Examples of Sole Risk Party in a sentence
If the Operator is a Sole Risk Party, it shall carry out the Sole Risk Operation.
If the Operator is not a Sole Risk Party, the Sole Risk Parties may appoint the Operator, if the Operator agrees to accept such appointment, or one of their number as Sole Risk Operator.
The Proposing Party may begin the Sole Risk Operation after the Sole Risk Interests have been settled in accordance with Clause 12.8. A Sole Risk Party shall not commence a Sole Risk Operation more than six (6) months after giving the relevant Sole Risk Operation Notice.
JOB shall promptly prepare a program and budget covering the said operations(Sole Risk Operations) and shall submit the same to the Sole Risk Party.
The Company shall maintain separate books, records and accounts for Sole Risk Costs, as appropriate, which will provide: (i) the basis for all cash to be furnished by the Sole Risk Party to the Company to fund a Sole Risk Operation, and (ii) a determination of Net Profits and Cash Surplus associated with the Sole Risk Operation available for distribution to the Sole Risk Party in accordance with Clause 9.1(C).
OF THE OPERATOR FOR SOLE RISK OPERATION A Sole Risk Party shall be entitled to use Joint Property and personnel of the Operator for the Sole Risk Operation upon terms and conditions agreed by the Parties, provided however that it is understood that, at all times, the Joint Operations shall take precedence over the Sole Risk Operation in such use of Joint Property and personnel.
The Non Sole Risk Party shall have the right to be deemed to have participated in such survey by giving notice at any time to the Sole Risk Party of its intention to do so and paying to the said Sole Risk Party within thirty (30) days from the date of giving such notice twice its Participating Interest share of the total cost of such survey already incurred.
Notwithstanding that the Operator may not be the Sole Risk Party, the Sole Risk Operation shall, subject to Article 16.7.3 and Article 16.8, be carried out promptly and diligently by the Sole Risk Operator for the sole account and benefit of the Sole Risk Party.
However, if the Sole Risk Party is unable to conduct a Sole Risk Operation due to force majeure, conflicts with operations, the respective periods set forth in the preceding sentence shall be extended for a period not to exceed an additional seventy-five (75) Days or one hundred eighty (180) Days, as the case may be, unless such extension results in interruption of delivery of the Work Program by the Company.
If Sole Risk Party does not include Operator, such Sole Risk Party may replace Operator with respect to a Sole Risk Development as contemplated herein.