Ann: Hazer and FortisBC Sign Binding Project Agreement, page-43

It's the reasonable next step following an MOU. I've worked on plenty of binding agreements that can be terminated in a few months. Hazer may wish to terminate if Fortis move too slow or can't finalise key terms. Fortis may if they can't get permits or sales agreements. Just standard risk management at this stage.
The test of seriousness is the ongoing expenditure heading into the definitive agreements. Pretty clear both parties want this to work. It's the cheapest option for Fortis and a great partner for Hazer. And I'd expect govt wants it to work also- opportunity to continue to monetise a large resource while hitting emissions targets. Anyone see more cost effective ways of achieving this?