Subsequent Programs and Budgets Clause Samples
The "Subsequent Programs and Budgets" clause establishes the process for planning and approving future phases of work and their associated financial requirements after the initial agreement. Typically, this clause outlines how parties will propose, review, and agree upon new programs or projects, including the submission and approval of detailed budgets for each subsequent phase. By providing a structured approach to ongoing collaboration and funding, this clause ensures that both parties have clarity and mutual agreement on future commitments, thereby reducing the risk of misunderstandings or disputes over scope and costs as the relationship progresses.
Subsequent Programs and Budgets. Each Program and Budget pertaining to subsequent years of the Earn-in Schedule will be prepared by Ivanhoe in good faith having regard to all information available to Ivanhoe in respect of the Project Property, generally accepted mining industry practice and the terms of this Agreement and will be limited to the conduct of Exploration and Development for the sole purpose of determining the economic viability of extracting Products. Prior to implementation, each Program and Budget pertaining to subsequent years of the Earn-in Schedule will be submitted to the Earn-in Committee for review and approval.
Subsequent Programs and Budgets. ● Upon commencement of commercial production, the Management Committee will be required to review and approve an annual program and budget prepared by Exar. ● The Management Committee will have the right to request and review additional programs and budgets, including: o one or more supplementary program and budget to be considered and prepared for a near-term expansion of the Cauchari-Olaroz Project (a “Capital Expansion”), such as the Stage 2 development at the Project; and o any supplementary program and budget to be prepared for closure proximate to closure timing. ● In the event of a Dispute regarding a budget, Exar will prepare, and the Participants will fund, a minimum operating budget to maintain Exar and the Cauchari-Olaroz Project in good standing.
Subsequent Programs and Budgets. Programs and Budgets pertaining to the Property will be prepared by the Operating Party in good faith having regard to all information available to with respect of the Project Property, generally accepted mining industry practice and the terms of this Agreement and will be limited to the conduct of Exploration and Development for the sole purpose of determining the economic viability of extracting Products. Prior to implementation, each Program and Budget pertaining to subsequent years of the Earn-in Schedule will be submitted to the Earn-in Committee for review and approval.
Subsequent Programs and Budgets. (i) For each Contract Year beginning with the Contract Year commencing on January 1, 2010, a proposed program and budget (the “Program and Budget”) shall be prepared by Manager and submitted to the Operating Committee at least forty five (45) days prior to the start of such Contract Year. Unless otherwise agreed by the Operating Committee, each such proposed Program and Budget shall cover a five-year period, with the first year of such Program and Budget containing monthly projections and the subsequent four years of such Program and Budget containing annual projections.
(ii) Manager may revise, clarify or amend the proposed Program and Budget, subject to consideration and approval by Company.
(iii) Company shall approve each proposed Program and Budget, with any approved revisions, clarifications or amendments, no later than thirty (30) days prior to the period to which such proposed Program and Budget applies.
(iv) In the event that the Program and Budget is not approved by Company within the timeframe set forth in Subsection (iii) above, Manager shall operate the Project and perform its obligations hereunder pursuant to the Extended Program and Budget until a new Program and Budget is so approved.