Minerals Report - International Seabed Authority

expenses of training Indonesian personnel shall be included in the operating
costs.
Termination: The contract cannot be terminated during the first...
contract year (negotiable) as from the effective date, except by a 90 days
written notice if a major breach of contract is committed by the other party
which has been conclusively proven by arbitration.
After….years (negotiable) as from the effective date of the contract, the
contractor decides that circumstances do not warrant the continuation of the
operations, and after due notice and consultation, the contractor may
relinquish its rights and be relieved of its obligations.
If during the first.... contract years (negotiable), the contractor has not
completed the work programme and spent less than the amount required to
be so expended as agreed, and after consultation the contractor relinquish its
rights, the contractor shall transfer the remaining amount of the initial ...
(negotiable) years firm expenditures commitment to Pertamina.
Book and Accounts: Pertamina shall keep complete books and
accounts reflecting all operating costs as well as services received from the
sale of crude oil but will delegate this function to contractor until commercial
production commences.
Contractor shall have the right to inspect and audit Pertamina books
and accounts relating to the contract.
Pertamina and the Government of Indonesia also have the right to
inspect and audit contractor’s books and accounts relating to the contract and
engage independent accountants whose costs shall be included in the
operating costs.
Applicable Laws: The laws of the Republic of Indonesia shall apply to
the contract. Any failure or delay in the performance of the contract is
excused to the extent attributable to “force majeure”.
INTERNATIONAL SEABED AUTHORITY 865