Work Programs and Budgets; Post Clause Samples
The "Work Programs and Budgets; Post" clause defines the procedures and requirements for submitting, reviewing, and approving work programs and associated budgets after a certain event or period in a project or agreement. Typically, this clause outlines the timeline and format for the submission of proposed work plans and budgets, specifies the parties responsible for their preparation and approval, and may address the process for making amendments or updates. Its core function is to ensure that all parties have a clear, agreed-upon framework for planning and funding ongoing or future activities, thereby promoting transparency and coordination while minimizing disputes over scope and costs.
Work Programs and Budgets; Post. Farm-in Arrangements
5.1 Agreed Permit Work Programs and Budgets
(a) The Work Program and Budget detailing the Operations to be performed in respect of the Permit for the remainder of the third Permit Year is attached as Schedule 3.
(b) On or before the first day of June of each year beginning 2016 and continuing each year thereafter, Operator shall deliver to Nation a proposed Work Program and Budget detailing the Operations to be performed in respect of the Permit for the following Permit Year. Within 30 days of such delivery, the Operating Committee shall meet to consider and endeavour to agree a Work Program and Budget.
(c) The Work Program and Budget for the fourth and subsequent Permit Years will be adopted by the unanimous vote of both Paltar and Nation; provided, however, that if the Parties fail unanimously to agree, the proposed Work Program and Budget reasonably estimated to cost the least will conclusively be deemed adopted, so long as such proposed Work Program and Budget (i) consists solely of work to be performed on or for the benefit of the Nation Blocks and (ii) will satisfy all of the Minimum Work Obligations of that Permit Year. For the avoidance of doubt, geological and geophysical operations conducted both on the Nation Blocks and on adjoining lands shall be considered work performed on or for the benefit of the Nation Blocks where the operator believes such work prudent to gain a f▇▇▇▇▇ understanding of the geology of the Nation Blocks.
(d) Any approved Work Program and Budget may be revised by the Operating Committee from time to time. To the extent such revisions are approved by the Operating Committee, the Work Program and Budget will be amended accordingly.
(e) Paltar may, if it wishes in its sole discretion, conduct operations in any year on or for the benefit of Blocks in the Permit which are not Nation Blocks. Such operations will be conducted at the sole risk and expense of Paltar and will not be subject to this Agreement.