Development Areas definition
Examples of Development Areas in a sentence
Once the Exploration Phase is completed, the Consortium Members may only keep as Contract Area the Development Areas.
Notwithstanding the provision of this Article 4.1, in the event the Development Areas and Discovery Areas exceed seventy five percent (75%) of the original Contract Area, the Contractor shall be entitled to retain to the extent of Development Areas and Discovery Areas.
Notwithstanding the provision of this Article 4.2, in the event the Development Areas and Discovery Areas exceed fifty percent (50%) of the original Contract Area, the Contractor shall be entitled to retain to the extent of Development Areas and Discovery Areas.
After the Exploration Phase is completed and the activities regarding the Minimum Exploration Program are developed, the Contractors may: retain the Development Areas; fully relinquish the Contract Area.
Development Areas eventually retained by the Consortium Members are exceptions to the provision above.