Common use of Sole Risk Preparation of a Development Clause in Contracts

Sole Risk Preparation of a Development. Programme In the event the Operating Committee rejects a proposal to prepare a development Programme and Budget for a par­ticular Deposit and provided that any appraisal Programme approved by the Operating Committee in relation to that Deposit has been completed or any AFE in respect of appraisal work included in an appraisal work included in an appraisal Programme has been rejected by the Operating Committee, any Party may prepare and submit a proposed development Programme and Budget for such Deposit to the Parties and the Operating Committee shall meet and consider it as soon as practicable after its proposal.

Sole Risk Preparation of a Development. Programme In the event the Operating Committee rejects a proposal to prepare a development Programme and Budget for a par­ticular Deposit particular Storage Site and provided that any appraisal Programme approved by the Operating Committee in relation to that Deposit Storage Site has been completed or any AFE in respect of appraisal work included in an appraisal work included in an appraisal Programme has been rejected by the Operating Committee, any Party may prepare and submit a proposed development Programme and Budget for such Deposit Storage Site to the Parties and the Operating Committee shall meet and consider it as soon as practicable after its proposal.