Interests of the Parties Sample Clauses
The "Interests of the Parties" clause defines and acknowledges the specific rights, benefits, or stakes that each party holds in relation to the agreement. This clause typically outlines how each party's interests are represented, protected, or prioritized within the contract, and may clarify any limitations on those interests. For example, it might specify that one party has a financial interest in the outcome of a project, while another has an operational or managerial interest. The core function of this clause is to ensure transparency and prevent misunderstandings by clearly delineating what each party stands to gain or is responsible for, thereby reducing the risk of future disputes over conflicting interests.
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Interests of the Parties. 6.1 The interest of the Parties in any gross profits and their respective shares in any losses and/or liabilities that may result from the filing of a joint bid and/or the performance of the Contract, and their interests in all property and equipment acquired and all money received in connection with the performance of the Contract shall be as follows: (Name Joint Venture Partner, Percentage) R▇▇▇▇ Development , Inc., 51%, X Technologies, 49%.
6.2 The Parties agree that in the event any losses arising out of or resulting from the performance of the Project, each Venturer shall assume and pay the share of the losses that is equal to the percentage of participation.
6.3 If for any reason, a Venturer sustains any liabilities or is required to pay any losses arising out of or directly connected with the Project, or the execution of any surety bonds or indemnity agreements in connection therewith, which are in excess of its Percentage of Participation, in the Joint Venture, the other Venturer shall promptly reimburse such Venturer this excess, so that each and every member of the Joint Venturer will then have paid its proportionate share of such losses to the full extent of its Percentage of Participation .
6.4 The Venturers agree to indemnify each other and to hold the other harmless from any and all losses of the Joint Venture that are in excess of such other Venturer’s Percentage of Participation provided that the provisions of this subsection shall be limited to losses that are directly connected with or arise out of the performance of the Project and/or the execution of any bonds or indemnity agreements in connection therewith and shall not relate to or include any incidental, indirect or consequential losses that may be sustained or suffered by a Party.
6.5 The Parties shall from time to time execute such bonds and indemnity agreements, including applications therefore and other documents that may be necessary in connection with the performance of the Project. Provided however, that the liability of each of the Parties under any agreements to indemnify a surety company or surety companies shall be limited to the percentage of the total liability assumed by all the Parties under such indemnity agreements that is equal to the Party’s Percentage of Participation.
Interests of the Parties. Notwithstanding any other provisions of this Agreement, all decisions made and all actions taken by the JSC shall be made or taken in the best interest of the Collaboration.
Interests of the Parties. Notwithstanding any other provisions of this Agreement, all decisions made and all actions taken by the JPT shall be made or taken in the best interest of the Collaboration.
Interests of the Parties. Notwithstanding any other provisions of this Agreement, all decisions made and all actions taken by the JPT shall be made or taken in the best interest of the Collaboration. Portions of this Exhibit were omitted and have been filed separately with the Secretary of the Commission pursuant to the Company’s application requesting confidential treatment under Rule 406 of the Securities Act.
Interests of the Parties. THIS SECTION INTENTIONALLY OMITTED.
Interests of the Parties. 3 3. OPERATOR 4
3.1 Designation 4 3.2 Rights 4 3.3 Responsibility 4 3.3.1 Responsibilities 4
Interests of the Parties. A new Section 2(h)(vi) is hereby added to the Original Agreement, which shall provide as follows:
Interests of the Parties. Notwithstanding any other provisions of this Agreement, all decisions made and all actions taken by the JDMC, by Palatin or by King with respect to any Collaboration matter, shall be made or taken in the best interest of the Collaboration, subject in all respects to the fiduciary duties of the Parties to their respective shareholders.
Interests of the Parties. The Cities' respective ownership of the Utility Systems are and shall be maintained separate and distinct. The benefits and liabilities related to each system and operation thereof shall accrue to the respective owner of that portion of the Utility System.
Interests of the Parties. 14.1 When the limited liability company is established in accordance with Article 13.1 the initial interest of each Party in the company capital of the limited liability company shall be determined in accordance with expenses already incurred by each Party with regard to the deposit which is the purpose of the Mining Permit of which this limited liability company is the owner. This Interest shall be equal to the ratio between expenses already financed by this Party and total expenditure already financed by the Parties as a whole. However, the cash Participation of the State shall be at most equal to 10 % of the company capital of the limited liability company subject to the provisions of Article 14.6 below. If the sum of expenses already incurred by the State should be greater than 10 % of the company capital of the limited liability company, any excess shall be carried to the credit of the State for future requirements in company capital by the limited liability company, or shall be considered as a shareholder’s advance and shall be repaid to the State by the limited liability company when its financial situation allows. The sum of expenses already incurred by the Parties and to be included into the initial company capital of an limited liability company shall be determined by mutual agreement between the State and BHP.
14.2 At the date of signature of the present Convention, the following amount shall be considered, in terms of the contract, as “expenses already incurred” by the State, for exploration work carried out within the boundary: One million six hundred thousand US Dollars (1.600.000 $ US) which shall bear interest at the LIBOR rate + 2 %. These expenses may only be used by the State for the constitution of the first limited liability company established within the framework of the present Convention.
14.3 In accordance with Article 62 of the Mining Code, the cash participation of the State in the company capital of the limited liability company, envisaged in Article 14.1 above, shall be increased by a free participation equal to 10 % of the company capital of the limited liability company. This free Participation of the State equal to 10 % of the company capital shall have the same rights pari passu as Participations held by other shareholders in the limited liability company.
14.4 The State shall have no obligation by virtue of its percentage free Participation stipulated in Article 14.3, to contribute to exploration and Feasibility Study expe...