Review of Agreement Each party acknowledges that it has had time to review this agreement and, as desired, consult with counsel. In the interpretation of this agreement, no adverse presumption shall be made against any party on the basis that it has prepared, or participated in the preparation of, this agreement.
Development Plan document specifying the work program, schedule, and relevant investments required for the Development and the Production of a Discovery or set of Discoveries of Oil and Gas in the Contract Area, including its abandonment.
Time for Commencement and Completion The term (Initial Term) of this Agreement will begin on the Effective Date and expire on ______________________, 20___. University will have the option to renew this Agreement for _______ (___) additional ______ (____) year terms (each a Renewal Term). The Initial Term and each Renewal Term are collectively referred to as the Term.