Common use of EXPLORATION WORK PROGRAMS AND BUDGETS Clause in Contracts

EXPLORATION WORK PROGRAMS AND BUDGETS. 11.1 Within forty-five (45) days following the Effective Date, the CONTRACTOR shall prepare and submit to the Management Committee a proposed work program and budget relating to Exploration Operations (the “Exploration Work Program and Budget”) for the remainder of the Calendar Year. Thereafter, no later than 1 October in each Calendar Year, the CONTRACTOR shall submit a proposed Exploration Work Program and Budget to the Management Committee for the following Calendar Year. 11.2 Each Exploration Work Program and Budget shall include details of, but not be limited to, the following: (a) work to be undertaken; (b) materials, goods and equipment to be acquired; (c) cost estimate of services to be provided, including services by third parties and/or Affiliated Companies of any CONTRACTOR Entity; and (d) estimated expenditures, broken down by cost centre in accordance with the Accounting Procedure. 11.3 The Management Committee shall meet within sixty (60) days following its receipt of CONTRACTOR’s proposal to examine and approve the Exploration Work Program and Budget. 11.4 If the GOVERNMENT requests any modification to the Exploration Work Program and Budget, the Management Committee shall meet to discuss the Exploration Work Program and Budget and proposed modifications thereto within the sixty (60) day period referred to in Article 11.