12.1 The Company shall prepare a business plan based on the results of the Feasibility Study which shall include key milestones for the development of the Project Area.

12.2 Changes to the Approved Business Plan: Any changes to the business plan approved by the Authority in accordance with Section 5 (the Approved Business Plan) shall be subject to review and comment, but not approval or modification, by the Authority, except in the case of material alterations to the Approved Business Plan which shall be subject to the approval of the Authority.

12.3 Annual Business Plans: Within 45 days of the end of the fiscal year, for the duration of the term of this Agreement, the Company shall submit an updated business plan for the coming year which shall be based on the Approved Business Plan (the Annual Business Plan). All subsequent Annual Business Plans submitted by the Company shall be subject to review and comment, but not approval or modification, by the Authority, except where such Annual Business Plan constitutes a material alternation to the Approved Business Plan, which shall be subject to the approval of the Authority.

12.4 For greater certainty, the following shall constitute, inter alia, material alterations for the purposes of the Approved Business Plan and Annual Business Plan:

(a) a change to the Product;

(b) a change to the business plan in light of the results of any Supplemental Assessment carried out in accordance with Section 16.7.

(c) [insert other as appropriate for the Project].

12.5 The Company shall report annually on the status of the implementation of the Annual Business Plan and the achievement of the key milestones for the development of the Project Area contained therein no later than 45 days after the end of its fiscal period.

For more information: See generally IISD, 2014, Section 6.1 (Feasibility Study and Business Plan); UNIDROIT & IFAD 2021, Section 3.25 (Business Plans).