Common use of BUDGET STATEMENT Clause in Contracts

BUDGET STATEMENT. 16.1 The Company shall prepare an annual budget statement. This statement shall distinguish between exploration expenditure, development expenditure, and production expenditure and shall show the following: (a) Forecast expenditure and receipts for the Calendar Year under the Agreement. (b) Cumulative expenditure and receipts to the end of the said Calendar Year. (c) A schedule showing the most important and individual items of expenditure for the said Calendar Year. (d) A schedule indicating the planned expenditure on the purchase of Namibian goods and services pursuant to clause 23 of the Agreement. 16.2 The budget statement shall be submitted to the Minister with respect to each budget year no less than 90 days before the start of the Calendar Year except in the case of the Calendar Year in which the date on which the Agreement has been signed falls, when the budget statement shall be submitted within 30 days of the date on which the Agreement has been signed.

BUDGET STATEMENT. 16.1 The Company shall prepare an annual budget statement. This statement shall distinguish between exploration expenditure, development dev elopment expenditure, and production expenditure and shall show the following: (a) Forecast expenditure and receipts for the Calendar Year under the Agreement. (b) Cumulative expenditure and receipts to the end of the said Calendar Year. (c) A schedule showing the most important and individual items of expenditure for the said Calendar Year. (d) A schedule indicating the planned expenditure on the purchase of Namibian goods and services pursuant to clause 23 of the Agreement. 16.2 The budget statement shall be submitted to the Minister with respect to each budget year no less than 90 days before the start of the Calendar Year except in the case of the Calendar Year in which the date on which the Agreement has been signed falls, when the budget statement shall be submitted within 30 days of the date on which the Agreement has been signed.