Reasonable Development Clause Samples

The Reasonable Development clause sets expectations for how a party must pursue the development of a project, product, or property in a manner that is considered reasonable under the circumstances. It typically requires the party to use commercially reasonable efforts, taking into account factors such as market conditions, technical feasibility, and available resources. This clause ensures that both parties have a clear understanding of the level of diligence and effort required, helping to prevent disputes over whether sufficient progress or investment has been made.
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Reasonable Development. If oil or gas is discovered on the leased premises, Lessee shall develop the leased premises as a reasonable and prudent operator and exercise due diligence in drilling such additional well or ▇▇▇▇▇ as may be necessary to fully develop the leased premises. Lessee shall protect the oil and gas in and under the leased premises from drainage by ▇▇▇▇▇ on adjoining or adjacent tracts or leases, including those held by the Lessee or any Affiliate of Lessee (paragraph 4 c). If oil or gas should be produced in paying quantities from a well draining any acreage of the leased premises that is not pooled or unitized with that well, Lessee shall within one hundred twenty (120) days after the earlier to occur of notice from the Lessor of such producing well or Lessee’s knowledge of such well having been drilled, begin in good faith and pursue diligently operations leading to the drilling of a well/offset well and such well shall be drilled to such depth as may be necessary to prevent drainage of the leased premises, and Lessee shall use all means necessary in a good faith effort to make such well produce oil or gas in paying quantities. Any well with a borehole passing within three hundred (300) feet of the leased premises shall be presumed to be draining the leased premises. Lessee may rebut this presumption only with evidence acceptable to Lessor. The requirements of this paragraph shall be subject to the rules and regulations of the Pennsylvania Bureau of Oil and Gas Management or other regulatory agency having jurisdiction over the spacing and permitting of ▇▇▇▇▇, and such agencies’ determination as to well spacing and drainage shall be final and conclusive. Payment of the bonus, deferred drilling fees, royalties paid or to be paid, shut-in royalty, minimum royalty, or other amounts due hereunder shall not relieve Lessee from its obligations under this paragraph 18. If Lessee makes a claim or files for such drainage or damage, Lessee will notify Lessor and will represent Lessor in such claim or cause of action without cost to Lessor unless Lessor notifies Lessee in writing to the contrary. If Lessee recovers damages as a result of such claim, either by settlement or judgment, Lessor shall be entitled to share in such recovery pro rata in accordance with Lessor’s interest in production from the leased premises whether or not Lessor is a party to such settlement or judgment.
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Reasonable Development. If oil or gas is discovered on the Leased Premises, Lessee shall develop the Leased Premises as a reasonable and prudent operator. Lessee shall protect the oil and gas in and under the Leased Premises from drainage by ▇▇▇▇▇ on adjoining or adjacent tracts or leases as a reasonable and prudent operator. Neither the rentals, royalties nor the shut-in gas well royalties paid or to be paid hereunder, nor any other provision of this Lease, shall relieve Lessee of the obligation to reasonably develop the Leased Premises and to reasonably protect the oil and gas in and under the Leased Premises from drainage by ▇▇▇▇▇ on adjoining lands or leases. ▇▇▇▇▇▇ agrees to notify Lessor of the need to sue an adjoining owner, lessee or operator for damages resulting from drainage or for damage to a common reservoir. If Lessee intends to make a claim or to file suit for such drainage or damage, Lessee will notify Lessor and will represent Lessor in such claim or cause of action without cost to Lessor unless Lessor notifies Lessee in writing to the contrary. If ▇▇▇▇▇▇ recovers damages as a result of such claim, either by settlement or judgment, Lessor shall be entitled to share in such recovery pro rata in accordance with ▇▇▇▇▇▇'s interest in production from the Leased Premises whether or not Lessor is a party to such settlement or judgment.
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Related to Reasonable Development

  • Sustainable Development 4.1 The Authority will review the Contractor’s Sustainable Development Policy Statement and Sustainable Development Plan submitted by the Contractor in accordance with the Schedule (Sustainable Development Requirements) and then at least annually thereafter. 4.2 Sustainable Procurement Risk Assessment Methodology (SPRAM) is a tool used by the Authority to identify and mitigate any potential risks to sustainability in contracts. The process requires that each Contract be assessed for its potential social, economic and environmental risks, throughout the various stages of its lifetime. Where risks are identified, appropriate mitigation action is required to reduce or eliminate the risk to sustainability. The Authority may at times require input from the Contractor in order to ensure that this process is given the required levels of consideration.

  • Skills Development The Company acknowledges the changing pace of technology in the electrical contracting industry and the need for employees to understand those changes and have the necessary skill requirements to keep the Company at the forefront of the industry. The Parties to this Agreement recognise that in order to increase the efficiency, productivity and competitiveness of the Company, a commitment to training and skill development is required. Accordingly, the parties commit themselves to: i) Developing a more highly skilled and flexible workforce. ii) Providing employees with career opportunities through appropriate training to acquire the additional skills as required by the Company. Taking into account; The current and future skill needs of the Company. The size, structure and nature of the Company. The need to develop vocational skills relevant to the Company and the Electrical Contracting Industry. Where, by agreement between the employee and employer, an employee undertakes training providing skills, which are not a company specific requirement, any time spent in the completion of this training shall be unpaid.

  • Training and Professional Development 11.1 The Employer will develop and maintain an employee training and development plan and provide such plan to the Union upon request. Staff training is intended to provide an opportunity for classified staff employees for training sponsored by the University Training and Development and the UW Medical Centers Organizational Development and Training. Education/Professional Leave is intended to facilitate employee access to continuing education opportunities. Training and educational/professional leave may be used for the purpose of improving job performance, maintaining and increasing proficiency, preparing staff for greater responsibility, or increasing promotional opportunities within the framework of staff positions available at the University. 11.2 Any release time for training for employees accepted for such classes shall be in accordance with the Executive Order (currently No. 52) governing this matter. In the event that two or more employees request the same training period and supervision must limit the number of persons who may participate at one time due to work requirements, the selection will be made on a mutually agreeable basis within the department. 11.3 The training program is a proper subject for discussion by either departmental or University-wide Joint Union/Management Committees. 11.4 If the Employer requires an employee to receive training, reimbursement will be provided in accordance with the University travel rules. Employee attendance at Employer required training, either during or outside working hours, will be considered time worked and compensated in accordance with the provisions of this Agreement. 11.5 Employee attendance at training not required by the Employer and not covered by Executive Order 52, either on approved leave from or outside of working hours, will be voluntary and not considered time worked.

  • Adverse Developments Since June 30, 2009, there has been no material adverse change in the business, operations or condition (financial or otherwise) of the Company; nor has there been since such date, any damage, destruction or loss, whether covered by insurance or not, materially or adversely affecting the business, properties or operations of the Company.

  • Professional Development 9.01 Continuous professional development is a hallmark of professional nursing practice. As a self-regulating profession, nursing recognizes the importance of maintaining a dynamic practice environment which includes ongoing learning, the maintenance of competence, career development, career counselling and succession planning. The parties agree that professional development includes a diverse range of activities, including but not limited to formal academic programs; short-term continuing education activities; certification programs; independent learning committee participation. The parties recognize their joint responsibility in and commitment to active participation in the area of professional development.