Financial Disbursement and Management. (1) In each financial year, the Holder shall make payments equal to 56.5% of the Aggregate Annual Expenditure Requirement (such amount being, the “Msambweni Annual Expenditure Requirement”) for development projects and Administrative Expenses under this Agreement.
(2) The allowable expenditure under this Agreement are:
(a) payment of costs incurred in connection with projects to be implemented under this Agreement;
(b) payment to the Administrative Expense Account for the allowances set out in this Agreement for the members of the Committee, rent for an office for the Committee and minor incidental costs associated with such office (“Administrative Expenses”); and
(c) payment of other costs incurred for the proper and effective functioning of the Committee and the sub-committees as agreed by Parties.
(3) Parties further agree that payments for Administrative Expenses shall not exceed 12% of the Msambweni Annual Expenditure Requirement.
(4) The Parties, on approval of the Ministry of Petroleum and Mining, agree to run an account to be referred as, the Administrative Expenses Account, for purposes of payment of Administrative Expenses. The signatories to the Administrative Expenses Account shall be the Chairperson, one representative of the Holder and the Secretary of the Committee.
(5) The Parties agree that the Committee shall furnish the Holder with all the information required in the preparation of the annual report.
(6) The Chairperson shall provide the required attestation in respect of the information provided to the Holder confirming that the said information is truthful and accurate.
Financial Disbursement and Management. (1) The mineral right holder shall set aside at least 1% of the gross revenue from sale of mineral for the implementation of the CDA program
(2) The committee shall procure service providers for the priority projects as agreed in accordance with the relevant laws
(3) The committee shall monitor and evaluate progress on the implementation of the projects as per the agreed schedule No…….
(4) The mineral right holder shall make payment to the service providers upon recommendation by the CDA Committee based on contract terms.
(5) The mineral right holder shall submit annual report to the Cabinet Secretary in the prescribed format in form CD1 detailing the status of the project implemented under the CDA.
(6) Breach of condition in relation to the terms of the Agreement shall be as per provisions of the as per section 207 of Mining Act ,2016.
Financial Disbursement and Management. (1) In each financial year, the Proponent shall make payments equal to …….. of the Annual Aggregate e a r n i n g s for development projects and Administrative Expenses under this Agreement.
(2) The allowable expenditure payable under this Agreement includes:
(a) payment of costs incurred in connection with projects to be implemented under this Agreement;
(b) payment to the Administrative Expense Account for the allowances set out in this Agreement for the members of the Committee, rent for an office for the Committee and minor incidental costs associated with such office (“Administrative Expenses”); and
(c) payment of other costs incurred for the proper and effective functioning of the Committee and the sub-committees as agreed by parties.
(3) Parties further agree that payments for Administrative Expenses shall not exceed …….% of the Annual Aggregate Earnings.
(4) The Parties, agree to run an account to be referred as, the Administrative Expenses Account, for purposes of payment of Administrative Expenses. The signatories to the Administrative Expenses Account shall be the Chairperson, one representative of the Proponent and another party agreed by the Parties.
(5) The Parties agree that the Committee shall furnish the Proponent with all the information required in the preparation of the annual report.
(6) The Chairperson shall provide the required attestation in respect of the information provided to the Proponent confirming that the said information is truthful and accurate.
