Examples of Use Contract in a sentence
The MIID has informed KPC that the transition to mining under the Subsoil Use Contract (SSUC) has not proceeded and as such the government has requested a return of the contractual area.
A Use Contract need not require the Counterparty to pay to the Public Officer or Agency any compensation for use of the property to which it relates unless required by a state law other than the Act or by the Commissioner.
A Use Contract must be entered into for the express purpose of carrying out a governmental program established by law or authorized by law and established by official action of the contracting Public Officer or Agency.
A Use Contract must allow for termination by the Public Officer or Agency in the event of default by the Counterparty or in the event the governmental program is terminated or changed, and may provide for notice of default for a specified period which is reasonable under the circumstances prior to termination.
The term of a Use Contract, including all renewal terms that are solely at the option of the Counterparty, shall be substantially less than the useful life of the property to which it relates.