Obligations of Assignee. In the event a Contractor Party assigns all or a portion of its rights and obligations arising under this Contract, and the assignment has been approved or deemed approved by SOCAR, the assignor shall, to the extent of the interest assigned, be released from all further obligations and liabilities arising under this Contract after the effective date of such assignment. The assignee with the remaining Contractor Parties shall thereafter be jointly and severally liable for the obligations arising from this Contract, except to the extent otherwise provided under this Contract.
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Sources: Joint Development and Production Sharing Agreement, Joint Development and Production Sharing Agreement
Obligations of Assignee. In the event a Contractor Party assigns all or a portion of its rights and obligations arising under this ContractAgreement, and the assignment has been approved or deemed approved by SOCAR, the assignor shall, to the extent of the interest assigned, be released from all further obligations and liabilities arising under this Contract Agreement after the effective date of such assignment. The assignee with the remaining Contractor Parties shall thereafter be jointly and severally liable for the obligations arising from this ContractAgreement, except to the extent otherwise provided under this ContractAgreement.
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