Common use of Voluntary Relinquishments Clause in Contracts

Voluntary Relinquishments. The Contracted Party may, at any time during the Exploration Phase, voluntarily relinquish areas forming part of the Contract Area. Relinquishments shall not exempt the Contracted Party from the obligation to comply with the Minimum Exploration Program. Once the Exploration Phase is completed, the Consortium Members may only keep as Contract Area the Development Areas.