Examples of Contracted Party in a sentence
In the event the Administrator subcontracts with any party (the “Contracted Party”) for any such responsibilities, the Administrator shall be fully responsible to the Fund for the acts and omissions of the Contracted Party as it is for its own acts and omissions.
The Profit Oil share of the Production of Oil and Gas, plus the volumes regarding the refund of Cost Oil and the volume corresponding to the Royalties payable by each Contracted Party, shall be distributed according to the Contracted Parties’ Shares, as provided for in this Consortium Agreement.
As of the Production Start Date or during performance of the Extended Well Tests in the Assessment phase, the Contracted Party shall send to the Manager the Calculation Statement of the Profit Oil, in the format and frequency determined thereby.
In case of failure to perform the obligations set forth in this Agreement or performance in a place, time, or manner other than that agreed, the Contracted Party shall incur the specific sanctions provided for herein and the Applicable Laws and Regulations, without prejudice to the liability for potential losses and damages resulting from the default.
Oil and Gas losses under the responsibility of the Contracted Party, as well as burning of Natural Gas in flares, shall be deducted from the share of the Profit Oil to which the Contracted Party is entitled after the Production Sharing.