Common use of CONTRACTOR GROUP Clause in Contracts

CONTRACTOR GROUP. agrees to pay the STATE, when a deposit of Hydrocarbons in the Area of Interest in which it has a Percentage Interest is declared pursuant to the Association Contract to contain commercially exploitable quantities, a discovery Bonus of an amount of one million US Dollars (US$ 1,000,000). This payment has to be made within thirty (30) days of the official granting of the Exploitation Concession.

CONTRACTOR GROUP. agrees to pay the STATE, when a deposit of Hydrocarbons in the Area of Interest in which it has a Percentage Interest is declared pursuant to the Association Contract to contain commercially exploitable quantities, a discovery Bonus of an amount of one million US Dollars (US$ US $ 1,000,000). This payment has to be made within thirty (30) days of the official granting of the Exploitation Concession.