Obligations of Assignee. In the event SOCAR assigns all or part of such interest and the assignment has been approved or deemed approved by Contractor, SOCAR shall, to the extent of such interest assigned, be released from all further obligations and liabilities arising under this Contract after the effective date of such assignment. The assignee shall thereafter be liable for the obligations arising from such interest in this Contract, except to the extent otherwise provided under this Contract.
Appears in 2 contracts
Sources: Joint Development and Production Sharing Agreement, Joint Development and Production Sharing Agreement