Section 76: Model Licence and Model Lease.

The model licence or model lense for each bid round shall reflect the conditions of the licensing round guidelines for the bid round and shall in all circumstances include the following clauses—
(a) description of the acreage;
(b) term of the licence or lease;
(c) minimum work programme and minimum level of investment;
(d) details of guarantees to be provided by the licensee or lessee regarding the performance of its licence or lease obligations;
(e) details of obligations regarding relinquishment, decommissioning and abandonment;
(f) rules for the resolution of disputes including arbitration, mediation, conciliation or expert determination;
(g) applicable sanctions in the event of failure by the licensee or lessee to comply with the terms and conditions of the licence or lease; and
(h) such other clauses as the Commission may deem necessary.