Examples of JV Activities in a sentence
The cost of repairing damage sustained to such equipment or facilities with the JV Activities shall be charged to the Joint Account provided always that, if the cost of such damage is recoverable from any underwriters or any third party, the recovery will be credited to the Joint Account.
The Parties agree and acknowledge that, and the Shareholders will procure that the Company ensures that, all JV Activities will be conducted in accordance with this Agreement (including all agreements entered into in connection with this Agreement by the Company or by its Affiliates, subcontractors, licensees or sublicensees).
At reasonable intervals inventories shall be taken by the Operator of the JV Activities warehouse stocks and materials which are ordinarily considered controllable by operators of oil and gas properties.
All taxes and rates of every kind and nature, except taxes which are measured by the income of the parties, assessed or levied upon the Joint Venture, the Operator or in connection with the JV Property, the JV Activities, or the Petroleum production or the Permit or arising therefrom or pertaining to any taxes paid by the Operator for the benefit of the Parties pursuant to Indonesian Tax Law.
It also sets forth the charges and credits attributable to the JV Activities in order to establish the amounts owing between the Parties and to ensure that any particular item cannot be recovered twice by the Operator.
Materials and JV Property charged to the Joint Account and used other than for the JV Activities or Sole Risk Operations, if applicable, by any of the Parties, their affiliates, or a third party, shall be subject to approval by the Committee.
For services rendered to the JV Activities by plant, equipment or facilities exclusively owned by a Party, the owner will charge for such services at rates not in excess of fair market value of such services, and the Operator will give consideration to rates charged by other potential suppliers, location, quality and timing of service and any other relevant factors.
Special inventories may be taken, at the expense of the requesting Party, whenever there is any sale or change of Percentage Interest in the JV Activities or part thereof and it shall (subject to the Agreement) be the duty of the party assigning to notify all other Parties hereto as quickly as possible that the transfer of interest is to take place.
For services rendered to the JV Activities by field equipment or facilities exclusively owned by a Party including but not limited to transportation equipment, drilling and cleanout tools, workshops, water, fuel and power systems, warehouses, and the like, the owner will charge for such services at rates not in excess of fair market value of such services, consideration will be given to rates charged by other potential suppliers, location, quality and timing of service and any other relevant factors.
All of the JV Activities shall be conducted pursuant to a budget which shall be prepared by the Company on a yearly basis prior to October 31 of each year, (the “Budget”), as shall be in effect from time to time.