Where, by the terms of the contract, it is agreed that the extraction of the forest produce purchased under the contract may be carried out during a specified period, time shall be deemed to be the essence of the contract, and upon completion of the specified period, the forest contractor’s rights under the contract shall abate and any forest produce not removed outside the boundaries of the contract area shall become the absolute property of the Government:
Provided that the Divisional Forest Officer or any officer superior to him or the Government may, on the request of the forest contractor grant time forfulfilment of the terms of the contract after levy of such amounts of premium as may be specified by Government from time to time:
Provided further that if for no fault of his the contractor fails to exploit the unit fully within the given time, and the time cannot be extended, he may be given appropriate rebate in the lease amount:
Provided also that no such time shall be granted in respect of bamboos and seasonal produce like minor forest produce.