ANNUAL INVESTMENT PROGRAMS. In conformity to the Investment program and the schedules for its fulfillment towards the respective moment, for each year following the First contractual investment year of the Term of Concession, the CONCESSIONAIRE shall elaborate and present to the GRANTOR OF CONCESSION in term of up to 2 (two) months before the expiry of the preceding investment year, an Annual investment program, which shall contain the type, character, value and volume of investments that will be realized by the CONCESSIONAIRE together with the respective budget for costs and sources of financing .The first Annual investment program shall cover the period from the Date of entering into force of the Agreement until the end of the following calendar year.
