Petroleum Contract Clause Samples

Petroleum Contract. The Parties agree, subject as hereinafter provided, to hold and maintain the Petroleum Contract in good standing, valid and in full force and effect for their own in proportion to their respective Interests hereunder. In addition, the Parties agree that in the Operating Committee decides that a production concession should be applied for, the Parties, or any of them (as may be required) shall apply to the Government for such concession. When such concession is granted, it shall constitute a part of the Petroleum Contract under this Agreement. The Parties further acknowledge that nothing in this Agreement authorises or obliges any of the Parties to take any action which would or might be in conflict with the Petroleum Contract, Polish law or the conditions of the concession awarded under the Petroleum Contract, or otherwise.