Nonexistence of Contractor or Assignee Clause Samples

The "Nonexistence of Contractor or Assignee" clause establishes that, at the time of entering into the agreement, neither the contractor nor any assignee exists as a legal entity or party to the contract. In practice, this clause may be used in situations where a contract is being prepared in anticipation of forming a new company or assigning rights to a future entity, ensuring that obligations or rights are not prematurely attributed. Its core function is to clarify the legal status of parties involved, preventing confusion or disputes about contractual obligations before the relevant entities are formally established.
Nonexistence of Contractor or Assignee. As provided by Article 9.1 and given the case that a reservoir is partially located in an area without a current assignation or contract for Exploration and Extraction, the Contractor shall notify to CNH the geological, geophysical and other types of assessments used to determine the existence of such shared reservoir, including, in such case, the information obtained during the drilling of the ▇▇▇▇▇ by which it was determined that the Discovery exceeded the limits of the Contract Area. The Contractor may continue its activities within the Contract Area, which shall be considered in the Exploration Plans and Development Plans approved by CNH. On their end, the Ministry of Energy will determine the juridical instrument that will be used to carry out with the Petroleum activities in the area without current assignation or contract for Exploration and Extraction. Without prejudice of the above, the Contractor may submit for the consideration of the Ministry of Energy the areas with shared reservoirs as provided by article 29 section I of the Hydrocarbons Law. Such proposal will not be binding, nor will grant preferential rights in relation to the awards for the corresponding contracts for Exploration and Extraction.
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Related to Nonexistence of Contractor or Assignee

  • Breach of Contract The failure of the Contractor to comply with any of the provisions, covenants or conditions of this Contract shall be a material breach of this Contract. In such event the County may, and in addition to any other remedies available at law, in equity, or otherwise specified in this Contract: a) Terminate the Contract immediately, pursuant to Section K herein; b) Afford the Contractor written notice of the breach and ten (10) calendar days or such shorter time that may be specified in this Contract within which to cure the breach; c) Discontinue payment to the Contactor for and during the period in which the Contractor is in breach; and d) Offset against any monies billed by the Contractor but yet unpaid by the County those monies disallowed pursuant to the above.