Turnkey Price definition
Examples of Turnkey Price in a sentence
If work is terminated by Operator or Contractor due to conditions set forth in Paragraphs 902 or 1402, Operator shall pay Contractor all expenses reasonably and necessarily incurred and to be incurred by Contractor by reason of this Contract and by reason of the premature termination of work plus the percentage of the amount of such expenses specified in Appendix A, such sum not to exceed the Turnkey Price.
If work is terminated due to conditions set forth in Paragraph 903, Operator shall pay Contractor the Turnkey Price less the amount calculated pursuant to the proration formula specified in Appendix A, less the cost of logs not run which were specified in Appendix C, plus payment for work performed at the applicable daywork rates.
The Turnkey Price shall not cover the costs and expenses of (i) services, equipment and any facilities necessary or appropriate for the production and sale or disposal of oil and/or natural gas liquids, (ii) drilling through, casing and cementing a void in a coal mine or seam with respect to any well.
If work is terminated by Operator after spudding the well, Operator shall pay Contractor the Turnkey Price less the amount calculated pursuant to the proration formula specified in Appendix A, plus payment for work performed at the applicable daywork rates.
If work is terminated by either Operator or Contractor as a result of loss of or damage to the hole while Contractor is working on a Daywork Basis prior to reaching Turnkey Depth, Operator shall pay Contractor the Turnkey Price specified in Appendix A less the amount calculated pursuant to the proration formula specified in Appendix A, less the cost of any logs not run which were specified in Appendix C, plus payment for work performed at the applicable daywork rates.
Operator shall be responsible for paying all costs of drilling, testing, equiping and completing the Drill Site W▇▇▇▇ hereto, from the Turnkey Price paid by Developer, and to the extent such costs exceed the Turnkey Price, they shall be paid by Operator.
Financial Guarantee Prior to commencing operations under this Contract, Operator shall provide Contractor with a Letter of Credit from a mutually acceptable bank or shall enter into a mutually acceptable Escrow Agreement in the amount of the Turnkey Price.
Upon execution of this Agreement, JKX agrees to pay its share of the Dry Hole Turnkey Price, being the sum of US$894,156 (eight hundred and ninety four thousand one hundred and fifty six US dollars) in aggregate; of such sum the amount of US$760,033 (seven hundred and sixty thousand and thirty three US dollars) shall be payable to AME and the amount of US$134,123 (one hundred and thirty four thousand one hundred and twenty three US dollars) shall be payable to Avenue.
The Turnkey Price will include all costs associated with completing the Turnkey, including but not limited to, the cost of constructing the Leasehold Improvements, the associated design, engineering, consulting and permit fees, and the Landlord’s project management fee in an amount equal to five percent (5%) of the cost of the Turnkey.
In the event that JKX defaults by failing to make payment for its share of the Dry Hole Turnkey Price in respect of the Karakilise-2 Appraisal Well and for its share of Karakilise Field infrastructure backcosts in accordance with Article 2 above, JKX shall forfeit and reassign all of its rights, title and interest in and to any and all property acquired hereunder.