Offtake Party definition

Offtake Party means a mint, smelter, refiner, processor, third party, purchaser or other recipient to whom Product is shipped or delivered by AEM.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedBook a Demo

Offtake Party means the smelter, refiner, processor, offtake party, purchaser or other recipient to whom Production is shipped or delivered by Operator;

Offtake Party means any party that has agreed to purchase natural gas or condensate from the Sponsor pursuant to an Offtake Agreement.

Examples of Offtake Party in a sentence

• Operator shall gross up the amount of the royalty payment, or will cause the Offtake Party to gross up the amount of the Royalty payment, by the applicable IVA (or any similar replacement taxes) amounts which the Payee will remit as required by Law.

• All costs charged by the Offtake Party as a result of complying with the payment provisions of Sections 4.3 and 4.4 shall be paid by Payee, and Operator shall have no liability or responsibility therefor.

• Within the time provided in Section 4.4, Operator shall pay, or cause the Offtake Party to pay, the Royalty in accordance with written instructions given to the Operator by Payee as provided in Section 4.3.1. Once Operator has received instructions from Payee, such instructions shall remain in effect until Operator has received different instructions from Payee.

• All credits or payments of the Royalty shall be accompanied by a detailed statement explaining the manner in which the payment was calculated together with any available settlement sheets from the Offtake Party.

• Should for any reason shipments of any Gold to the Offtake Party or other purchaser be delayed beyond 20 calendar days following the time at which the quantities of Gold have reached the highest point of beneficiation on the Property payment of the Royalty relating to such late shipments will be estimated by the Operator based on the mill assays and paid with the next month’s Royalty payment to the Payee and accompanied by copies of such assays.

• If KIA elects to receive its Net Smelter Returns Royalty “in kind”, KIA shall open a bullion storage account at each Offtake Party designated by AEM as a possible recipient of Product in which KIA owns an interest pursuant to this Royalty Agreement.

• Title to Refined Gold delivered to KIA under this Royalty Agreement shall pass to KIA at the time such Refined Gold is credited to KIA’s account at the applicable Offtake Party.

More Definitions of Offtake Party

Offtake Party means the smelter, refiner, processor, offtake party, purchaser or other recipient to whom Production is shipped or delivered by Operator; (m) “Operator” includes all of Operator’s successors-in-interest in the Property subject to the terms of section 12.2 and its corporate successors and permitted assigns to the Mining Properties including inter alia assignees, lessees and, when applicable, mortgagees of the Property and to the extent any shall have an interest in the Property, Operator’s subsidiary, parent or affiliated companies; (m) “Party” or “Parties” means one or more of the persons or entities who or which are a party to this Agreement; (n) “Payee” includes all of Payee’s successors-in-interest, including inter alia assignees, partners, joint venture partners, lessees and, when applicable, mortgagees and Payee’s subsidiary, parent, sister or affiliated companies; (o) Production” means 50% of the number of ▇▇▇▇ ounces of Gold Metal contained in the production from the Property which were delivered to an Offtake Party by the Operator;