Common use of Relinquishment of Areas Clause in Contracts

Relinquishment of Areas. ONE (1). The Contractor must relinquish part of the Contract Area at the end of each sub-period of exploration as follows: For the First Sub-Period, at least 1.16% (one point sixteen percent) of the Contract Area, equivalent to two lots of 2 minutes x 2 minutes each, corresponding to an area measuring 2,666 (two thousand six hundred sixty six) hectares. For the Second Sub-Period, at least 2.33% (two point thirty three percent) of the Contract Area, equivalent to four lots of 2 minutes x 2 minutes each, corresponding to an area measuring 5,332 (five thousand three hundred thirty three) hectares. For the Third Sub-Period, at least 3.49% (three point forty nine percent) of the Contract Area, equivalent to six lots measuring 2 minutes x 2 minutes each, corresponding to an area measuring 7,998 (seven thousand nine hundred ninety eight) hectares.

Relinquishment of Areas. ONE (1). The Contractor must relinquish part of the Contract Area at the end of each sub-period of exploration as follows: For the First Sub-Period, at least 1.160.8% (one zero point sixteen eight percent) of the Contract Area, equivalent to two lots of 2 minutes x 2 minutes each, corresponding to an area measuring 2,666 (two thousand six hundred sixty six) hectares. For the Second Sub-Period, at least 2.331.2% (one point two point thirty three percent) of the Contract Area, equivalent to four lots of 2 minutes x 2 minutes each, corresponding to an area measuring 5,332 3.999 (five three thousand three nine hundred thirty threeninety nine) hectares. For the Third Sub-Period, at least 3.494.8% (three four point forty nine eight percent) of the Contract Area, equivalent to six twelve lots measuring 2 minutes x 2 minutes each, corresponding to an area measuring 7,998 15,996 (seven fifteen thousand nine hundred ninety eightsix) hectares.