Common use of Commitments of the Parties Clause in Contracts

Commitments of the Parties. 5.1 The Parties agree to perform the following technical or commercial commitments “Commitments”) in relation to the activities of the Joint Venture: [List each party’s commitments with respect to the joint venture activities.] 5.2 Performance of each Party’s Commitments shall be additional to any in-kind contributions required to be made under Article 3. Such Commitments shall be performed [free of charge OR on such terms as shall be approved by the Management Committee.] 5.3 Each Party shall use reasonable care and skill in performing its respective Commitments. 5.4 A Party’s failure to perform its Commitments shall be treated as a breach of its obligations under this Agreement.

Commitments of the Parties. 5.1 The Parties agree to perform the following technical or commercial commitments “Commitments”) in relation to the activities of the Joint Venture: [List each party’s commitments with respect to the joint venture activities.]: 5.2 Performance of each Party’s Commitments shall be additional to any in-kind contributions required to be made under Article 3. Such Commitments shall be performed [free of charge OR on such terms as shall be approved by the Management Committee.] 5.3 Each Party shall use reasonable care and skill in performing its respective Commitments. 5.4 A Party’s failure to perform its Commitments shall be treated as a breach of its obligations under this Agreement.