Common use of Third Contract Year Clause in Contracts

Third Contract Year. Buyer shall, if requested by Seller, provide to Seller on or before November 1 of the calendar year preceding the year in which the third Contract Year begins, a preliminary monthly shipping schedule for the third Contract Year based on Buyer's then current projections for such period. The sum of the quantities reflected for all months in such preliminary monthly shipping schedule for the third Contract Year shall not exceed the Annual Shipping Schedule Quantity for such Contract Year; provided, however, Buyer will issue an adjusted monthly shipping schedule in such Contract Year if it elects to exercise its rights to an Inventory Allowance in accordance with the provisions of Section 3.3.

Appears in 2 contracts

Sources: Concentrate Purchase and Sales Agreement (Freeport McMoran Copper & Gold Inc), Concentrate Purchase and Sales Agreement (Freeport McMoran Copper & Gold Inc)