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Joint Operating Agreement
"Need a Joint Operating Agreement for a new offshore wind farm project in the North Sea, with four participating companies and specific provisions for environmental compliance and decommissioning, to be effective from March 2025."
1. Parties: Identification and details of all participating entities
2. Background: Context of the agreement and basic premises
3. Definitions: Key terms used throughout the agreement
4. Operator Rights and Obligations: Detailed responsibilities and authority of the operator
5. Non-Operator Rights and Obligations: Rights and duties of non-operating parties
6. Operating Committee: Structure, voting rights, and procedures
7. Work Programs and Budgets: Planning and financial commitments
8. Default: Consequences and remedies for breach
9. Transfer of Interest: Rules for assignment and transfer of participating interests
10. Withdrawal: Procedures for party withdrawal
1. Decommissioning: Required for oil & gas or infrastructure projects when physical assets require eventual dismantling
2. Environmental Compliance: Specific environmental obligations for operations with significant environmental impact
3. Force Majeure: Provisions dealing with circumstances beyond parties' control, particularly relevant for operations susceptible to external disruptions
1. Accounting Procedure: Detailed financial procedures and cost allocation
2. Contract Area: Geographic definition of operating area
3. Participating Interests: Percentage interests of each party
4. Insurance Requirements: Mandatory insurance coverage
5. Voting Procedures: Detailed mechanisms for Operating Committee decisions
6. Form of Assignment: Template for transfer of interests
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