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b, Each additional installment is due and payable as billed by the Authorized Officer in advance of removal of <br />the remaining material The first installment will be retained as additional security for the full and faithful performance <br />of this contract by Purchaser, and will be applied in whole or in part to the payment of the last installment required <br />hereunder to make the total payment equal the total price set forth in Sec. 2, above. <br />The total purchase price must equal the sum of the total quantities severed, extracted, or designated therefor, <br />multiplied by their respective unit prices. The balance due where less than a full installment remains to be paid upon <br />the total price will be the value of material remaining to be severed or extracted: Each installment will be held in <br />suspense until the quantity of material covered thereby has been determined. The total purchase price must be paid <br />at least 60 days before the expiration date of the contract. <br />Upon termination, if the total payments made under the contract exceed the total value of the actual materials <br />removed, the excess will be returned to purchaser, except as noted in 36 CFR 228.66. <br />c. Risk of loss shall be borne by the party holding title to the mineral material at the time of loss except that <br />nothing herein shall be construed to relieve either party from liability for breach of contract or any wrongful or negligent <br />act . <br />Sec. 4. StiLulation and reserved items. The rights of Purchaser are subject to the regulations in 36 CFR 228, Subpart <br />C, which are made a part of this contract, and to the stipulation, if any, which are attached hereto and made a part <br />hereof as Exhibit A. <br />Sec. 5, Bonds <br />(a) Purchaser must file with the Authorized Officer and must maintain at all times the bond required under the <br />regulations to be furnished as a condition to the award of this contract in the amounts established by the Authorized <br />Officer and to furnish additional bonds or security as the Authorized Officer may require <br />(b) if all terms of this contract are not faithfully and fully performed by Purchaser, the bond in the sum of $n/a <br />filed at the time of the signing of this contract will be forfeited to the amount of damages determined by the Authorized <br />Officer. If damages exceed the amount of the bond, Purchaser hereby acknowledges liability for such excess. Upon <br />satisfactory performance of this contract, the bonds will be canceled, or if cash or United States securities were <br />furnished in lieu of a security bond, such cash or securities will be returned to Purchaser. <br />(c}Whenever any bond furnished under this contract is found unsatisfactory by the Authorized Officer, the <br />Authorized Officer may require a new bond which is satisfactory. <br />Sec. 6. Expiration of contract and extensions of time. This contract will expire on 1213112017 unless an extension of <br />time is granted in accordance with the provisions of 36 CFR 228.53(b}. Written application for an extension of time <br />may be made by Purchaser between 30 and 90 days before the expiration date of the contract. <br />Sec. 7, Duties of Purchaser. Purchaser must take fire precaution and conservation measures and must dispose of <br />slash and o#her debris resulting from operations hereunder in accordance with written instructions from the Authorized <br />Officer. <br />Sec. 8. Notice of operations, Purchaser must notify the Authorized Officer immediately of the commencement and <br />termination of operations hereunder. A report of production will be furnished at least annually by Purchaser to the <br />Authorized Officer_ <br />Sec. 9. Responsibility for damages. Purchaser is liable in damages for the loss or destruction of all Government <br />property for which Purchaser is directly or indirectly responsible under this contract, or resulting from Purchaser's <br />failure to perform under this contract in accordance with the instruction of the Authorized Officer, as well as for casts <br />incurred by Government resulting from Purchaser's breach of any of the terms hereof, or Purchaser's failure to engage <br />in proper conservation practice. For damages resulting from willful action or gross negligence of Purchaser, <br />Purchaser's contractors or subcontractors, or any of their employees, Purchaser is liable for triple the appraised value <br />of damaged or destroyed materials as determined by the Authorized Officer. If the Authorized Officer determines that <br />the damage or destruction did not result from Purchaser's willful action or grass negligence, lesser damages may be <br />charged, buy not less than the actual appraised value of the materials. Purchaser must pay the Government for such <br />damages within 30 days after a written demand therefor by the Authorized Officer. <br />7 <br />