Common use of ASSAYING Clause in Contracts

ASSAYING. (a) Assays for lead, gold and silver contents shall be made independently by Seller and Buyer from the samples obtained in accordance with Section 11 above and results of such assays shall be exchanged simultaneously by airmail or courier or another mutually agreed manner within 60 (sixty) calendar days after arrival of the Concentrate at Buyer’s designated Warehouse. The assays for the Payables i.e. lead, silver and gold shall be exchanged on a lot-by-lot- basis and for Penalties (if any) on a composite basis. Determination for gold and silver assays shall be made in accordance with fire assay methods corrected for slag loss and cupel absorption and losses for evaporation. (b) If the difference between Seller’s and Buyer’s assay results is not more than the following splitting limits, then the exact mean of the two results shall be taken as the agreed assay for final settlement: Lead: [***]. Gold: [***]/dmt of Concentrate. Silver: [***]/dmt of Concentrate. (c) If the difference is more than the above splitting limits, both parties shall consult in order to reach an acceptable settlement. In case no agreement has been reached between Seller and Buyer, an umpire assay shall be made by one of the following mutually agreed laboratories to be rotated on a lot-by-lot basis: ▇▇▇▇▇▇ ▇ ▇▇▇▇▇▇ International Ltd. Kings Business Park Kings Drive Prescot Knowsley L34 1PJ UK Laboratory & All Deliveries The ▇▇▇▇ ▇▇▇▇▇▇ Laboratory Kings Business Park Prescot Knowsley L34 1PJ UK or ALS Inspection UK Ltd. (former ▇▇▇▇▇▇▇ Group) ▇ ▇ ▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇, ▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇ or Laboratory Services International BV ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇ ▇▇▇▇ ▇▇, ▇▇▇▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ or SGS NEDERLAND B.V. Malledjik 18 ▇▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ If the umpire assay falls between the assays of Seller and Buyer, or coincides with either, then the arithmetic mean of the umpire assay and that of the party whose assay result is nearer to that of umpire shall be taken as final for settlement purposes. Otherwise, the middle assay of the three assays shall be final for settlement. (d) The costs of the umpire assay or assays shall be borne by the party whose assay result is further from the umpire’s assay. If the umpire assay is the exact mean of the assays of Seller and Buyer, the cost of the umpire shall be borne equally by Seller and Buyer.