Examples of Joint Venture Parties in a sentence
Hindustan Oil Exploration Company and Adbhoot Estates Private Limited are Joint Venture Parties to a Revenue Sharing Contract of DSF Block MB/OSDSF/B80/2016 (hereinafter referred to as “RSC”) dated-27th March 2017, with their Participating Interest 60% and 40% respectively (collectively as the “RSC Parties”).
The net operating income and net operating loss of the Joint Venture shall be allocated and shared between and shared by the Joint Venture Parties in proportion to their performance of work.
Joint Venture Property will be owned by the Joint Venture Parties as tenants in common in proportion to their respective Percentage Interests as they may vary from time to time.
Each Joint Venture Party covenants with the other Joint Venture Parties that it will not, so long as it is a Party to this Agreement, engage in any Exploration or Mining Operations on the Property except as provided in this Agreement.
The Joint Venture Parties acknowledge and agree that the Percentage Interests will be limited to the rights to Explore and Mine Gold Mineralisation subject to the priority and rights granted under this Agreement.