Working Block definition
Examples of Working Block in a sentence
On or before the 20th of the Month 2 Months prior to the start of the Quarter, the Forestry Consultant will set the market stumpage price by log grade (as set out in the PHI) for the Trees for each Working Block.
On completion of the Forestry Consultant's assessment, the Forestry Consultant will advise the parties in writing of the market stumpage price by log grade (as set out in the PHI) for the Trees for each Working Block to apply for the particular Quarter.
The purchase price for the Trees will be a lump sum amount for each Working Block which shall be calculated as the sum of the multiplication of the price for each log grade (as determined by a Forestry Consultant in accordance with clause 3) by the total Working Block volume for each log grade (being the sum of the PHI volume adjusted for forest growth in accordance with clause 7 between the date of the PHI and the first day of the relevant Quarter nominated for harvesting).
For the avoidance of doubt the Manager's duties will cease in respect of a Working Block or Stand when that Working Block or Stand is returned to the Manager in accordance with clause 12 of the Forestry Right.
Subject to clause 5.1.2, FCF agrees that it shall not harvest a Working Block in the Harvest Area in Harvest Period One unless and until it has paid for that Working Block in full.
Subject to clause 3.2, FCF shall pay each invoice for the Trees in a Working Block in the Harvest Area rendered in terms of clause 7.1 by the first day of the Quarter nominated for that Working Block in FCF's Notice or FCF's Transitional Notice (as the case may be) issued pursuant to clauses 4.2 and 5.1.2 respectively.
Title to a Tree in a Working Block in the Harvest Area passes to FCF at the time of payment by FCF in full of the GST invoice for that Working Block, pursuant to clause 7.3.
CNI acknowledges that FCF is not obliged to harvest any Working Block in the Harvest Area, either at any particular time or at all.
For the avoidance of doubt, the parties agree that the lump sum amount for each Working Block, as set in accordance with clauses 3, 7.1 and 7.2, is irrespective of log grades actually extracted by FCF.
Within seventy five (75) days of Settlement, FCF shall notify UBS Mangakahia which of the Working Blocks confirmed as being available for harvesting in UBS Mangakahia's Transitional Notice it wishes to purchase and the (not less than two) Quarters in Harvest Period One in which it proposes to harvest each such Working Block ("FCF's Transitional Notice").