Decommissioning Plan. The Parties participating in the development will before submission of a development plan to the Danish Energy Agency agree on a Decommissioning Plan, which will be drafted in accordance with any applicable laws, regulations, guidelines and governmental decisions. The Decommissioning Plan must accompany the application for a development plan and shall be subject to the approval of the Danish Energy Agency. Subsequent updates of the Decommissioning Plan shall similarly be subject to the approval of the Danish Energy Agency. The Decommissioning Plan shall be updated on an annual basis and shall be made available to the Danish Energy Agency and possible previous owners of the License in accordance with any applicable laws, regulations, guidelines and governmental decisions. If a party fails to provide and maintain the agreed security, such failure shall also constitute a default under this Agreement and the provisions of Article 12 shall apply to such default.
Appears in 3 contracts
Sources: Joint Operating Agreement, Joint Operating Agreement, Joint Operating Agreement