Unitization Agreement. 1. Any joint Exploration and/or Exploitation of a Transboundary Reservoir or Unit Area pursuant to the terms of a unitization agreement must be approved by the Parties. Such joint Exploration and/or Exploitation shall be conducted pursuant to the terms of a unitization agreement negotiated and proposed by the Licensees and approved by the Executive Agencies. The Executive Agencies should develop one or more model unitization agreements for use under this Agreement.
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Samples: comitemaritime.org, www.govinfo.gov, www.govinfo.gov
