Common use of Community Development Agreement Clause in Contracts

Community Development Agreement. Within thirty (30) Days of the Effective Date of this Agreement, the Company shall enter into negotiations for a Community Development Agreement or Agreements with communities impacted by the Project, to promote sustainable development and enhance the general welfare and quality of life of inhabitants, as well as recognize and respect the rights, customs, traditions and religion of the affected persons. Each Community Development Agreement shall: (a) Be based on the objectives listed in Annex B; (b) Address both how local communities can take advantage of the development opportunities presented by the Project, and how the Project’s adverse impacts can be mitigated; (c) Serve as the Agreement that specifies how the Company’s obligation to spend funds for local development shall be met; and (d) Address environmental, social, and economic conditions during mining and after mine closure, and the transition from a mining economy to a post-mining economy in the Project Area as may be agreed upon among the Parties to such Community Development Agreement.