Model Project Development Agreement Page 36
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8811.3.2
The GON shall have the right to decide whether to be added as a party to any Emission
Reduction Purchase Agreement(s) created as part of the ER Project.
11.3.3
The GON shall have the right to approve any publicity efforts undertaken in connection
with the ER Project, provided that such right is exercised on a timely basis.
11.3.4
The GON and the Company shall not unreasonably withhold information or refuse
access to any person or entity necessary for the implementation of the ER Project,
including physical access to the Hydro Property.
Regular reports
11.4
11.4.1
Prior to the generation or issuance of any GHG Reduction Benefits, commencing with
the calendar quarter following the Effective Date, the Company shall provide to the
GON, within thirty (30) Days of the end of each calendar quarter, a written report
detailing the status of its efforts and progress made in implementing the ER Project. The
quarterly reports shall contain an itemisation of all costs incurred, revenues received and
profits distributed by the Company in relation to the ER Project.
11.4.2
Once the ER Project has been registered or certified under the Clean Development
Mechanism, an alternative regulatory regime, or voluntary standards, as the case may
be, and has commenced the generation or issuance of any GHG Reduction Benefits, the
Company shall provide, within thirty (30) Days of the end of each calendar quarter, a
written statement to the GON on the status of the ER Project. Each such quarterly report
shall include:
(A)
an itemisation of all costs and the sources of such costs incurred by the
Company in relation to the ER Project;
(B)
an itemisation of all revenues and the sources of such revenues received
in relation to the ER Project;
(C)
an itemisation calculating the profits and shares due and distributed or
to be distributed to both the Company and the GON;
(D)
detailed information about the generation of any GHG Reduction
Benefits; and
(E)
detailed information about the sale of any GHG Reduction Benefits,
including the buyer(s), price and quantity information.
11.4.3
Each such quarterly report that is to be provided in January shall contain, in addition to
the foregoing, detailed projections of future costs and revenues expected to be incurred
or earned (as the case may be) during the following Year in connection with the ER
Project.
Costs
11.5
11.5.1
The Company shall be responsible for paying all costs associated with implementing the
ER Project (collectively, the "ER Project Costs"), including:
(A)
all costs incurred by the Company to retain the GHG Reduction project
development consultant in accordance with Section 11.1 and all brokers,
marketers, designated operational entities, accountants, engineers, legal
counsel and other consultants retained in connection with the ER
Project; and
(B)
all fees, taxes and expenses incurred in connection with the ER Project.
11.5.2
On or before the first Day of the last Month in each Year, the Company shall submit to
the GON for its approval a budget that (i) contains a reasonable estimate of the costs to
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