed), which are owned and used in Petroleum Operations in good working order, except for wear and tear normal to oil industry use for that type of equipment under the particular conditions in which it was used. Contractor shall at no cost, transfer ownership, if applicable, and control of such assets to Staatsolie.

Transfer of Ownership on Contract Termination. On termination of this Contract, Contractor shall (shall, subject to and in accordance with Article 29)30, leave all assets (such as xxxxx, equipment, plants and machinery purchased, installed or constructed), which are owned and used in Petroleum Operations in good working orderorder on a as is where is basis, except for wear and tear normal to oil industry use for that type of equipment under the particular conditions in which it was used. Contractor shall at no cost, transfer ownership, if applicable, and control of such assets to Staatsolie.