Examples of Work Commitment Guarantee in a sentence
In the event that any such payment is not made in a timely manner, the Minister may draw the relevant amount under the applicable Work Commitment Guarantee.
Within thirty (30) days after the receipt of such statement, the Minister, based on the recommendation of the Petroleum Administration, shall provide to the Right Holders a certificate (in the form attached to the Work Commitment Guarantee) providing for the reduction of the amount of the Work Commitment Guarantee in the amount of the Recoverable Costs set forth in the statement.
Following the resolution of the dispute, the Minister shall provide the Right Holders with an additional certificate to reduce the Work Commitment Guarantee in an amount reflecting such resolution.
When the Minimum Work Commitment for an Exploration Period has been completed, the Work Commitment Guarantee for the Exploration Period in question shall be released within thirty (30) days after the Right Holders deliver a request for such release to the Petroleum Administration.
In the event that the statement of Recoverable Costs is not submitted in a timely manner, the Minister may draw the entire amount of the applicable Work Commitment Guarantee, as if the .
The Right Holders may propose to provide a guarantee relating to the work contemplated in such Exploration Plan (including pursuant to the Work Commitment Guarantee provided in connection with the Second Exploration Period, if appropriate), and the Minister shall consider any such guarantee in deciding whether to submit the extension request to the Council of Ministers for approval pursuant to Article 21-1 of the Law no 132/2010 (OPR Law).