CPUC Approval Delayed Clause Samples
The "CPUC Approval Delayed" clause defines the procedures and consequences if approval from the California Public Utilities Commission (CPUC) is not obtained within a specified timeframe. Typically, this clause outlines the steps parties must take if regulatory approval is delayed, such as extending deadlines, renegotiating terms, or allowing for termination of the agreement. Its core practical function is to allocate risk and provide a clear process for handling regulatory delays, ensuring that both parties understand their rights and obligations if CPUC approval is not received as planned.
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CPUC Approval Delayed. CPUC Approval must be obtained on or before one hundred eighty (180) days from the date on which Buyer files this Agreement with the CPUC seeking CPUC Approval (“Approval Condition Precedent”). If (a) CPUC Approval has not been obtained by this date, or (b) if the CPUC rejects this Agreement through a final and non-appealable order, then either Party may terminate this Agreement effective upon Notice to the other Party, unless the need for such CPUC Approval has been waived in writing by both Parties. Within ten (10) Business Days of such termination, Buyer shall return the Project Development Security to Seller. Following the return of the Project Development Security to Seller, neither Party shall have any obligation or liability to the other by reason of such termination.
CPUC Approval Delayed. CPUC Approval must be obtained on or before one hundred eighty (180) days from the date on which Buyer files this Agreement with the CPUC seeking CPUC Approval (“CPUC Approval Condition Precedent”). If CPUC Approval has not been obtained by this date, then either Party may terminate this Agreement effective upon Notice to the other Party, unless the need for such CPUC Approval has been waived in writing by both Parties. Following the termination of this Agreement pursuant to this Section 1.3, neither Party shall have any obligation or liability to the other by reason of such termination.