Common use of Alternative Project Clause in Contracts

Alternative Project. 5.1 The Company agrees to construct or procure an alternative project the nature and the timing of which is to be determined at the sole discretion of the Company. The Company, at its cost, shall be solely responsible for obtaining all permits and approvals necessary for such alternative project. 5.2 The estimated cost of the alternative project shall be not less than the estimated cost of constructing the Lyric Theatre of $42 million, the amount determined on 9 March 2001 by a quantity surveyor appointed by the State. 5.3 The Company shall submit drawings, plans, specifications and details relating to the alternative project to the State so that the State may have the estimated cost thereof verified by a quantity surveyor to be appointed by the State, acting reasonably. If the estimated cost so verified is less than $42 million, the Company agrees to construct or procure a further stage or stages of the alternative project (the nature and the timing of which is to be determined at the sole discretion of the Company) to make up the shortfall in estimated cost. Clauses 5.1 and 6, and the verification process in this clause apply to any such further stage.