Sole Risk Development Sample Clauses
Sole Risk Development. 7.5.1 In the event that a proposal is made to the Operating Committee that a development Programme and Budget should be prepared for a particular Discovery pursuant to Article 5.5 and such proposal is rejected then, provided that any appraisal programme approved by the Operating Committee and relating to that Discovery has been completed (but excluding any appraisal work included in an appraisal programme if an AFE therefore has been submitted to the Parties under Article 5.10 and the Operating Committee has voted against or failed to vote in favour of the same within the period specified by the Operator for consideration of the AFE pursuant to Article 5), any Party may give notice to the other Parties that it intends to prepare a development Programme and Budget for that Discovery. Such Party, together with such of the other Parties as within twenty-eight (28) days of such notice give counter- notice of their wish to participate therein, shall be entitled to proceed with the preparation thereof and to submit the same for approval by the Operating Committee in accordance with Article 5.
7.5.2 If a development Programme and Budget prepared in accordance with Article 7.5.1 or a revised form thereof is approved by the Operating Committee in accordance with Article 5 then the Party or Parties which prepared the development Programme and Budget shall be entitled to charge all reasonable costs incurred in the preparation thereof to the Joint Account together with interest calculated on a day to day basis at the rate of two (2) per cent per annum above the Cost of Fund Rate from the date on which the costs were incurred to the date of repayment.
7.5.3 In the event that, following the submission to the Operating Committee of a proposed development Programme and Budget for a particular Discovery in accordance with Article 5, the Operating Committee does not approve such development Programme and Budget within one hundred (100) days of its submission (or such other period as the Operating Committee may have agreed), then any Party may serve notice (and receipt of the notice which is the first in time, if more than one (1) notice is served, shall be effective) on all the other Parties of its intention to develop the Discovery at sole risk. Such notice shall be accompanied by details of its proposed development Programme and Budget. The other Parties may give counter-notice that they wish to participate in the development Programme:
(a) Within twenty-eight (28) days o...
Sole Risk Development. If the Board of Directors does not approve of the implementation of Mining Operations, then either Party which is willing to undertake Mining Operations shall be permitted to do so and the Non-contributing Party shall be subject to dilution in accordance with the terms of Article 10.
Sole Risk Development. (a) If a Sole Funding Party wishes to proceed with a Sole Risk Development pursuant to clause 8.3, the Sole Funding Party must pay in accordance with the Funding and Distribution Policy an amount equal to the other Owner’s Participating Share of the fair market value of the scheduled reserves and resources referred to in paragraph (b). A Sole Funding Party may not proceed with a Sole Risk Development until such time as the relevant payment has been made.
(b) The fair market value will be agreed by the Owners or, failing agreement, will be determined by the Valuers in accordance with item 1 of schedule 9:
Sole Risk Development. If a Sole Funding Party wishes to proceed with a Sole Risk Development pursuant to clause 8.3, the Sole Funding Party must pay in accordance with the Funding and Distribution Policy an amount equal to the other Owner’s Participating Share of the fair market value of the scheduled reserves and resources referred to in paragraph (b). A Sole Funding Party may not proceed with a Sole Risk Development until such time as the relevant payment has been made.
Sole Risk Development. 34 11.4 Required Authorizations and Parameters for Mining Operation....................................... 34 11.4.1 GEC-FGEB's Obligation to Obtain all Required Authorizations............................ 34 11.4.2 Parameters of Mining Operations........................................................ 34 11.5 Marketing of Minerals from the Joint Venture...................................................... 35 11.5.1 Marketing Policy....................................................................... 35 11.5.2 Exporting Rights....................................................................... 35 12.0 LABOUR, TRAINING OF JOINT VENTURE PERSONNEL AND TECHNOLOGY TRANSFERS ....................................................................................... 35 12.1 Labour Policy of the Joint Venture ............................................................... 35
Sole Risk Development. (a) A Joint Venturer electing to undertake and contribute to the Sole Risk Proposal (Sole Risk Development Joint Venturer) is referred as undertaking a Sole Risk Development.
(b) The Sole Risk Development must be carried out at the cost, risk and expense of the Sole Risk Development Joint Venturer substantially in accordance with the Sole Risk Proposal, subject to reasonable (and not material) deviation from the Sole Risk Proposal in the ordinary course. In the event that the Sole Risk Development Joint Venturer electing to undertake the Sole Risk Proposal proposes to materially amend the Sole Risk Proposal, the Sole Risk Development Joint Venturer must seek Special Majority Vote by the Board.
(c) Upon commencement of the Sole Risk Development:
(i) the Sole Risk Area is excised from this agreement;
(ii) the Sole Risk Area must be held by the JV Company for the benefit of the Sole Risk Development Joint Venturer as beneficial owner; and
(iii) the Sole Risk Development Joint Venturer(s) must indemnify and keep indemnified the other Joint Venturers not electing to undertake the Sole Risk Proposal (Non-Participating Joint Venturers) against all claims and liability arising out of any acts or omissions committed by the Sole Risk Development Joint Venturer in carrying out any Sole Risk Development; and
(iv) if the Sole Risk Development Joint Venturer fails to commence the Sole Risk Development in the Sole Risk Area in accordance with the terms of the Sole Risk Proposal within 12 months from the date of the Sole Risk Notice, the Sole Risk Development Joint Venturer is deemed to have agreed not to proceed with Mining in the Sole Risk Area, whereupon the Sole Risk Area will revert to and be included in the Tenements and the Joint Venturers will be entitled to an interest in the Sole Risk Area in accordance with their then Percentage Shares.