An Exploration License with Option to Purchase Minerals on Installment Payments is a type of mineral rights agreement between a mineral rights owner and a mineral prospector. The agreement grants the prospector the right to explore a certain area for minerals and, if minerals are found, to purchase them from the mineral rights' owner on installment payments. This type of agreement is typically used when the prospector is unsure whether minerals exist in the area and wants to secure the right to explore and purchase minerals without having to pay the full purchase price up front. There are two main types of Exploration License with Option to Purchase Minerals on Installment Payments: a lease and a purchase agreement. In a lease agreement, the prospector pays a lease fee to the mineral rights' owner for the right to explore the area for minerals. If minerals are found during the exploration period, the prospector has the right to purchase them from the mineral rights' owner on installment payments. In a purchase agreement, the prospector pays a lump sum up front for the right to explore the area for minerals and has the option to purchase any minerals found on installment payments.
Exploration License with Option to Purchase Minerals on Installment Payments
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How to fill out Exploration License With Option To Purchase Minerals On Installment Payments?
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