DEFAULT, ARBITRATION AND APPLICABLE LAW Sample Clauses

DEFAULT, ARBITRATION AND APPLICABLE LAW. In the event of default of any Consortium Member, the Operator will promptly forward a notification of default to the Party in breach and each of the other Parties. If the Operator defaults, any compliant Consortium Member may notify the default. The default period starts after the fifth business day following the receiving date of the default notice, which will terminate only when the defaulting party resolves the default upon the payment of the owed amount or by fulfilling the pending obligation. Except as otherwise agreed between the Parties, the Party in breach shall not be entitled, during the period of delinquency, to: Convene or attend the meetings of the Operating Committee or subcommittees, except when the defaulting Party is the Operator; Vote in the Operating Committee or any subcommittee; Have access to data or information relating to the Operations or to this Consortium Contract, except when the defaulting Party is the Operator; Agree with or reject any Assignment of rights and obligations, or otherwise exercise any right in respect of the said Assignment; Receive its share of the Profit Oil; Recover its share of the Cost Oil; and Be transferee of any percentage of undivided shares belonging to another Party. During the period of default, the share of the Profit Oil of a defaulting Party will be allocated and belong to the compliant Parties, in accordance with their respective proportional shares. The amount concerning to such share of the Profit Oil will be deducted from the total owed by the defaulting Party. During the period of default, the defaulting Party may not transfer all or part of its proportional share, except for the compliant Parties. Notwithstanding any other provision in this Agreement, during the period of default: The defaulting Party will not vote on D type decisions1; and The defaulting Party shall be considered as having approved, and will join the compliant Parties in making any other measure voted during the Default Period. The notification of default sent to the compliant Parties will contain the amount each compliant Party, in a period of 10 days will assume from the amount owed by the Party in breach, during the period of default. The defaulting Party shall still be responsible, in its participation share, for any pending obligation assumed from the Production Sharing Contract until this possible Assignment of rights and obligations of the Party in breach is approved and that there is the addition of the Consortium C...
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DEFAULT, ARBITRATION AND APPLICABLE LAW. 11.1. In the event of default of any Consortium Member, the Operator will promptly forward a notification of default to the Party in breach and each of the other Parties.
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Related to DEFAULT, ARBITRATION AND APPLICABLE LAW

  • Dispute Resolution and Applicable Law 1. The Parties shall first attempt to settle amicably any dispute arising out of this Agreement. Any dispute shall be resolved by arbitration, ousting jurisdiction by ordinary courts, by a panel of three arbitrators. Each party to the dispute will nominate one arbitrator. These two arbitrators will then designate a third arbitrator who will also act as chairman. The arbitration decision shall be binding on the parties. The arbitration rules of the CEPANI shall be applicable. The place of any hearing shall be Brussels and the language of the arbitration shall be English. Each Party may at any time request from any competent judicial authority any interim or conservatory measure.

  • Applicable Law; Arbitration This Agreement shall be interpreted, construed, applied and enforced in accordance with the laws of the Commonwealth of Massachusetts, with regard to its “choice of law” rules. Any “Dispute” (as such term is defined in the Management Agreements) under this Agreement shall be resolved through final and binding arbitration conducted in accordance with the procedures and with the effect of, arbitration as provided for in the Management Agreements.

  • Mediation and Arbitration If the Executive and the Employer have any dispute whatsoever relating to the interpretation, validity or performance of this Agreement, or any other dispute arising out of this Agreement, every reasonable attempt will be made to resolve any differences or dispute within thirty (30) days of an issuance of written notice by either party to the other party. If a successful resolution of any differences or dispute has not been achieved to the satisfaction of both parties at the end of the thirty (30) day period, the following steps will be used: Except as otherwise expressly provided hereunder, the parties agree that any and all disputes arising out of the Executive’s employment or cessation of employment, including but not limited to any dispute, controversy, or claim arising under any federal, state, or local statute, law, ordinance or regulation or under this Agreement, shall be resolved exclusively by Alternative Dispute Resolution described in this Agreement ("ADR"). The initiation of ADR shall first require mediation, and the parties agree to first try to settle any dispute through mediation. Mediation shall be initiated by either party by the serving of a written notice of intent to mediate (a "Mediation Notice") by one party upon the other. If no resolution has been mutually agreed through mediation within ninety (90) days of service of a Mediation Notice, then and only then may the dispute be submitted to arbitration. Arbitration shall be initiated by the serving of a written notice of intent to arbitrate (an "Arbitration Notice") by one party upon the other. Notwithstanding the foregoing, nothing in this Agreement shall be deemed to preclude the Employer from seeking temporary or permanent injunctive relief and/or damages from a court of competent jurisdiction pursuant to Section 8 of this Agreement with respect to any breach of Section 7 of this Agreement.

  • Applicable Law and Arbitration This Agreement shall be subject to Swiss Law. Any dispute which cannot be solved amicably shall be exclusively settled by an arbitral panel of the Court of Arbitration for Sport in Lausanne (Switzerland) in ac- cordance with the provisions of the Code of Sports-related arbitration. Oberhofen, 2024

  • Mediation and Arbitration of Disputes An Addendum requiring the Mediation and/or the Arbitration of all disputes between the Parties and/or Brokers arising out of this Lease ¨ is x is not attached to this Lease. LESSOR AND LESSEE HAVE CAREFULLY READ AND REVIEWED THIS LEASE AND EACH TERM AND PROVISION CONTAINED HEREIN, AND BY THE EXECUTION OF THIS LEASE SHOW THEIR INFORMED AND VOLUNTARY CONSENT THERETO. THE PARTIES HEREBY AGREE THAT, AT THE TIME THIS LEASE IS EXECUTED, THE TERMS OF THIS LEASE ARE COMMERCIALLY REASONABLE AND EFFECTUATE THE INTENT AND PURPOSE OF LESSOR AND LESSEE WITH RESPECT TO THE PREMISES. ATTENTION: NO REPRESENTATION OR RECOMMENDATION IS MADE BY THE AMERICAN INDUSTRIAL REAL ESTATE ASSOCIATION OR BY ANY BROKER AS TO THE LEGAL SUFFICIENCY, LEGAL EFFECT, OR TAX CONSEQUENCES OF THIS LEASE OR THE TRANSACTION TO WHICH IT RELATES. THE PARTIES ARE URGED TO:

  • Applicable Law; Dispute Resolution i. This Agreement, and all claims, disputes or disagreements arising out of or connected with this Agreement, its validity or any breach thereof, shall be governed by the laws in effect in the State of Texas (excluding conflicts of laws provisions), and to the extent applicable to maritime issues, the maritime laws of the United States (excluding conflict of laws provisions).

  • Dispute Resolution and Arbitration The following procedures shall be used in the resolution of disputes:

  • Initiation of Arbitration Pursuant to Section 110 of the Arbitration Act, the parties agree that a party may initiate Arbitration by giving written notice to the other party (“Arbitration Notice”) in the same manner that notice is permitted under Section 9.13 of the Agreement; provided, however, that the Arbitration Notice may not be given by email or fax. Arbitration will be deemed initiated as of the date that the Arbitration Notice is deemed delivered to such other party under Section 9.13 of the Agreement (the “Service Date”). After the Service Date, information may be delivered, and notices may be given, by email or fax pursuant to Section 9.13 of the Agreement or any other method permitted thereunder. The Arbitration Notice must describe the nature of the controversy, the remedies sought, and the election to commence Arbitration proceedings. All Claims in the Arbitration Notice must be pleaded consistent with the Utah Rules of Civil Procedure.

  • Applicable Laws and Dispute Resolution a. The formation, validity, interpretation and performance of and settlement of disputes under this Agreement shall be governed by the laws of the PRC.

  • Step Five – Arbitration a. When CRONA has requested arbitration in accordance with this Section, CRONA and a representative designated by the Employer shall attempt to reach Agreement on an arbitrator by informal discussion. If agreement has not been reached within five (5) working days of the request for arbitration, the arbitrator shall be selected from the following five (5) persons by the alternative striking of names, with the Employer striking first, until one remains, who shall be the arbitrator: Xxxxxxxxx Xxxx, Xxxxx Xxxxxxxxx Xxxxxxxx, Xxxxx Xxxxxx, Xxxxxxx Xxxxxxxx, Xxxxx Xxxxxxxx, Xxxxxxxxx Xxxxxxx, and Xxxxxxxx Xxxxxx. The first strike for arbitrators will be rotated between CRONA and the Employer.

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