Common use of Preliminary Activities Clause in Contracts

Preliminary Activities. 5.1. Before deciding on the commercial exploitation of the Slag deposit, such further investigations and studies (referred to as preliminary activities) are necessary to determine the feasibility of the investment, the construction and processing activities. 5.2. The costs and expenses incurred by the Parties prior to the setting up of the J.V. and approved by the Board of Directors (and by an independent auditor, if necessary) shall be considered as a contribution against the obligation of the Parties to provide with the capital contribution of the J.V. pursuant to Article 3.1. of this Agreement. 5.3. The technical and administrative services needed to carry out the preliminary activities shall as far as possible be rendered by the Parties or their affiliated companies on such terms and conditions considered reasonable and acceptable by the Board of Directors. 5.4. Upon completion of the preliminary activities and after the analysis of the cobalt contents of the Slag deposit in accordance with Article 3 of the Frame Agreement, the Parties shall take their final decision as to whether they begin to invest, construct and initiate the Processing operations. That decision shall be taken no later than six months after the signing of this Agreement, provided OMG and/or GGF have not made use of the right to withdraw.

Preliminary Activities. 5.1. Before deciding on the commercial exploitation of the Slag deposit, such further investigations and studies (referred to as preliminary activities) are necessary to determine the feasibility of the investment, the construction and processing activities. 5.2. The costs and expenses incurred by the Parties prior to the setting up of the J.V. and approved by the Board of Directors (and by an independent auditor, if necessary) shall be considered as a contribution against the obligation of the Parties to provide with the capital contribution of the J.V. pursuant to Article 3.1. of this Agreement. 5.3. The technical and administrative services needed to carry out the preliminary activities shall as far as possible be rendered by the Parties or their affiliated companies on such terms and conditions considered reasonable and acceptable by the Board of Directors. 5.4. Upon completion of the preliminary activities and after the analysis of the cobalt contents of the Slag deposit in accordance with Article 3 of the Frame Agreement, the Parties shall take their final decision as to whether they begin to invest, construct and initiate the Processing operations. That decision shall be taken no later than six months after the signing of this Agreement, provided OMG and/or GGF have not made use of the right to withdraw.