Operational Term Clause Samples
An Operational Term clause defines specific words or phrases used throughout a contract to ensure consistent interpretation. It typically lists key terms relevant to the agreement, such as "Services," "Deliverables," or "Effective Date," and provides precise meanings for each within the context of the contract. By clarifying terminology, this clause prevents misunderstandings and disputes over the intent or scope of contractual obligations.
Operational Term. The period beginning on the Transition Date and ending on the Renewal Contract Final Termination Date.
Operational Term. The operational term of this BOT Contract (the “Operational Term”) shall be for the period from the date of execution of this BOT Contract until the date falling twenty-five (25) years after the Commercial Operation Date of the Facility, unless otherwise extended pursuant to an agreement between the Parties or earlier terminated pursuant to the provisions of this BOT Contract. If the Term of the Power Purchase Agreement is extended for any period, the Operational Term shall be automatically extended for that period in the manner and in accordance with the terms set out in the Power Purchase Agreement.
Operational Term. The sale and purchase of electricity as well as the operations and maintenance of the solar facility shall become effective upon the date this Agreement is signed by both Parties (Effective Date) and shall remain in effect for a period of Twenty (20) years from the Completion Date, subject to the early termination provisions.
Operational Term. If prior to the end of the Primary Term, or Extended Primary Term, if applicable, Operator begins the injection or deposit of Carbon Dioxide (“Injection Activities”) under any portion of the Leased Premises or within any reservoirs and subsurface pore spaces, stratum or strata unitized or amalgamated therewith (collectively, the “Storage Reservoir”), then this Agreement shall continue beyond the Primary Term, or Extended Primary Term, if applicable, and shall be maintained with respect to those portions of the Leased Premises included within the Storage Reservoir (the “Storage Premises”) for so long as Injection Activities are occurring without a continuous cessation of more than one (1) year (“Operational Term”). As consideration for the Operational Term, Operator shall pay to Owner the Injection Fee as set forth in Section 3, below. Where Injection Activities cease for a continuous period of more than one (1) year and the Operational Term is not extended by operation of other terms hereunder, Operator may, in its sole discretion, pay an amount equal to the Annual Rental (the “Shut-in Payment”), such payment to be made on or before the anniversary date of the cessation of Injection Activities and annually thereafter, and while such payment is made it will be considered that the Operational Term has continued. For purposes hereof and at Operator’s sole discretion, the Storage Reservoir may include: (i) any lands located within the “Area of Review” as defined and as set forth in: Ch. 3 of the Geologic Sequestration of Carbon Dioxide: Underground Injection Control Program Class VI Well Area of Review Evaluation and Corrective Action Guidance of the United States Environmental Protection Agency (“EPA”); (ii) the “storage reservoir” as defined and set forth in the Nebraska Geologic Storage of Carbon Dioxide Act; or (iii) the “Area of Review” as may be hereinafter defined by the State of Nebraska, or other city, county or governmental agencies possessing requisite jurisdiction, including, but not limited to, the Nebraska Oil and Gas Conservation Commission (“NOGCC”).
Operational Term. The "Operational Term" shall mean that period of time commencing upon the Effective Date and continuing for the following two (2) years.