Common use of Relinquishment Clause in Contracts

Relinquishment. 7.1 The Partnership shall relinquish part or parts of the Mining Usufruct Area as follows: 7.1.1 At the end of the Exploration Period the Partnership shall relinquish all of the lands within the Mining Usufruct Area which are not within the boundaries of any Mining Areas that have been designated for Exploitation in connection with the issuance of an Exploitation Concession or duly applied by the Partnership for such designation. 7.1.2 The Partnership may relinquish all or part of the Mining Usufruct Area at the end of the First 3-Year Exploration Period or at any time during the Second 3-Year Exploration Period subject to fulfillment of any accrued obligations. 7.2 The areas to be relinquished under this Article shall be determined by the Partnership, provided that areas to be relinquished shall be of sufficient size and convenient shape to enable activities to be carried out thereon by others. The Partnership shall give notice in writing to the Minister of said area(s) no later than thirty (30) days prior to the end of the relevant period, including a map showing said area(s) with the geographic location and the coordinates of the connecting points of the boundary lines. The Minister shall advise the Partnership within fifteen (15) days of such notice whether it agrees with the area(s) selected for relinquishment in accordance with the aforementioned criteria relating to size and shape.