Joint Development Operating Agreement definition
Examples of Joint Development Operating Agreement in a sentence
For purposes hereof, “good cause” shall mean not only gross negligence and willful misconduct, but also the material breach of or inability to meet the standards of operation contained in Section 3.3, or a material failure or inability of a Party Operator to perform its obligations under the relevant Joint Development Operating Agreement.
For the avoidance of doubt, no Excluded Asset shall be subject to the terms of this Agreement or any Joint Development Operating Agreement.
During the term of this Agreement, for avoidance of doubt, as between the Parties, the provisions of this Section 3.5(b) and Section 3.5(c) shall be in lieu of any provisions in any Joint Development Operating Agreement for the removal or resignation of the operator thereunder.
For the avoidance of doubt, a Party Operator shall conduct each Sole Risk Development Operation conducted pursuant to the Joint Development Operating Agreement for which it is operator on behalf of all of the parties participating in such operation, unless otherwise agreed by such participating parties in accordance with the terms of such Joint Development Operating Agreement.
Exhibit “B” (Joint Development Operating Agreement) to Exhibit “E” (Joint Development Agreement) is revised by adding the word “working” immediately prior to the word “interest” in each of Article VIII.D.1. and Article VIII.D.2 and replacing the phrase “an ownership” with “a working” in the third line of the first sentence following Article VIII.D.2.
For purposes hereof, “good cause” shall mean not only gross negligence and willful misconduct, but also a material failure or inability of a Party Operator to perform its obligations under the relevant Joint Development Operating Agreement.