- Where, by the terms of any forest contract, it is agreed that the exploitation of the forest products purchased under the contract may be carried out only during a specified period, time shall be deemed to be of essence of such contract, and upon the completion of the specified period the contractor's rights under the contracts shall cease, and any forest produce not removed across the boundaries of the contract area shall become the absolute property of Government unless the period of contract is extended in writing by the authority who executed the contract on behalf of the Government. But extention under no contract can be claimed as a matter of right by the contractor.
