Work Expenditures Sample Clauses
The Work Expenditures clause defines how costs and expenses related to the performance of work under the contract are managed and reimbursed. Typically, it outlines which expenditures are eligible for reimbursement, sets limits or approval requirements for certain types of costs, and may specify documentation or reporting obligations for incurred expenses. This clause ensures that both parties have a clear understanding of which work-related costs will be covered, thereby preventing disputes over payments and promoting transparency in financial dealings.
Work Expenditures. During the Lease Term, until terminated by Company under Section 6 or until the Purchase Option is exercised under Section 7, Company shall make work expenditures ("Work Expenditures") on or for the benefit of the Property in the following amounts:
A. The sum of $100,000 on or before October 31, 2005. This is a firm commitment. If Company fails to perform the total amount of such Work Expenditures; Company shall pay Claimholder the deficiency in immediately available funds.
B. The sum of $100,000 on or before October 31, 2006.
C. The sum of $100,000 on or before October 31 of each year thereafter.
Work Expenditures. Until the earlier of (a) termination by Company of this Agreement under Section 6 or (b) transfer of title to the Company under Section 7, Company shall make the work expenditures on or for the benefit of the Oatman Gold Project in the following amounts:
A. The sum of US$100,000 (One hundred thousand dollars) on or before November 30, 2011.
B. The sum of US$100,000 (One hundred thousand dollars) on or before November 30 of each year thereafter.
Work Expenditures. Until the earlier of (a) termination by Company of this Agreement under Section 6 or until transfer of title to the Company under Section 7, Company shall make work expenditures ("Work Expenditures") on or for the benefit of the Property in the following amounts:
A. The sum of US$5,000 (Five thousand Dollars) on or before December 31, 2010. This is a firm commitment. If Company fails to perform the total amount of such Work Expenditures, Company shall pay Claimholder the deficiency in immediately available funds.
B. The sum of US$5,000 (Five thousand Dollars) on or before December 31, 2011.
C. The sum of US$5,000 (Five thousand Dollars) on or before December 31 of each year thereafter. Any excess of Work Expenditures in any year shall be carried forward to the succeeding year. If Work Expenditures in any year after the period ended December 31, 2010 are deficient and Company desires to maintain this Agreement in effect, Company shall pay Claimholder in immediately available funds a sum equal to the deficiency in lieu of the Work Expenditure shortfall. For purposes of this Agreement, “Work Expenditures” is defined as sums spent or incurred by Company directly on the Property for exploration and development of the Property, including drilling, geochemical sampling, geophysical or seismic survey, assaying, and ore reserve calculation; metallurgical and engineering analyses; environmental and permitting analyses and activities; feasibility studies; and financing investigations; plus 5% of such direct costs in lieu of headquarters overhead and general and administrative expenditures.
Work Expenditures. Until the earlier of (a) termination by Company of this Agreement under Section 6 or (b) transfer of title to the Company under Section 7, Company shall make the work expenditures on or for the benefit of the Property in the following amounts:
Work Expenditures. In order to keep the Option in good standing, Lima shall, in addition to the payments aggregating 400,000 Shares set forth in section 3 hereof, incur during the Option Period, not less than $1,750,000 in Eligible Exploration Expenditures (defined below) on the Property as follows:
(a) $250,000 on or before the first anniversary of the Approval Date (as a firm and binding commitment);
(b) an additional $300,000 on or before the second anniversary of the Approval Date;
(c) an additional $500,000 on or before the third anniversary of the Approval Date; and
(d) an additional $700,000 on or before the fourth anniversary of the Approval Date. Any expenditures above the minimum annual work expenditures may be carried forward to subsequent years. The expenditure requirements in year two, three and four are optional only (but nonetheless required to keep the Option in good standing) and, accordingly, unlike the $250,000 expenditure requirement in year one, are not firm and binding commitments of Lima. For greater certainty, eligible exploration expenditures (“Eligible Exploration Expenditures”) shall be defined as all exploration expenditures and all property filing fees, including all reasonable technical reporting requirements.
Work Expenditures. During the Lease Term, until terminated by Company under Section 6 or until the Purchase Option is exercised under Section 7, Company shall make work expenditures ("Work Expenditures") on or for the benefit of the Property in the following amounts:
A. An initial Exploration drilling program will be carried out consisting of:
1) The sum of $1,500,000.00 will be committed during an 18-month period beginning MARCH 15, 2005 TO fully define known ore bodies and structures on the Aventura IV-A claim to a Proven Reserve status. Adjoining claims, not yet explored, will be outlined for further reserve addition. An option to develop and produce known reserves during this drilling program will be defined by the Company.
2) The Proven reserve status and results of the Exploration program will determine the following development and production outline: Upon defining Proven Gold Reserve resources of not less than 250,000 nor more than 500,000 ▇▇▇▇ ounces, a $5,000,000.00 development Capital Expenditure (CAPEX) will be allocated for mine and processing plant infrastructures at the 500 ton/day level. This investment will be at the discretion of the Company whether it will take place during the 18 months Exploration Program or within a six-month period after. No considerations to Claim holder are to be considered in this program.
B. Upon defining a proven Gold Reserve resource of plus 1,000,000 ▇▇▇▇ ounces, further CAPEX outlay will be designated to increase planned production to the 750- 1,000 ton/day capacity level.
Work Expenditures. (a) minimum work expenditures of CND $50,000 before the first anniversary of this agreement,
(b) minimum work expenditures of CND $150,000 during the second year of this agreement,
(c) minimum work expenditures of CND $300,000 during the third year of this agreement,
(d) minimum work expenditures of CND $500,000 during the fourth year of this agreement, The failure of MAR KED to make the minimum expenditures within the allotted time shall allow ARCTURUS to terminate the Option. MAR KED will use its reasonable best efforts to complete such commitments of expenditures. If the minimum work expenditures were not met and should the parties mutually agree, MAR KED may pay in cash to ARCTURUS 50 % (one half) of the difference between the actual expenditures and the minimum work expenditure required for that year in a single payment. Having made this payment, the agreement will remain in good standing.
Work Expenditures. During the Lease Term, until terminated by Company under Section 6 or until the Purchase Option is exercised under Section 7, Company shall make work expenditures ("Work Expenditures") on or for the benefit of the Property in the following amounts:
A. An initial Exploration drilling program will be carried out consisting of:
1) The sum of $1,500,000.00 will be committed during an 18-month period beginning September 15, 2004 to fully define known ore bodies and structures on the Aventura IV-A claim to a Proven Reserve status. Adjoining claims, not yet explored, will be outlined for further reserve addition. An option to develop and produce known reserves during this drilling program will be defined by the Company.
2) The Proven reserve status and results of the Exploration program will determine the following development and production outline: Upon defining Proven Gold Reserve resources of not less than 250,000 nor more than 500,000 ▇▇▇▇ ounces, a $5,000,000.00 development Capital Expenditure (CAPEX) will be allocated for mine and processing plant infrastructures at the 500 ton/day level. This investment will be at the discretion of the Company whether it will take place during the 18 months Exploration Program or within a six-month period after. No considerations to Claim holder are to be considered in this program.
B. Upon defining a proven Gold Reserve resource of plus 1,000,000 ▇▇▇▇ ounces, further CAPEX outlay will be designated to increase planned production to the 750- 1,000 ton/day capacity level. Any excess of Work Expenditures in any year shall be carried forward to the succeeding year. For purposes of this Agreement, “Work Expenditures” is defined as sums spent or incurred by Company directly on the Property for exploration and development of the Property, including drilling, geochemical sampling, geophysical or seismic survey, assaying, and ore reserve calculation; metallurgical and engineering analyses; environmental and permitting analyses and activities; feasibility studies; and financing investigations; plus 5% of such direct costs in lieu of headquarters overhead and general and administrative expenditures.
Work Expenditures. 3.7.1 The Optionee is committed to make work expenditures in relation to the Mineral Rights, being entitled to make any expenditures in exploration directly or through its agents and contractors, as may be decided by the Optionee as follows:
(a) US$60,000 During the first year counted as of the date of signing the contract on surface rights referred to under section 4 and subject to the approval of the exploration project pursuant to the Environmental Regulations.
(b) US$100,000 During the second year counted as of the date the Parties sign the public deed that contains this Agreement, provided that the Optionee has executed the contracts on surface rights referred to under section 4 and subject to the approval of the exploration project pursuant to the Environmental Regulations.
(c) US$150,000 During the third year counted as of the date the Parties sign the public deed that contains this Agreement, provided that the Optionee has executed the contracts on surface rights referred to under section 4 and subject to the approval of the exploration project pursuant to the Environmental Regulations. The Work Expenditures shall be incurred at the Optionee’s discretion and cost pursuant to this sub-section 3.7 and the Exhibit “A”. The Optionee has the right to accelerate completion at its own discretion.
Work Expenditures. In order to keep the Option in good standing, Crosshair shall, in addition to the payments aggregating 80,000 Shares set forth in section 3 hereof, incur during the Option Period, not less than $4,000,000 in Eligible Exploration Expenditures (defined below) on the Property as follows:
a. $750,000 on or before the first anniversary of the Execution Date (as a firm and binding commitment);
b. an additional $900,000 on or before the second anniversary of the Execution Date;
c. an additional $1,100,000 on or before the third anniversary of the Execution Date; and
d. an additional $1,250,000 on or before the fourth anniversary of the Execution Date. Any expenditures above the minimum annual work expenditures may be carried forward to subsequent years. The expenditure requirements in year two, three and four are optional only (but nonetheless required to keep the Option in good standing) and, accordingly, unlike the $750,000 expenditure requirement in year one, are not firm and binding commitments of Crosshair. For greater certainty, eligible exploration expenditures (“Eligible Exploration Expenditures”) shall be defined as all exploration expenditures and all property filing fees, including all reasonable technical reporting requirements. Crosshair will act as operator in respect of all exploration programs on the Property throughout the term of this Agreement, subject to the Optionor’s right to manage the exploration programs until the first anniversary of the Execution Date in accordance with the Management Contract attached as Schedule “F” hereto.