Schedule MODEL CLAUSES FOR EXPLORATION LICENCES

1. 1Interpretation
2. 2Right to explore
3. 3Period of the licence
4. 4Right of Licensee to determine licence
5. 5Payment of consideration for licence
6. 6Obligation of Licensee
7. 7Safety, health and welfare
8. 8Diligence
9. 9Protection of the Environment
10. 10Monitoring of Environmental Conditions
11. 11At-Sea testing of systems and equipment
12. 12Processing or dumping of mineral resources and waste
13. 13Records
14. 14Samples and assays
15. 15Inspection of Records and Samples
16. 16Inspectors
17. 17Returns
18. 18Confidentiality
19. 19Rights of third parties
20. 20Indemnity against third party claims
21. 21Transfer of licence
22. 22Power of revocation or variation
23. 23Disputes
24. 24Arbitration