Work Expenditures Sample Clauses
The Work Expenditures clause defines how costs and expenses related to the performance of work under the contract are managed and reimbursed. Typically, it outlines which expenditures are eligible for reimbursement, sets limits or approval requirements for certain types of costs, and may specify documentation or reporting obligations for incurred expenses. This clause ensures that both parties have a clear understanding of which work-related costs will be covered, thereby preventing disputes over payments and promoting transparency in financial dealings.
Work Expenditures. During the Lease Term, until terminated by Company under Section 6 or until the Purchase Option is exercised under Section 7, Company shall make work expenditures ("Work Expenditures") on or for the benefit of the Property in the following amounts:
A. The sum of $100,000 on or before October 31, 2005. This is a firm commitment. If Company fails to perform the total amount of such Work Expenditures; Company shall pay Claimholder the deficiency in immediately available funds.
B. The sum of $100,000 on or before October 31, 2006.
C. The sum of $100,000 on or before October 31 of each year thereafter.
Work Expenditures. Until the earlier of (a) termination by Company of this Agreement under Section 6 or (b) transfer of title to the Company under Section 7, Company shall make the work expenditures on or for the benefit of the Oatman Gold Project in the following amounts:
A. The sum of US$100,000 (One hundred thousand dollars) on or before November 30, 2011.
B. The sum of US$100,000 (One hundred thousand dollars) on or before November 30 of each year thereafter.
Work Expenditures. Until the earlier of (a) termination by Company of this Agreement under Section 6 or (b) transfer of title to the Company under Section 7, Company shall make the work expenditures on or for the benefit of the Property in the following amounts:
Work Expenditures. Until the earlier of (a) termination by Company of this Agreement under Section 6 or until transfer of title to the Company under Section 7, Company shall make work expenditures ("Work Expenditures") on or for the benefit of the Property in the following amounts:
A. The sum of US$5,000 (Five thousand Dollars) on or before December 31, 2010. This is a firm commitment. If Company fails to perform the total amount of such Work Expenditures, Company shall pay Claimholder the deficiency in immediately available funds.
B. The sum of US$5,000 (Five thousand Dollars) on or before December 31, 2011.
C. The sum of US$5,000 (Five thousand Dollars) on or before December 31 of each year thereafter. Any excess of Work Expenditures in any year shall be carried forward to the succeeding year. If Work Expenditures in any year after the period ended December 31, 2010 are deficient and Company desires to maintain this Agreement in effect, Company shall pay Claimholder in immediately available funds a sum equal to the deficiency in lieu of the Work Expenditure shortfall. For purposes of this Agreement, “Work Expenditures” is defined as sums spent or incurred by Company directly on the Property for exploration and development of the Property, including drilling, geochemical sampling, geophysical or seismic survey, assaying, and ore reserve calculation; metallurgical and engineering analyses; environmental and permitting analyses and activities; feasibility studies; and financing investigations; plus 5% of such direct costs in lieu of headquarters overhead and general and administrative expenditures.
Work Expenditures. During the Lease Term, until terminated by Amax under Section 6 or until the Purchase Option is exercised under Section 7, Amax shall make work expenditures ("Work Expenditures") on or for the benefit of theProperty in the following amounts:
A. The sum of $500,000 on or before January 31, 1998. This is a firm commitment. If Amax fails to perform the total amount of such Work Expenditures, Amax shall pay RLV the deficiency in immediately available funds. B. The sum of $500,000 on or before January 31 of each year thereafter. Any excess of Work Expenditures in any year (or during the period prior to January 31, 1998) shall be carried forward to the succeeding year. If Work Expenditures in any year after the period ended January 31, 1998 are deficient and Amax desires to maintain the Lease and Purchase Option in effect, Amax shall pay RLV in immediately available funds a sum equal to 50% of the deficiency. Work Expenditures may include any and all sums spent or incurred by Amax in exploration, evaluation, and development of the Property, including without limitation all costs for land acquisition and maintenance; drilling, sampling, assaying, and ore reserve calculation; metallurgical and engineering analyses; environmental and permitting analyses and activities; title examination and curative; feasibility studies; and financing investigations; plus 5% of such direct costs in lieu of headquarters overhead and general and administrative expenditures. All Work Expenditures shall be subject to recoupment by Amax under Section 8D, but any cash payments in lieu of Work Expenditures made by Amax to RLV under this Section 4 shall not be subject to recoupment by Amax.
Work Expenditures. During the Lease Term, until terminated by Company under Section 6 or until the Purchase Option is exercised under Section 7, Company shall make work expenditures ("Work Expenditures") on or for the benefit of the Property in the following amounts:
A. The sum of $100,000 on or before March 15, 2006. This is a firm commitment. If Company fails to perform the total amount of such Work Expenditures, Company shall pay Claimholder the deficiency in immediately available funds.
B. The sum of $100,000 on or before March 15, 2007.
C. The sum of $100,000 on or before March 15 of each year thereafter.
Work Expenditures. In order to keep the Option in good standing, Crosshair shall incur during the Option Period, not less than $600,000 in Eligible Exploration Expenditures on the Property as follows:
(a) $100,000 on or before the first anniversary of this Agreement (it being acknowledged by the Optionor that a pro-rata portion of the cost of an airborne survey which has already been completed by Crosshair on an area including the Property will be credited towards this work commitment);
(b) an additional $200,000 on or before the second anniversary of this Agreement; and
(c) an additional $300,000 on or before the third anniversary of this Agreement. Any expenditure above the minimum annual work expenditures may be carried forward to subsequent years.
Work Expenditures. During the Lease Term, until terminated by Company under Section 6 or until the Purchase Option is exercised under Section 7, Company shall make work expenditures ("Work Expenditures") on or for the benefit of the Property in the following amounts:
A. An initial Exploration drilling program will be carried out consisting of:
1) The sum of $1,500,000.00 will be committed during an 18-month period beginning MARCH 15, 2005 TO fully define known ore bodies and structures on the Aventura IV-A claim to a Proven Reserve status. Adjoining claims, not yet explored, will be outlined for further reserve addition. An option to develop and produce known reserves during this drilling program will be defined by the Company.
2) The Proven reserve status and results of the Exploration program will determine the following development and production outline: Upon defining Proven Gold Reserve resources of not less than 250,000 nor more than 500,000 ▇▇▇▇ ounces, a $5,000,000.00 development Capital Expenditure (CAPEX) will be allocated for mine and processing plant infrastructures at the 500 ton/day level. This investment will be at the discretion of the Company whether it will take place during the 18 months Exploration Program or within a six-month period after. No considerations to Claim holder are to be considered in this program.
B. Upon defining a proven Gold Reserve resource of plus 1,000,000 ▇▇▇▇ ounces, further CAPEX outlay will be designated to increase planned production to the 750- 1,000 ton/day capacity level.
Work Expenditures. 3.7.1 The Optionee is committed to make work expenditures in relation to the Mineral Rights, being entitled to make any expenditures in exploration directly or through its agents and contractors, as may be decided by the Optionee as follows:
(a) US$60,000 During the first year counted as of the date of signing the contract on surface rights referred to under section 4 and subject to the approval of the exploration project pursuant to the Environmental Regulations.
(b) US$100,000 During the second year counted as of the date the Parties sign the public deed that contains this Agreement, provided that the Optionee has executed the contracts on surface rights referred to under section 4 and subject to the approval of the exploration project pursuant to the Environmental Regulations.
(c) US$150,000 During the third year counted as of the date the Parties sign the public deed that contains this Agreement, provided that the Optionee has executed the contracts on surface rights referred to under section 4 and subject to the approval of the exploration project pursuant to the Environmental Regulations. The Work Expenditures shall be incurred at the Optionee’s discretion and cost pursuant to this sub-section 3.7 and the Exhibit “A”. The Optionee has the right to accelerate completion at its own discretion.
Work Expenditures. During the Lease Term, until terminated by Company under Section 6 or until the Purchase Option is exercised under Section 7, Company shall make work expenditures ("Work Expenditures") on or for the benefit of the Property in the following amounts:
A. An initial Exploration drilling program will be carried out consisting of:
1) The sum of $1,500,000.00 will be committed during an 18-month period beginning September 15, 2004 to fully define known ore bodies and structures on the Aventura IV-A claim to a Proven Reserve status. Adjoining claims, not yet explored, will be outlined for further reserve addition. An option to develop and produce known reserves during this drilling program will be defined by the Company.
2) The Proven reserve status and results of the Exploration program will determine the following development and production outline: Upon defining Proven Gold Reserve resources of not less than 250,000 nor more than 500,000 ▇▇▇▇ ounces, a $5,000,000.00 development Capital Expenditure (CAPEX) will be allocated for mine and processing plant infrastructures at the 500 ton/day level. This investment will be at the discretion of the Company whether it will take place during the 18 months Exploration Program or within a six-month period after. No considerations to Claim holder are to be considered in this program.
B. Upon defining a proven Gold Reserve resource of plus 1,000,000 ▇▇▇▇ ounces, further CAPEX outlay will be designated to increase planned production to the 750- 1,000 ton/day capacity level. Any excess of Work Expenditures in any year shall be carried forward to the succeeding year. For purposes of this Agreement, “Work Expenditures” is defined as sums spent or incurred by Company directly on the Property for exploration and development of the Property, including drilling, geochemical sampling, geophysical or seismic survey, assaying, and ore reserve calculation; metallurgical and engineering analyses; environmental and permitting analyses and activities; feasibility studies; and financing investigations; plus 5% of such direct costs in lieu of headquarters overhead and general and administrative expenditures.