FORTH CLAUSE definition
FORTH CLAUSE. Stages: The current contract consists of two stages, namely: 1) The construction stage, which will have a duration of six months and in which the socialization of the project and the construction of installations will be carried out, and (2) The production stage which will have a duration of ten years in which an estimated rate of production is contemplated as described below: Year 1 of Production = Up to 36,000 tons per year. Year 2 of Production = Up to 60,000 tons per year. Year 3 of Production = Up to 96,000 tons per year. Year 4-10 of Production = Up to 120,000 tons per year. FIFTH CLAUSE: Committee. Each Party will appoint a representative to form a Committee which will be responsible for the quarterly fixation of the coal price. In the case that the Committee cannot reach an agreement regarding price, they shall refer to the weighted basket price which is mentioned in the sixth clause.
Examples of FORTH CLAUSE in a sentence
By executing the penalty clause the rest of the obligations that have arisen in virtue of the contract will not be considered to be extinct nor will exempt THE SELLER from indemnifying any damages caused.” FORTH CLAUSE.