Common use of ANNUAL CAPS Clause in Contracts

ANNUAL CAPS. The maximum aggregate amount to be paid under the Shipping Framework Agreement for each year during the term of the Shipping Framework Agreement is capped at US$5.0 million. This annual cap was determined by reference to the agreed pricing principles set out in the Shipping Framework Agreement, projected production volumes and schedules of the Group, requirements of buyers including loading and discharging points and prevailing and projected international market sea freight rates for similar services from Peru and Australia.

ANNUAL CAPS. The maximum aggregate amount to be paid under the Shipping Framework Agreement for each calendar year during the term of the Shipping Framework Agreement is capped at US$5.0 10.0 million. This On this basis, the Annual Cap is US$10.0 million for 2023 and US$10.0 million for 2024. The annual cap was determined by reference to the agreed pricing principles set out in the Shipping Framework Agreement, projected production volumes and schedules of the Group, requirements of buyers including loading and discharging points and prevailing and projected international market sea freight rates for similar services from Peru and Australia.

ANNUAL CAPS. The maximum aggregate amount to be paid under the Shipping Framework Agreement for each calendar year during the term of the Shipping Framework Agreement is capped at US$5.0 23.0 million. This On this basis, the Annual Cap is US$10.0 million for 2020 and US$23.0 million for 2021 and 2022. The annual cap was determined by reference to the agreed pricing principles set out in the Shipping Framework Agreement, projected production volumes and schedules of the Group, requirements of buyers including loading and discharging points and prevailing and projected international market sea freight rates for similar services from Peru and Australia.