WORK DEPOSIT Sample Clauses

WORK DEPOSIT. This Licence is accompanied by a Work Deposit in the amount of twenty- five per cent (25%) of the bid submitted. Work Deposits are refundable as expenditures are deemed allowable during Period 1 of the term of the Exploration Licence. A credit against the Work Deposit will be made on the basis of twenty-five per cent (25%) of allowable expenditures, referred to hereafter, as they are approved. Any Work Deposit balance remaining at the end of Period 1 will be forfeited. Expenditures incurred in Period 2 of the term will not be credited against the Work Deposit.