Annual Contract Terms Sample Clauses

Annual Contract Terms. (a) Prior to the commencement of negotiations for the First Contract Year, the Seller shall provide the Purchasers’ Agent with the Concentrate Specifications of the Concentrates it expects to produce from the Project. The Parties shall include the Concentrate Specifications in the Annual Supplement for the first Contract Year, following which those specifications shall be the Concentrate Specifications for all Concentrate to be delivered hereunder for each Contract Year. Upon the Purchasers’ Agent being provided with Concentrate Specifications, the Parties shall negotiate in good faith the agreement of the Concentrate Molybdenum Minimum, with regard to the Concentrate Specifications and the minimum contained molybdenum thresholds being accepted by major molybdenum roasters. The Parties shall include the Concentrate Molybdenum Minimum in the Annual Supplement for the first Contract Year, following which that minimum shall be the Concentrate Molybdenum Minimum for all Concentrate to be delivered hereunder for each Contract Year; provided however, that if, in the reasonable opinion of the Purchasers’ Agent or the Seller, the Concentrate Molybdenum Minimum increases or decreases, either the Purchasers’ Agent or the Seller can request a review of such Concentrate Molybdenum Minimum during the annual terms negotiations. In the event that the Seller and the Purchasers’ Agent fail to agree on any appropriate changes to the Concentrate Molybdenum Minimum for any subsequent Contract Year, the determination of the Concentrate Molybdenum Minimum shall be referred to the Referees for resolution pursuant to Article 11.