Common use of COMMENCEMENT OF PERFORMANCE & DELAYS Clause in Contracts

COMMENCEMENT OF PERFORMANCE & DELAYS. a. Effective Date & Delayed NTP. This Agreement is effective on the Effective Date, however, Honeywell shall not be required to commence performance associated with, connected to, or arising from, directly or indirectly, the Deliverables, until Honeywell receives the initial payment described in Section 6 (Payment), together with any required Payment Security described in Section 9. Further, if Buyer does not make the initial payment or provide the required Payment Security in a timely manner in accordance with the terms of this Agreement (a “Delayed NTP”), in addition to Honeywell’s right to terminate under Section 16(b) (Termination), Honeywell shall have the right to an equitable adjustment in pricing and/or any milestones or delivery date(s) as a result of such Delayed NTP, which shall be memorialized as a Change Order.

COMMENCEMENT OF PERFORMANCE & DELAYS. a. Effective Date & Delayed NTP. This Agreement is effective on the Effective Date, however, Honeywell shall not be required to commence performance associated with, connected to, or arising from, directly or indirectly, the Deliverables, until Honeywell receives the initial payment described in Section 6 (Payment), together with any required Payment Security described in Section 9. Further, if Buyer does not make the initial payment or provide the required Payment Security in a timely manner in accordance with the terms of this Agreement (a “Delayed NTP”), in addition to Honeywell’s right to terminate under Section 16(b) (Termination), Honeywell shall have the right to an equitable adjustment in pricing and/or any milestones or delivery date(s) as a result of such Delayed NTP, which shall be memorialized recorded as a Change Order.