Modern Concession Sample Clauses

Modern Concession. The modern concessions also known as the Royalty/Tax Systems because they include various combinations of a royalty, an income tax and a resource rent tax. Concessions are now sometimes called permits, licence or lease. In many countries, the transmutation of traditional concessions to modern concessions is happened, especially in Latin America and North Africa. The foundations of the new generation of concession contract is essentially based on the same principle of exclusive rights and ownership of product in return for royalties in kind or cash and tax on the profits derived from production. However, the main concerns of the traditional concessions were related to degree of international oil companies’ control, geographical scope, long period and also financial compensation, which have been rebalanced in the modern concessions.3 The scope of grant in narrowly defined, the geographical area has reduced and local content obligations have added and increased.4 The modern concessions are for a shorter period of time than traditional concession contracts5 (maximum 30-40 years), share for the government both from royalty and taxes have increased, for example, Kazakhstan’s new model concession contracts royalties increased and various levels of taxation have been added. Kazakhstan’s new model contracts employ numerous fiscal devices and sophisticated formulas to capture rent.6 Also, modern concessions may include a signing bonus, exploration fee, operation profit percentage, corporate income taxes7 and some control by the host State, through a NOC, over the management and exploration of its petroleum reserves.8
Sample 1
AutoNDA by SimpleDocs

Related to Modern Concession

  • The Concession 3.1.1 Subject to and in accordance with the provisions of this Agreement, Applicable Laws and Applicable Permits, the Authority hereby grants to the Concessionaire the concession set forth herein including the exclusive right, licence and authority to construct, operate and maintain the Project (the “Concession”) during the Construction Period and for a period of 10 (ten) years commencing from COD, and the Concessionaire hereby accepts the Concession and agrees to implement the Project subject to and in accordance with the terms and conditions set forth herein.

  • SCOPE OF CONCESSION A. Concessionaire shall be granted, under a Concession Agreement (“Agreement”), the non- exclusive, revocable right to dispense food, non-alcoholic beverages, and novelties (hereinafter referred to as the “Concession Operation”) at Belleplain State Forest. Concessionaire’s operation shall be limited to the structure(s) or area(s) provided by Department for concession purposes and specifically designated in Exhibit A (hereinafter referred to as the “Concession Premises”).

  • No Concession This Agreement is not a concession by HHS that CHCS is not in violation of the HIPAA Rules and not liable for civil money penalties.

  • Grant of Concession Subject to and in accordance with the terms and conditions set forth in this Agreement, the Applicable Laws and the Applicable Permits, the Authority and PLBs hereby grant and authorize the Concessionaire to design, build, finance, operate and transfer (DBFOT) the Project and to exercise and/ or enjoy such rights, powers, benefits, privileges, authorizations and entitlements as set forth in this Agreement (“the Concession”) for a period of 00 ( Xxxxxx Xxxxx) years commencing from the Compliance Date and the concessionaire hereby accepts the concession and agrees to implement the project subject to and in accordance with the terms and conditions set forth herein.

  • Concession A concession by the Borrower, after applicable notice and cure periods, under any one or more obligations in an aggregate monetary amount in excess of $100,000.

  • Exchange of Concessions 1. The Parties to this Agreement shall mutually allocate concessions set forth in Protocol I in accordance with the provisions of this Chapter.

  • Sub-licensing The Licensee shall be entitled to grant sub-licences of its rights under this Agreement to any person, provided that:

  • Area of Concern Cracks in walkways and/or patios within property boundaries and/or driveway. Standard: Cracks that do not exceed an average of ½ inch in width and vertical displacement that does not exceed an average of ½ inch are to be expected. Developer or Initial Purchaser must immediately seal all cracks appearing with a waterproof substance.

  • Sole purpose of the Concessionaire The Concessionaire having been set up for the sole purpose of exercising the rights and observing and performing its obligations and liabilities under this Agreement, the Concessionaire or any of its subsidiaries shall not, except with the previous written consent of the Authority, be or become directly or indirectly engaged, concerned or interested in any business other than as envisaged herein.

  • SUB-CONTRACTING 31.1. The Authority approves the appointment of the sub-contractors specified in Schedule 10 (Approved Sub-contractors) in respect of the obligations specified in that Schedule.

Time is Money Join Law Insider Premium to draft better contracts faster.