Work Commitment includes all direct or indirect expenses [net of government incentives and net of payments to the Optionor pursuant to paragraph 4 hereof] of or incidental to Mining Operations. The certificate of the Controller or other financial officer of the Optionor, together with a statement of expenditures in reasonable detail shall be prima facie evidence of such expenditures. In the event the commitment is not met on any year, the balance will be due in cash and or free trading stock paid to the Optionor. Any and all excess amounts expended in one year may offset commitments to future commitments;
Work Commitment means the Work Programs during the second *** Contract Years, as set forth in Sub-section 4.2 of this CONTRACT.
Work Commitment shall be defined herein as the sum of all monies spent in prospecting, exploring, conducting geological, geophysical and geochemical surveying, sampling, examining, diamond and other types of drilling, developing, dewatering, assaying, testing, constructing, maintaining and operating roads, trails and bridges upon or across the Property, buildings, equipment, plant and supplies, salaries and wages of employees and contractors directly engaged therein, insurance premiums, and all other expenses ordinarily incurred in prospecting, exploring and developing mining lands and also includes monies spent in acquiring additional claims or concessions within the Area of Mutual Interest (as defined in Section 10 below), which shall form part of the Property. Work Commitment shall also include all tax payments as well as legal costs and fees related to the registration of titles and agreements with the appropriate government agencies. The Company shall have the sole discretion to manage the Work Commitment.
Examples of Work Commitment in a sentence
Federal and County Mining Claim Maintenance Fees and staking and filing fees are not expenses that Lessee may expense towards the Work Commitment.
If the Company, by the Option Deadline, has not incurred or funded the total amount of the Work Commitment required under this Section, the Company may pay to the Optionor an amount equal to such shortfall in Work Commitment within thirty (30) days after the Option Deadline.
Within thirty (30) days of the end of each Lease Year, Lessee shall, at Lessee’s sole costs, deliver to Owner address as set forth in the Notice provision in Section 22 herein, a copy of all Data, as well as deliver to Owner a report of all of Lessee’s activities conducted on the Property for such Lease Year, including itemized information concerning Work Commitment Expenditures incurred during the Lease Year.
Any payment so made shall be deemed to be Work Commitment duly and properly incurred within the Option Period for the purposes of the Conditions of Exercise.
The Company shall have the sole discretion to manage the Work Commitment.
More Definitions of Work Commitment
Work Commitment means the commitment of WG to fund Exploration and Mining Expenditures as set forth in Section 5.2.
Work Commitment means all costs and expenses incurred by Juneau for the benefit of the Subject Property for the exploration, evaluation or development of the Minerals, including, without limitation, all salaries and wages and burdens thereon for employees of Juneau and its contractors, travel costs, costs of machinery, equipment, plant, facilities, fixtures and supplies, costs of sampling, assays, analyses, metallurgical testing and pilot plant operation, costs of government permits and approvals, costs of preparing reports, studies and analyses of the potential for development of the Minerals, and an administrative charge of ten percent (10%) of all of the foregoing to compensate Juneau for its home office overhead and administrative costs.
Work Commitment has the meaning assigned to that term in Recital C;
Work Commitment shall have the meaning set forth in Section 5.1
Work Commitment. The newly established work commitment calls for the following US$4,000,000 expenditure schedule on Solitario's royalty property: Period Between 1/1/05 to 12/31/06 Between 1/1/07 to 12/31/08 Between 1/1/09 to 12/31/10 Between 1/1/11 to 12/31/12 Amount US$1,000,000 US$1,000,000 US$1,000,000 US$1,000,000 Cumulative US$1,000,000 US$2,000,000 US$3,000,000 US$4,000,000 Royalty Schedule: The proposed new royalty structure has been classified into several categories, depending on the type of process used to recover each metal, gold and copper prices, as well as any government royalty burden imposed by Peru on the project ores. The following summarizes the revised royalty structure:
Work Commitment includes all direct or indirect expenses [net of government incentives and net of payments to the Optionor pursuant to paragraph 4 hereof] of or incidental to Mining Operations. The certificate of the Controller or other financial officer of the Optionor, together with a statement of expenditures in reasonable detail shall be prima facie evidence of such expenditures. In the event the commitment is not met on any year, the balance will be due in cash and/or other arrangement acceptable to both parties at that time, and paid to the Optionor. Any and all excess amounts expended in one year may be used to offset commitments to future commitments;
Work Commitment means the period of work obligation an employee is required to undertake as a condition of receiving financial assistance granted under the terms of this policy or a Return Service Agreement entered into between Greenview and the employee.