§1418 Diligence requirements

Summary

Require that exploration and recovery plans and the rules in each license or permit make sure the seabed resources are developed without unnecessary delay. People holding licenses must actively do the work in their exploration plans, and people holding permits must actively do the work in their recovery plans. Require license holders to spend regular, reasonable amounts on exploration set by the Administrator. The Administrator will consider area size and how much money is needed to start commercial recovery within the time limit the Administrator sets. Spending rules must not keep smaller, cheaper operators out. After commercial recovery begins, permit holders must keep it going, except they may pause for good cause (like force majeure or bad economic conditions). Each pause may not last more than one year at a time unless the Administrator allows a longer break.