During the Development Period Clause Samples
The "During the Development Period" clause defines the rights, responsibilities, and procedures that apply while a project or property is under development. Typically, this clause outlines what actions parties may or may not take during this phase, such as construction activities, access rights, or obligations to provide progress updates. Its core function is to establish clear expectations and rules for all parties during the development stage, thereby minimizing misunderstandings and ensuring the project proceeds smoothly.
During the Development Period. (1) To comply each Year with a minimum percentage of national content of the value of all the items indicated in the Methodology which have been purchased or contracted for Petroleum Activities during the Development Period, which shall annually increase at a constant rate starting at twenty-five percent (25%) in the first Year of the Development Period, until the Year 2025 when it shall constitute at least thirty-five percent (35%), which shall be verified annually by the Ministry of Economy in accordance with such Methodology and the Applicable Laws;
(2) To include in its proposed Development Plan a compliance program for the above-referenced percentage of national content, and a technology transfer program including the applicable periods and stages, in order for CNH, in consultation with the Ministry of Economy to grant or deny its approval pursuant to Article 6.2, in the understanding that once approved it will be part of this Contract and shall be considered an obligation of the Contractor. The obligations relating to national content will commence upon approval of the Development Plan, and
(3) Beginning in the Year 2025, the items indicated in the above- referenced Methodology shall constitute at least thirty-five percent (35%) of the value of all the of the above-mentioned items which have been purchased or contracted for the Petroleum Activities, without prejudice that this minimum average percentage of national content will be revised pursuant to Transitory Article Twenty-Four of the Hydrocarbons Law.
During the Development Period. (1) To comply with a minimum percentage of national content of four percent (4%) of all the items indicated in the Methodology which have been purchased or contracted since the approval of the Development Plan and upon the beginning of the Regular Commercial Production. Such minimum percentage shall increase up to ten percent (10%) of the referred concepts, from the beginning of the Regular Commercial Production in any Development Area. Compliance with the minimum percentage of national content shall be verified by the Ministry of Economy every three (3) Years and shall include all items purchased or contracted during the Development Period in terms of the Methodology and the Applicable Laws.
(2) To include in its proposed Development Plan a compliance program for the above-referenced minimum percentage of national content, as well as the technology transfer program, including the applicable periods and stages, which shall be approved by the CNH, prior opinion of the Ministry of Economy, in terms of Article 6 of this Contract. Once approved, the programs shall form an integral part of this Contract. The obligations regarding national content will commence upon approval of the Development Plan.
During the Development Period the Licensee shall invest an annual sum of XX Million United States Dollars (US$X,000,000.00) for Social Projects as defined in Annex 3, Article 33.
During the Development Period. Buyer shall provide to Seller a semi-annual report of its activities and efforts toward commercialization of the ECT Technology in sufficient detail to allow Seller to monitor Buyer's compliance with the due diligence obligations set forth in Section 7.1.2 above. Any such reports shall be the Confidential Information of Buyer and shall be held in strict confidence by Seller in accordance with the provisions of Section 6.2 hereof.