Common use of AEDC Fees Clause in Contracts

AEDC Fees. In consideration for providing its services contemplated herein, the URA agrees to cause the selected respondent to pay to the AEDC, a one-time transaction fee which shall be payable and contingent upon Closing (the "AEDC Transaction Fee"). The terms and conditions for the payment of the AEDC Transaction Fee shall be mutually agreed upon by the parties at the time of property solicitation, memorialized as an addendum to this agreement, as a percentage of the development cost of the project, and in line with market standards. This fee requirement will be clearly expressed in the Solicitation.