Abandonment Financial Procedures and Costs Funding Clause Samples

Abandonment Financial Procedures and Costs Funding. A bank account shall be opened upon a notice by the CONTRACTOR to The Joint Venture Company. During the Development Period, the Joint Venture Company will open a bank account in a bank approved by EGAS and CONTRACTOR, for the purpose of managing the abandonment fund, such bank account currency shall be in U.S. Dollars. The Joint Venture Company may appoint another bank during the Development Lease Period upon approval of EGAS and CONTRACTOR.