Common use of Voluntary Relinquishments Clause in Contracts

Voluntary Relinquishments. The Concessionaire may, at any time during the Exploration Phase, voluntarily relinquish areas forming part of the Concession Area. Voluntary relinquishments shall be communicated in writing. Voluntary relinquishments shall not exempt the Concessionaire from the obligation to comply with the Minimum Exploration Program. Once the Exploration Phase is completed, the Concessionaire may only keep as Concession Area the Development Area.

Voluntary Relinquishments. The Concessionaire may, at any time during the Exploration Phase, voluntarily relinquish areas forming part of the Concession Area. Voluntary relinquishments shall be communicated in writing. Voluntary relinquishments shall not exempt the Concessionaire from the obligation to comply with the Minimum Exploration Program. Once the Exploration Phase is completed, the Concessionaire may only keep the Development Area as Concession Area the Development Area.