Common use of Preliminary Studies Clause in Contracts

Preliminary Studies. The Preliminary Study must: (a) be conducted based on customary economic assumptions agreed by the Owners’ Council (other than in respect of the assumptions listed in paragraphs (a)(i), (ii) and (iii)) or, in the absence of such agreement (or in the case of paragraphs (a)(i), (ii) and (iii)), selected by the Manager, including in relation to: (i) iron ore prices; (ii) current and projected demand and supply conditions in the global market; (iii) foreign exchange; (iv) cost of capital; and (v) inflation; and (b) include the overall scope, direction and timing of the Contemplated Project.