Common use of WITHDRAWAL FROM THE JOINT VENTURE Clause in Contracts

WITHDRAWAL FROM THE JOINT VENTURE. A Party may withdraw from this Agreement when the obligatory work obligation described in the Production Licence has been carried out. If a Party has acceded to a development plan, it may only withdraw when the Ministry has determined that the plan is completed. A notice of withdrawal must be submitted to the management committee at least four (4) months in advance. The other Parties shall within thirty (30) days notify the management committee of whether they want to take over the Participating interest. A Party failing to give such notice within the expiry of the time limit, will lose his right to take over the Participating interest unless otherwise agreed by the other Parties. After a notice of withdrawal has been submitted, the withdrawing Party ceases to be liable for decisions taken by the joint venture which involve expenses not comprised by the agreed budget. A withdrawal from the Agreement shall be effective as of the first day of the month following the expiry of the four (4) month time limit which started when the notice of withdrawal was submitted to the management committee. Notwithstanding the above the withdrawing Party is liable for expenses comprised by the agreed budget, resulting from a decision taken within the first day of the month subsequent to the expiry of the four (4) month time limit, unless the Party taking over has accepted to cover such expenses. The withdrawing Party shall continue to be liable for obligations which are not met at the time of withdrawal, and which have been established by damage, resolution by the authorities or in any other way independently of any decision made by the joint venture. The other Parties may require that a satisfactory guarantee be provided concerning a proportionate share of the joint venture's liability for decommissioning of facilities belonging to the joint venture at the time of withdrawal.

WITHDRAWAL FROM THE JOINT VENTURE. 24.1 A Party may withdraw from this Agreement when the obligatory work obligation described in the Production Licence has been carried out. If a Party has acceded to a development plan, it may only withdraw when the Ministry has determined that the plan is completed. A notice of withdrawal must be submitted to the management committee at least four (4) months in advance. The other Parties shall within thirty (30) 30 days notify the management committee of whether they want to take over the Participating interest. A Party failing to give such notice within the expiry of the time limit, will lose his right to take over the Participating interest unless otherwise agreed by the other Parties. . 24.2 After a notice of withdrawal has been submitted, the withdrawing Party ceases to be liable for decisions taken by the joint venture which involve expenses not comprised by the agreed budget. A withdrawal from the Agreement shall be effective as of the first day of the month following the expiry of the four (4) 4 month time limit which started when the notice of withdrawal was submitted to the management committee. Notwithstanding the above the withdrawing Party is liable for expenses comprised by the agreed budget, resulting from a decision taken within the first day of the month subsequent to the expiry of the four (4) month time limit, unless the Party taking over has accepted to cover such expenses. The withdrawing Party shall continue to be liable for obligations which are not met at the time of withdrawal, and which have been established by damage, resolution by the authorities or in any other way independently of any decision made by the joint venture. . 24.3 The other Parties may require that a satisfactory guarantee be provided concerning a proportionate share of the joint venture's liability for decommissioning of facilities belonging to the joint venture at the time of withdrawal. 24.4 If the other Parties as well as third parties do not want to take over the Participating interest pursuant to Article 23, the other Parties are entitled to take over their proportionate share of the Participating interest without compensation. An amendment to this Agreement following the withdrawal of a Party shall be submitted to the Ministry, cf. Article 8 [7] of the Special Provisions. 24.5 If nobody wants to take over the Participating interest pursuant to Article 24.4, the joint venture shall be dissolved pursuant to the provisions of Articles 25.2 and 25.3. In such case, the effects of a notice of withdrawal will lapse.

WITHDRAWAL FROM THE JOINT VENTURE. 24.1 A Party may withdraw from this Agreement when the obligatory work obligation described in the Production Licence has been carried out. If a Party has acceded to a development plan, it may only withdraw when the Ministry has determined that the plan is completed. A notice of withdrawal must be submitted to the management committee at least four (4) months in advance. The other Parties shall within thirty (30) 30 days notify the management committee of whether they want to take over the Participating interest. A Party failing to give such notice within the expiry of the time limit, will lose his right to take over the Participating interest unless otherwise agreed by the other Parties. . 24.2 After a notice of withdrawal has been submitted, the withdrawing Party ceases to be liable for decisions taken by the joint venture which involve expenses not comprised by the agreed budget. A withdrawal from the Agreement shall be effective as of the first day of the month following the expiry of the four (4) 4 month time limit which started when the notice of withdrawal was submitted to the management committee. Notwithstanding the above the withdrawing Party is liable for expenses comprised by the agreed budget, resulting from a decision taken within the first day of the month subsequent to the expiry of the four (4) month time limit, unless the Party taking over has accepted to cover such expenses. The withdrawing Party shall continue to be liable for obligations which are not met at the time of withdrawal, and which have been established by damage, resolution by the authorities or in any other way independently of any decision made by the joint venture. . 24.3 The other Parties may require that a satisfactory guarantee be provided concerning a proportionate share of the joint venture's liability for decommissioning of facilities belonging to the joint venture at the time of withdrawal. 24.4 If the other Parties as well as third parties do not want to take over the Participating interest pursuant to Article 23, the other Parties are entitled to take over their proportionate share of the Participating interest without compensation. An amendment to this Agreement following the withdrawal of a Party shall be submitted to the Ministry, cf. Article 8 of the Special Provisions. 24.5 If nobody wants to take over the Participating interest pursuant to Article 24.4, the joint venture shall be dissolved pursuant to the provisions of Articles 25.2 and 25.3. In such case, the effects of a notice of withdrawal will lapse.

WITHDRAWAL FROM THE JOINT VENTURE. 24.1 A Party may withdraw from this Agreement when the obligatory work obligation described in the Production Licence has been carried out. If a Party has acceded to a development plan, it may only withdraw when the Ministry NEA has determined that the plan is completed. A notice of withdrawal must be submitted to the management committee at least four (4) months in advance. The other Parties shall within thirty (30) 30 days notify the management committee of whether they want to take over the Participating interest. A Party failing to give such notice within the expiry of the time limit, will lose his right to take over the Participating interest unless otherwise agreed by the other Parties. . 24.2 After a notice of withdrawal has been submitted, the withdrawing Party ceases to be liable for decisions taken by the joint venture which involve expenses not comprised by the agreed budget. A withdrawal from the Agreement shall be effective as of the first day of the month following the expiry of the four (4) 4 month time limit which started when the notice of withdrawal was submitted to the management committee. Notwithstanding the above the withdrawing Party is liable for expenses comprised by the agreed budget, resulting from a decision taken within the first day of the month subsequent to the expiry of the four (4) month time limit, unless the Party taking over has accepted to cover such expenses. The withdrawing Party shall continue to be liable for obligations which are not met at the time of withdrawal, and which have been established by damage, resolution by the authorities or in any other way independently of any decision made by the joint venture. . 24.3 The other Parties may require that a satisfactory guarantee be provided concerning a proportionate share of the joint venture's liability for decommissioning of facilities belonging to the joint venture at the time of withdrawal. 24.4 If the other Parties as well as third parties do not want to take over the Participating interest pursuant to Article 23, the other Parties are entitled to take over their proportionate share of the Participating interest without compensation. An amendment to this Agreement following the withdrawal of a Party shall be submitted to the NEA, cf. Article 7 of the Special Provisions. 24.5 If nobody wants to take over the Participating interest pursuant to Article 24.4, the joint venture shall be dissolved pursuant to the provisions of Articles 25.2 and 25.3. In such case, the effects of a notice of withdrawal will lapse.