Common use of TERM OF MEMORANDUM Clause in Contracts

TERM OF MEMORANDUM. This MoU shall remain in effect for three (3) years from the date of signature on the basis that the biannual reviews demonstrate positive progress against the Strategic Objectives. It may otherwise be terminated, amended or extended by a prior written agreement between both Parties hereto. In addition, either Party may terminate this MoU upon ninety (90) days written notice to the other, setting out the reasons for termination. Termination of this MoU will not affect any project specific agreements between the Parties in force at the time of termination of this MoU. The present agreement does not imply any allocation of financial resources in any kind from either of the Parties to develop the above-mentioned activities. Investment decisions will continue to be taken by and within each Party’s own approvals processes and delegation frameworks. Nothing in this Memorandum of Understanding shall interfere with or prejudice the statutory or other rights and obligations and investment approval processes of the Parties. The management of finance, risk and exposure will be the responsibility of each Party, to satisfy the standards and requirements set out under each Party’s corporate governance framework. With the exception of the provisions relating to Freedom of Information and Anti-Bribery below this MoU is not intended to be legally binding nor create enforceable legal obligations or legal rights between the Parties. Nothing in this letter is intended to, or shall, be deemed to establish any legal relationship between the Parties. Nothing in this Agreement is intended to, or shall be deemed to, establish any formal legal partnership, or joint venture between any of the parties, constitute any party the agent of another party, or authorise any party to make or enter into any commitments for or on behalf of any other party. Each party confirms that it is acting on its own behalf and not for the benefit of any other party.

TERM OF MEMORANDUM. This MoU shall remain in effect for three five (35) years from the date of signature on the basis that the biannual reviews demonstrate positive progress against the Strategic Objectives. It may otherwise be terminated, amended or extended by a prior written agreement between both Parties hereto. In addition, either Party may terminate this MoU upon ninety (90) days written notice to the other, setting out the reasons for termination. Termination of this MoU will not affect any project specific agreements between the Parties in force at the time of termination of this MoU. The present agreement does not imply any allocation of financial resources in any kind from either of the Parties to develop the above-mentioned activities. Investment decisions will continue to be taken by and within each Party’s own approvals processes and delegation frameworks. Nothing in this Memorandum of Understanding shall interfere with or prejudice the statutory or other rights and obligations and investment approval processes of the Parties. The management of finance, risk and exposure will be the responsibility of each Party, to satisfy the standards and requirements set out under each Party’s corporate governance framework. With the exception of the provisions relating to Freedom of Information and Anti-Bribery below this MoU is not intended to be legally binding nor create enforceable legal obligations or legal rights between the Parties. Nothing in this letter is intended to, or shall, be deemed to establish any legal relationship between the Parties. Nothing in this Agreement is intended to, or shall be deemed to, establish any formal legal partnership, or joint venture between any of the parties, constitute any party the agent of another party, or authorise any party to make or enter into any commitments for or on behalf of any other party. Each party confirms that it is acting on its own behalf and not for the benefit of any other party.