Programs and Budgets. The Operator shall have the right to propose programs for exploration and, if a mine is being developed and operated, for the carrying out of all phases of such development and operations, including the construction of plant and facilities. All programs shall contain a reasonably itemized budget of the projected expenditures under such programs, including, without limiting the generality of the foregoing, exploration expenditures, development and capital costs and operating expenditures in relation to the Property. The Optionor and the Optionee shall contribute their proportionate share of each expenditure (based on their respective participating interests at the time of any particular expenditure) at such times as requisitioned by the Operator. Such requisitions shall be made on the basis of invoices in respect of such expenditures, provided that in the case of known expenditure requirements such requisitions may be made reasonably in advance of requirements.
Appears in 4 contracts
Samples: Property Option Agreement, Option Agreement, Assignment and Assumption Agreement
