Common use of Detailed Statement Clause in Contracts

Detailed Statement. All Royalty payments or credits shall be accompanied by a detailed statement explaining the calculation thereof together with any available settlement sheets from the Payor. The Parties recognize that a period of time exists between the production of ore, the production of doré or concentrates from ore, the production of refined or finished product from doré or concentrates, and the receipt of Payor’s statements for refined or finished product. As a result, the payment of Royalty will not coincide exactly with the actual amount of refined or finished product produced from Mines for the previous month. Surgold will provide final reconciliation promptly after settlement is reached with the Payor for all lots sold or subject to other disposition in any particular month. In the event that the Republic of Suriname has been underpaid for any provisional payment (whether in cash or ‘in kind’), Surgold shall pay the difference in cash by check and not ‘in kind’ with such payment being made at the time of the final reconciliation. If the Republic of Suriname has been overpaid in the previous calendar month, the Republic of Suriname shall make a payment to Surgold of the difference by check. Mineral Agreement between ▇▇ ▇▇▇ ▇▇▇▇▇▇▇▇ of Suriname and Suriname Gold Company LLC Reconciliation payments shall be made on the same basis as used for the payment in cash pursuant to Article 2.2 hereof.

Detailed Statement. All Royalty payments or credits shall be accompanied by a detailed statement explaining the calculation thereof together with any available settlement sheets from the Payor. The Parties recognize that a period of time exists between the production of ore, the production of doré or concentrates from ore, the production of refined or finished product from doré or concentrates, and the receipt of Payor’s statements for refined or finished product. As a result, the payment of Royalty will not coincide exactly with the actual amount of refined or finished product produced from Mines for the previous month. Surgold will provide final reconciliation promptly after settlement is reached with the Payor for all lots sold or subject to other disposition in any particular month. In the event that the Republic of Suriname has been underpaid for any provisional payment (whether in cash or ‘in kind’), Surgold shall pay the difference in cash by check and not ‘in kind’ with such payment being made at the time of the final reconciliation. If the Republic of Suriname has been overpaid in the previous calendar month, the Republic of Suriname shall make a payment to Surgold of the difference by check. Mineral Agreement between ▇▇ ▇▇▇ ▇▇▇▇▇▇▇▇ The Republic of Suriname and Suriname Gold Company LLC 61 Reconciliation payments shall be made on the same basis as used for the payment in cash pursuant to Article 2.2 hereof.