PROSPECT PROPOSALS Clause Samples
The "Prospect Proposals" clause defines the process and requirements for submitting proposals to potential clients or business partners. Typically, this clause outlines the format, content, and deadlines for proposal submissions, and may specify evaluation criteria or procedures for review. Its core practical function is to ensure a standardized and transparent approach to handling proposals, reducing misunderstandings and streamlining the selection process.
PROSPECT PROPOSALS. If Consultant identifies or develops any Prospects during the term of this Agreement, Consultant shall submit a recommendation to Saratoga by means of a formal presentation to appropriate Saratoga personnel which shall include, without limitation, an outline of the Prospect Area, maps, plats, logs, copies, reproductions, additional seismic data acquired or purchased by Consultant provided in II.B. above, written memoranda and all other appropriate materials relating to the identification, costs attributed to prospects development, time-tables, exploration and development, of the Prospect and designation of an area of mutual interest ("AMI") to the extent reasonably necessary to promote the orderly development of, and protect the interests of Saratoga and Consultant in, a Prospect ("Prospect Analysis"). In all cases, Consultant or its designee shall act as Operator of the Prospect.
PROSPECT PROPOSALS. If Consultant identifies or develops any Prospects during the term of this Agreement, Consultant shall submit a recommendation to Saratoga by means of a formal presentation to appropriate Saratoga personnel which shall include, without limitation, an outline of the Prospect Area, maps, plats, logs, additional seismic data acquired or purchased by Consultant provided in II.B above, written memoranda and all other appropriate materials relating to the identification, costs, time-tables, exploration and development, of the Prospect and designation of an area of mutual interest ("AMI") to the extent reasonably necessary to promote the orderly development of, and protect the interests of Saratoga and Consultant in, a Prospect ("Prospect Analysis"). In all cases, Consultant or its designee shall act as Operator of the Prospect.
A. Saratoga shall have thirty (30) days ("Election Period") in which to evaluate the Prospect PROVIDED THAT, the Election Period shall not begin until Consultant has delivered, and Saratoga has received, written notice that the Election Period has begun which shall be no earlier than the formal presentation date of the Prospect Analysis. Any Prospect which Saratoga accepts shall be referred to as an "Approved Prospect" and any Prospect which Saratoga rejects shall be referred to as a "Rejected Prospect". If Saratoga fails or refuses to provide written notice to Consultant accepting a Prospect on or before the end of the applicable Election Period, Saratoga shall be deemed to have rejected that Prospect.
B. During or after the Election Period, Saratoga, or Consultant on behalf of Saratoga, may offer third parties the opportunity to acquire all or a portion of its rights to participate in operations on a Prospect, subject to all of the terms, conditions and covenants of this Agreement.
C. All operations contemplated by a Prospect Analysis would be conducted in accordance with the terms and provisions of an operating agreement governing the Prospect in the form attached as Exhibit "C" hereto, to obtain access to the necessary rights, titles and interest in the acreage included in the Prospect or AMI, if applicable ("Operating Agreement").
▇. ▇▇▇▇▇▇▇▇▇▇ of its election to accept or reject a Prospect, Saratoga shall be assigned an overriding royalty interest equal to one and one-half percent (1.5%) of eight-eighths (8/8ths) in leases or interests owned and/or acquired by Consultant or its agents pursuant to this Agreement (the "Prospect Overri...