Common use of Economic Force Majeure Clause in Contracts

Economic Force Majeure. Following the Earn-In Period and if at any time after the Management Committee reaches a determination, in its reasonable judgment, that the minerals encompassed within the Properties cannot be profitably mined under the terms and conditions of this Agreement as it is then in effect, the Management Committee may declare that a condition of Force Majeure exists as provided in Section 17.4, above; provided, that in no event shall a condition of Force Majeure declared pursuant to this Section 17.5 be in effect for more than five (5) consecutive years.

Appears in 2 contracts

Samples: Joint Venture Agreement (Idaho Consolidated Metals Corp), Stillwater West PGM Venture Agreement (Idaho Consolidated Metals Corp)

AutoNDA by SimpleDocs

Economic Force Majeure. Following the Earn-In Period and if If, at any time after the Management Committee reaches a determination, in its reasonable judgment, that the minerals encompassed within the Properties Property cannot be profitably mined under the terms and conditions of this Agreement as it is then in effect, the Management Committee may declare that a condition of Force Majeure exists as provided in Section 17.4, above; provided, that in no event shall a condition of Force Majeure declared pursuant to this Section 17.5 16.5 be in effect for more than five (5) consecutive years.

Appears in 2 contracts

Samples: Global Settlement Agreement (Idaho Consolidated Metals Corp), Joint Venture Agreement (Idaho Consolidated Metals Corp)

AutoNDA by SimpleDocs
Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!