Terms of Contracts Clause Samples
The 'Terms of Contracts' clause defines the specific conditions, obligations, and rights that govern the relationship between the parties involved in an agreement. It typically outlines key elements such as payment terms, delivery schedules, performance standards, and dispute resolution procedures, ensuring that both parties understand their responsibilities. By clearly specifying these terms, the clause helps prevent misunderstandings and disputes, providing a structured framework that supports the smooth execution and enforcement of the contract.
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Terms of Contracts. Without derogating from the requirement to obtain any requisite approval of the Management Committee under Section 8.10, every Contract entered into by the Operator for the purposes of the Joint Venture which is not entered into on an arm’s length basis must be on terms and conditions the equivalent of those which might reasonably have been expected to be available to the Operator from an arm’s length contractor or subcontractor.
Terms of Contracts use all reasonable endeavours to ensure that any contracts entered into after the date of the Closing Date are, made on arms' length terms and:
(a) do not contain:
(i) any restriction on charging or assigning its right, title, interest and benefit to those contracts to the Borrower Security Trustee; or
(ii) any provision permitting the counterparty to terminate, or which results in the automatic termination of, the relevant agreement, in either case upon the appointment of a Receiver or administrator in respect of the relevant Borrower; or
(b) where such contracts do not comply with paragraph (a) above, use reasonable endeavours to obtain the consent of the relevant party where required, or, where such contract is entered into in replacement of an existing or expired contract, procure that such new contract does not contain terms in respect of termination on the appointment of a Receiver or administrator in respect of such Borrower that are more onerous than the terms of the prior contract;
Terms of Contracts. The subcontracts between each of Cal Dive and CSO and the Joint Venture Entity which relate to the performance of Services by Cal Dive or CSO for the Joint Venture Entity shall be governed by the terms and conditions of the prime contract between the Joint Venture Entity and the customer of the Joint Venture Entity (including the terms regarding indemnification and governing law); provided, that if Cal Dive or CSO contracts with the Joint Venture Entity pursuant to paragraph 3(c) hereof, Cal Dive or CSO, as the case may be, may elect to have the subcontract governed by the terms and conditions of the Proposed Terms to the extent that they differ from the terms and conditions of the prime contract.
Terms of Contracts. Every contract or subcontract entered into by the Operator for the purposes of the Partnership: (a) must specifically acknowledge that the Operator enters into the same as agent for the Partnership; and (b) if it is not entered into on an arm’s length basis or is entered into with an Affiliate of the Operator, must be on terms and conditions the equivalent of those which might reasonably have been expected to be available to the Operator from an arm’s length contractor or subcontractor.
Terms of Contracts. (c) Permitted Matters and Encumbrances
(d) Seller’s Response to Asserted Defects
Terms of Contracts. Every contract or subcontract entered into by the Operator for the purposes of the Joint Venture:
(1) must specifically acknowledge that the Operator enters into the same as agent for the Participants on the basis that the Participants will be severally liable in proportion to their respective Participating Interests; and
(2) which is not entered into on an arms length basis or is entered into with an affiliate of the Operator must, subject to clause 7.11(2), be on terms and conditions the equivalent of those which might reasonably have been expected to be available to the Operator from an arms length contractor or subcontractor.
Terms of Contracts. Recognizing that, as of the time of execution of this Agreement, Buyer has not had an opportunity to review the terms of any agreements relating to the Properties not executed by Buyer or an affiliate of Buyer, any terms or provisions of such agreements that are materially different from those that are normal or customary in the particular type of document involved and that have a material adverse effect on the ownership or operation of the Properties to the end that a reasonably prudent oil and gas operator with knowledge of all of the relevant facts, and the custom and practice in the oil and gas industry, would not be willing to accept the same. For purposes of this Section 6(b)(v), “material adverse effect” shall mean, a monetary value which is greater than $5,000 as to any Well.