Project Parties Clause Samples
The 'Project Parties' clause defines and identifies all individuals, companies, or entities involved in a specific project. It typically lists the main contracting parties, such as the client and contractor, and may also include key subcontractors, consultants, or stakeholders who have significant roles or responsibilities. By clearly specifying who is involved, this clause ensures that all parties understand their roles and obligations, reducing confusion and potential disputes about responsibilities during the project.
Project Parties. Each Project Party shall, as required to carry out the Project in accordance with Section 7.01:
(a) promptly take all necessary or appropriate action to maintain its corporate existence and to acquire, maintain and renew its rights, properties, powers, privileges and franchises;
(b) employ competent and experienced management and personnel;
(c) operate, maintain and replace its plant, equipment and other properties; and
(d) not sell, lease or otherwise dispose of any of the Project’s assets, except in the normal course of business or as agreed by the Fund.
Project Parties