Open AccessIndependent Operations, Obligatory Operations and Challenge of Operator Provisions in Joint Venture Agreements
Author(s) -
Ward Brown
Publication year - 1970
Publication title -
alberta law review
Language(s) - English
Resource type - Journals
eISSN - 1925-8356
pISSN - 0002-4821
DOI - 10.29173/alr542
Subject(s) - joint venture , joint (building) , operator (biology) , business , action (physics) , industrial organization , operations research , operations management , law and economics , computer science , economics , commerce , engineering , architectural engineering , biochemistry , chemistry , physics , repressor , quantum mechanics , transcription factor , gene
Although the concept of a joint venture is one of joint action, joint venture agreements in use in the oil and gas industry contain provisions for independent operations. This article discusses the need for independent operations clauses, the types of independent operations clauses, including obligatory operations clauses, the types of penalties and general problems which should be considered in the drafting of independent operations clauses. The article concludes with an analysis of the challenge of operator provisions in joint operating agreements.