A timber utilization contract entered into under this Act shall be subject to such terms and conditions as shall be specified in it including-

(a) the limitation of the area of land to which the contract relates;

(b) the period of operation of the contract;

(c) an undertaking by the holder of the contract to adhere to any prescriptions laid down by the Commission;

(d) an undertaking by the holder to execute a reforestation plan during the period of the contract to the satisfaction of the Chief Executive;

(e) provisions for prompt payment of rents, royalties, compensation and such management and service charges as prescribed by law;

(f) annual rent payable to the landlord or owner of the area of land relevant to the grant;

(g) the periodic review of the operations of the holder by the Commission;

(h) the submission to the Commission of a contract area plan every five years, prepared by a professional forester in accordance with the Logging Manual; and

(i) grounds for suspension or termination. [ As amended by the Forestry Commission Act, 1999 (Act 571), sch. to s.35(2)].