Common use of Preliminary Decommissioning Plan and Budget Clause in Contracts

Preliminary Decommissioning Plan and Budget. (a) The Development Plan submitted for approval by the Minister shall contain a Preliminary Decommissioning Plan pursuant to Article 16.5.l including all activities necessary for the permanent plugging of xxxxx, clean-up, restoration of the area to its natural state, decommissioning of machinery and equipment and returning the Contract Area in an orderly fashion, free from debris and waste, all in accordance with the Best International Industry Standards and Practices. (b) The Preliminary Decommissioning Plan may be revised annually, with the agreement of the Minister to account for any changes in the Development Plan, changes in technology and Best International Industry Standards and Practices related to decommissioning and abandonment, as well as to reflect the changes in cost estimates and budget resulting from changes to capital and operating costs in the industry. Any revisions to the Preliminary Decommissioning Plan and Budget shall result in a revision to the Decommissioning Fund referred to in Articles 40.13-18.