Approval Milestone Payment Clause Samples
The Approval Milestone Payment clause defines the conditions under which a payment is made upon the achievement of a specific project milestone that requires formal approval. Typically, this clause specifies that once a deliverable or phase is completed and accepted by the client or relevant authority, a predetermined payment becomes due. For example, in a construction or software development contract, payment might be released after the client signs off on a completed stage of work. The core function of this clause is to link payment obligations to the successful completion and approval of key project milestones, thereby incentivizing timely and satisfactory performance while managing financial risk for both parties.
Approval Milestone Payment. In addition to the Upfront Payment and the Second Payment Amount, Revance shall make a one-time payment to Medicis of Four Million Dollars (US $4,000,000) (the “Approval Milestone Payment”) within thirty (30) days after the first receipt of Marketing Approval for a Product for the United States or a Major EU Market by Revance, its Affiliate or licensee. Only one such payment shall be made, regardless of how many Products achieve Marketing Approval or how many Marketing Approvals are obtained, so that the total amount due under this Section 3.3 shall not exceed Four Million Dollars (US $4,000,000).
Approval Milestone Payment. Upon Marketing Authorization by the PAB of the first Product in Japan, Dainippon shall, within 15 days of such Marketing Authorization, pay by wire transfer to MGI an approval milestone payment ("Approval Milestone Payment") in the amount of One Million Dollars ($1,000,000) as a final milestone payment to MGI.
Approval Milestone Payment. Purchaser shall make a one-time Milestone Payment to the Sellers (the “Approval Milestone Payment”) equal to $10,500,000 on or prior to the thirtieth (30th) day following the first Regulatory Approval by the FDA of any Covered Product.
Approval Milestone Payment. Parent shall cause to be paid to the Participating Stakeholders, a non-refundable, non-creditable payment of $45,000,000 in cash (the “Approval Milestone Payment”) upon the later of (A) sixty (60) days following the achievement of the Approval Milestone, or (B) fifteen (15) days following the end of the fiscal quarter in which the Approval Milestone is achieved.