Joint Operating Company definition

Joint Operating Company or “JOC” means the company to be established in the Republic of Iraq pursuant to Article 9 for taking over the conduct of Petroleum Operations in accordance with Addendum Three.
View Source

Examples of Joint Operating Company in a sentence

  • The Operator appointed in accordance with the Contract, shall have exclusive management and control of Petroleum Operations prior to the formation of the Joint Operating Company.

  • Pursuant to Article 9 of the Contract, a Joint Operating Company of limited liability may be established under the Law.

  • In accordance with Article 9.7 of the Contract, when the Joint Operating Company becomes the Operator, the former Operator shall transfer to the Joint Operating Company all the accounting records relating to the Operating Account.

  • Terms defined in the Contract shall have the same meanings for the purposes of this Heads of Charter of Joint Operating Company Agreement “Charter”).

  • PETCO and its affiliates shall provide such Joint Operating Company such personnel and technical assistance as may be reasonably required, subject to the same reimbursement terms as provided for in paragraph 3.1.2.(i) of this Contract.

  • Contractor, the Joint Operating Company and the Sub-contractors shall be free to implement recruitment, dismissal, performance review and incentive compensation programmes and practices (both with respect to foreign expatriate employees and Azerbaijani citizens) that are customary in international Petroleum operations and in Contractor's and Sub-contractor's experience and judgment are best able to promote an efficient and motivated workforce.

  • The Joint Operating Company organization will be kept to the minimum practicable, but will include management personnel, technical professionals, operating and maintenance personnel and administrative personnel as determined by Contractor to be required to carry out the day-to-day Petroleum Operations on behalf of the Contractor.

  • For purposes of this Accounting Procedure any reference to Contractor shall be deemed to include the Joint Operating Company, (or any other entity established by Contractor pursuant to Article VI), Contractor Parties and their respective Affiliates, as the context may imply.

  • Contractor shall as soon as practicable after the Effective Date form a Joint Operating Company, which may be incorporated or created outside of Azerbaijan but shall be registered in Azerbaijan in accordance with Azerbaijan law.

  • The Joint Operating Company and any other entity Contractor agrees to form for the purposes of carrying out work to be undertaken by Contractor pursuant to this Contract shall be entitled to all of the benefits, waivers, indemnities and exemptions accorded to the Contractor Parties under this Contract.