TWENTIETH CLAUSE. Unilateral Termination of the current contract: CCP is entitled to terminate the current contract from the date of the signing of the current contract and up to the day in which they exercise the assignment option of the mining title in their name. Therefore, during the period of time reviewed in this clause CCP may determine that there is no interest or that it is not possible to develop a mining project and in this eventuality, CCP may (i) unilaterally terminate the obligation of continuing with the payment reviewed in the Ninth and Tenth Clauses of the current agreement, being exonerated of any payment proportional to the remaining period of time for the next payment, compensation, penalization, reclamation, royalty or any type of expenditure of money in favor of the titleholders, (ii) and resign from now to demand to AMERALEX the total or partial return of any of the sums of money received until that moment. In case of unilateral termination on the part of CCP, in the terms described in this clause the following procedure will be applied:
Appears in 2 contracts
Sources: Option Contract for the Acquisition of Rights of a Mining Title (Colombia Energy Resources, Inc.), Option Contract for the Acquisition of Rights of a Mining Title (Colombia Energy Resources, Inc.)