Work Commitment. Before the expiration of four (4) years from the Effective Date, NECA shall expend not less than One Million Dollars ($1,000,000) in Mineral Exploration and Development Testing ("Work"). The Work shall be scheduled to expend not less than One Hundred Thousand Dollars ($100,000) during the first year, Two Hundred Thousand Dollars ($200,000) during the second year, Three Hundred Thousand Dollars ($300,000) during the third year, Four Hundred Thousand Dollars ($400,000) during the fourth year. The nature, place and conduct of such Work shall be at the sole discretion of NECA and the amount of the expenditures shall be determined by the direct cost to NECA of Work performed. GeoXplor shall undertake to perform such Work as directed by NECA under Work plans provided to GeoXplor on a periodic or as needed basis. NECA’s performance of Work shall otherwise conform to the Work plan and shall conform to industry standards. Any expenditure in excess of the amount required for any annual period shall be applicable against expenditures required for the succeeding year or years.
Appears in 3 contracts
Sources: Purchase Agreement (New America Energy Corp.), Purchase Agreement (New America Energy Corp.), Purchase Agreement (New America Energy Corp.)