TRANSFER/POSSESSION Clause Samples

TRANSFER/POSSESSION. 17.1 The Contractor can transfer part or all of the possession and (or) liability within the Contract to other party. However, such activity shall be reported in writing to the PetroChina, and only can be conducted after being approved and have no damaging effects to the normal oil production. The Contractor shall guarantee in writing to the PetroChina Subsidiary and state the transferred duty can still be fulfilled. 17.2 The PetroChina Subsidiary can authorize and consign the relevant companies to fulfill the contract, however the PetroChina Subsidiary still be responsible to the contract. 17.3 After being approved by PetroChina, the PetroChina Subsidiary can transfer part or all of the possession and (or) liability within the contract to third party which is controlled by PetroChina. The PetroChina Subsidiary shall guarantee the transferred duty can still be fulfilled and also have no damaging effects to the oil production as well.

TRANSFER/POSSESSION. The authorized party agrees that the option under this agreement can be transferred in part or in whole by Party A to a third party without prior consent of the authorized party. The third party shall be regarded as a party to this agreement, and the Contractor shall exercise the option according to the conditions of this Agreement and undertake the rights and obligations of Party A under this agreement.