Delay in Completion of Development Milestones Sample Clauses

Delay in Completion of Development Milestones. Where the development and construction, as the case may be is commenced by the Lessee as per terms of the Agreement after obtaining development and/or building construction permission but fails to achieve the Development Milestones in stipulated time as per Schedule IV for any reason other than Force Majeure/NRANVP Event of Default/non fulfilment of obligations by Authority, the extension in time shall be provided in prorated (Phase wise) manner for the completion of the work and extension may be granted by the Chief Executive Officer, subject to payment of surcharge by the lessee as per the provision of the ''Chhattisgarh Xxxxxxx Kshetra (Xxxxx Xxxxxxxx ka Vyayan) Niyam, 2008" which is subject to revision by Authority from time to time. The present provision is as follows: —: Block of time Extension Period of Extension Amount of surcharge as Percent of the Land premium First Twelve months or part thereof Five Second Twelve months or part thereof after the First extension of time Seven Third Twelve months or part thereof after the Second extension of time Ten i. Provided that the extension for any Phase in time shall be granted maximum for 12 months or its part at one time and such extension shall be granted maximum for three years, failure to complete the development and/or construction as per Development Milestone even after the extension provided by Authority under this clause shall lead to termination of Lease Agreement. ii. The Lessee shall be allowed to extend the timeline for any Phase on the payment of above- mentioned surcharges
Sample 1See All (5)
AutoNDA by SimpleDocs
Delay in Completion of Development Milestones. Where the Lessee has commenced development and/or construction, as the case may be, after obtaining development and /or building construction permission but fails to complete the work due to unavoidable circumstances, within time specified by the authority in the tender documents, the extension in time for the completion of work may be granted by the Chief Executive Officer on payment of surcharge by the Lessee, as the case may be, specified in the table below: Timeline Project Milestone Extension Period of time Amount of surcharge as percent of the land premium (%) 5 Years from the date of issuance of NoA The Lessee shall construct and complete 100% of permissible Built- up area as per minimum FAR in all respect on Project Site and fully operationalize the Project within 5 (five) years from date of issue of Notice of Allotment. First Twenty-four months or part thereof Five Second Twenty-four months or part thereof after the First extension of time. Fifteen Third For such period as decided by the Authority after the Second extension of time Thirty i. Failure to complete the development and/or construction as per Development Milestone even after the extension provided by Authority under this Article shall lead to termination of Lease Agreement. ii. The Lessee shall be allowed to extend the timeline for any Phase on the payment of above-mentioned surcharges
Sample 1
Delay in Completion of Development Milestones. Where the development and construction, as the case may be is commenced by the Lessee as per terms of the Agreement after obtaining development and/or building construction permission but fails to achieve the development milestones in stipulated time as per Schedule 4 for any reason other than Force Majeure/ANVP Event of Default/non fulfilment of obligations by Authority, the extension in time shall be provided in prorated (Phase wise) manner for the completion of the work and extension may be granted by the chief executive officer on payment of following prorated surcharge by the Lessee: Penalties for not achieving Development Milestones: Timeline Phase Project Milestone Extension (6 months each) Amount of surcharge as percent of the accepted land premium (INR per Sq.m) 2 Years from Signing of Lease cum Development Agreement I Complete construction work of minimum 50% of built-up area of Mandatory Project facility Extension 1 2.50 Extension 2 3.50 Extension 3 5.00 3 Years from Signing of Lease cum Development Agreement II Complete construction work of minimum 100% of built-up area and commence operations of Mandatory Extension 1 2.50 Extension 2 3.50 Extension 3 5.00 Project facility
Sample 1
Delay in Completion of Development Milestones. Where the development and construction, as the case may be is commenced by the Licensee as per terms of the Agreement after obtaining development and/or building construction permission but fails to achieve the Development Milestones in stipulated time as per Schedule IV for any reason other than Force Majeure/NRANVP Event of Default/non fulfilment of obligations by Authority, the extension in time shall be provided in prorated (Phase wise) manner for the completion of the work and extension may be granted by the Chief Executive Officer, subject to payment of surcharge by the lessee as per the provision of the ''Chhattisgarh Xxxxxxx Kshetra (Xxxxx Xxxxxxxx ka Vyayan) Niyam, 2008" which is subject to revision by Authority from time to time. The present provision is as follows: —: First Twenty-four months or part thereof Five Second Twenty-four months or part thereof after the First extension of time. Fifteen Third For such period as decided by the Authority after the Second extension of time Thirty
Sample 1
Delay in Completion of Development Milestones. Where the development and construction, as the case may be is commenced by the Lessee as per terms of the Agreement after obtaining development and/or building construction permission but fails to achieve the development milestones in stipulated time as per Schedule 7 for any reason other than Force Majeure/NRDA Event of Default/non fulfilment of obligations by Authority, the extension in time shall be provided in prorated (Phase wise) manner for the completion of the work and extension may be granted by the chief executive officer on payment of following prorated surcharge by the Lessee: Penalties for not achieving Development Milestones: Timeline Phase Project Milestone Extension (6 months each) Amount of surcharge as percent of the land premium Extension 1 2.50 1.Constructed 9 hole golf course along with allied Infrastructure as 3 Years from per Schedule 7 and; 2.Constructed minimum 15,000 Extension 2 3.50 Signing of Lease Sq. ft. built-up area for the cum Phase 1 development of Club House Cum Development Sports Complex and with allied Agreement Infrastructure as per Schedule 7 and; 3.Constucted Driving Range up to Extension 3 5.00 100% of the Capacity 1.Constructed 18 hole golf course Extension 1 2.50 along with allied Infrastructure as per Schedule 7 and; 5 Years from Signing of Lease cum Development Agreement Phase 2 2.Constructed minimum 30,000 Sq. ft. built-up area for the development of Club House Cum Sports Complex and with allied Infrastructure as per Schedule 7 and; Extension 2 3.50 3.Complete the project as per Schedule 7 and obtain completion Extension 3 5.00 certificate from the Authority a) Provided that the extension for any Phase in time shall be granted maximum for 18 months b) The developer shall be allowed to extend the timeline for any Phase on the payment of above mentioned surcharges c) The surcharges applicable for extension of timeline for commencement of the project, for achieving the Development Milestones and delay in payment of Land Premium/ Annual Lease Rental shall be paid by the lessee in the form of Demand Draft in favour of Chief Executive Officer, Naya Raipur Development Authority, payable at Raipur/Naya Raipur.
Sample 1
Delay in Completion of Development Milestones. Where the lessee has commenced development and/or construction, as the case may be, after obtaining development and /or building construction permission but fails to complete the work due to unavoidable circumstances, the extension in time for the completion work may be granted by the Chief Executive Officer on payment of surcharge by the lessee, as the case may be, specified in the table below – First Twenty-four months or part thereof Five Second Twenty-four months or part thereof after the First extension of time. Fifteen Third For such period as decided by the Authority after the Second extension of time Thirty
Sample 1
Delay in Completion of Development Milestones. Where the development and construction, as the case may be is commenced by the Lessee as per terms of the Agreement after obtaining development and/or building construction permission but fails to achieve the Development Milestones in stipulated time as per Schedule 4 for any reason other than Force Majeure/NRDA Event of Default/non fulfilment of obligations by Authority, the extension in time shall be provided in prorated (Phase wise) manner for the completion of the work and extension may be granted by the chief executive officer on payment of following prorated surcharge by the Lessee: Penalties for not achieving Development Milestones: Timeline Phase Project Milestone Duration of each Extension (2.4 months) Amount of surcharge as Percent of the Land Premium for the Project 3 Years from Signing of Lease cum Development Agreement Phase 1 Complete construction and commence operation of 100 Bed Hospital Extension 1 1 % Extension 2 1.4 % Extension 3 2 % 5 Years from Signing of Lease cum Development Agreement Phase 2 Complete construction and commence operation of 250 Bed Hospital Extension 1 1% Extension 2 1.4% Extension 3 2 % 6 Years from Signing of Lease cum Development Agreement Phase 3 Commence construction of Medical college as per the standards of MCI at least for 50 admissions Extension 1 1% Extension 2 1.4% Extension 3 2 % 7 Years from Signing of Lease cum Development Agreement Phase 4 Complete construction, obtain completion certificate from NRDA and commence operation of 500 Bed Hospital Extension 1 1% Extension 2 1.4% Extension 3 2 % 9 Years from Signing of Lease cum Development Agreement Phase 5 Complete construction of Medical college as per the standards of MCI at least for 50 admissions and obtain completion certificate from NRDA Extension 1 1% Extension 2 1.4% Extension 3 2 %
Sample 1
AutoNDA by SimpleDocs
Delay in Completion of Development Milestones. Where the development and construction, as the case may be is commenced by the Lessee as per terms of the Agreement after obtaining development and/or building construction permission but fails to achieve the Development Milestones in stipulated time as per Schedule IV for any reason other than Force Majeure/NRANVP Event of Default/non fulfilment of obligations by Authority, the extension in time shall be provided in prorated (Phase wise) manner for the Provided that the extension in time shall be granted for Twelve months or its part only at one time and such extension shall be granted maximum for three years i. Provided that the extension for any Phase in time shall be granted maximum for 12 months or its part at one time and such extension shall be granted maximum for three years, failure to complete the development and/or construction as per Development Milestone even after the extension provided by Authority under this article shall lead to termination of Lease Agreement. ii. The Lessee shall be allowed to extend the timeline for any Phase on the payment of above- mentioned surcharges
Sample 1
Delay in Completion of Development Milestones. Where the development and/or construction, as the case may be is commenced by the Lessee as per terms of the Agreement after obtaining development and/or building construction permission but fails to achieve any of the development milestones in stipulated time as per Schedule 6, the extension in time shall be provided manner for the completion of the work and extension may be granted by the chief executive officer, NRANVP on payment of following surcharge by the Lessee. Penalties for not achieving Development Milestones: First Twelve months or part thereof Five Second Twelve months or part thereof after the First extension of time Seven Third Twelve months or part thereof after the Second extension of time Ten Provided that the extension in time shall be granted for Twelve months or its part only at one time and such extension shall be granted maximum for Three years from the Scheduled Completion Date. The surcharges applicable for extension of timeline for commencement of the project, for achieving the Development Milestones and delay in payment of Land Premium/ Annual Lease Rental shall be paid by the lessee in the form of Demand Draft in favour of Chief Executive Officer, Xxxx Raipur Xxxx Nagar Vikas Pradhikaran, payable at Raipur/Xxxx Raipur Xxxx Nagar.
Sample 1

Related to Delay in Completion of Development Milestones

  • Development Milestones In addition to its obligations under Paragraph 7.1, LICENSEE specifically commits to achieving (either itself or through the acts of a SUBLICENSEE) the following development milestones in its diligence activities under this AGREEMENT: (a) (b).

  • Project/Milestones Taxpayer provides refrigerated warehousing and logistic distribution services to clients throughout the United States. In consideration for the Credit, Taxpayer agrees to invest in a new refrigeration and distribution facility in the XxXxxxxxx Park area of Sacramento, California, and hire full-time employees (collectively, the “Project”). Further, Taxpayer agrees to satisfy the milestones as described in Exhibit A (“Milestones”) and must maintain Milestones for a minimum of three (3) taxable years thereafter. In the event Taxpayer employs more than the number of full-time employees, determined on an annual full-time equivalent basis, than required in Exhibit A, for purposes of satisfying the “Minimum Annual Salary of California Full-time Employees Hired” and the “Cumulative Average Annual Salary of California Full-time Employees Hired,” Taxpayer may use the salaries of any of the full-time employees hired within the required time period. For purposes of calculating the “Minimum Annual Salary of California Full-time Employees Hired” and the “Cumulative Average Annual Salary of California Full-time Employees Hired,” the salary of any full-time employee that is not employed by Taxpayer for the entire taxable year shall be annualized. In addition, the salary of any full-time employee hired to fill a vacated position in which a full-time employee was employed during Taxpayer’s Base Year shall be disregarded.

  • Development Milestone Payments (i) In addition to the Closing Date Merger Consideration (less the Remaining Option Consideration and Rights Proceeds Amount, if any) and any Net TNF Sales Payments (as defined below), upon the attainment of the development ** Portions of the Exhibit have been omitted and have been filed separately pursuant to an application for confidential treatment filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. milestones set forth below (each, a “Development Milestone”), Parent shall, or shall cause the Surviving Corporation to, [**] after the occurrence of each Development Milestone, deliver to the Paying Agent (for further payment to the holders of Stock Certificates and Stock Agreements outstanding immediately prior to the Effective Time), via wire transfer of immediately available funds, the respective amounts set forth below minus, in each case, the applicable Contingent Consideration Distribution Fee associated therewith and any amount designated by the Stockholders’ Representatives to be placed in the Administrative Expense Account (each, a “Development Milestone Payment” and collectively, the “Development Milestone Payments”): (A) Upon FDA approval of Reslizumab for the treatment of eosinophilic esophagitis, a cash payment of [**]; (B) Upon marketing authorization of Reslizumab for the treatment of eosinophilic esophagitis being granted by the European Commission in accordance with Regulation (EC) No. 726/2004, a cash payment of [**]; (C) If Res 5-0010 Asthma Study Completion has not occurred on or prior to the Closing Date, then upon the occurrence of the Res 5-0010 Asthma Study Completion, a cash payment of $50,000,000 (fifty million dollars) (the “Res 5-0010 Asthma Payment”); (D) Upon FDA approval of Reslizumab for any asthma indication, a cash payment of [**]; (E) Upon marketing authorization of Reslizumab for the treatment of any asthma indication being granted by the European Commission in accordance with Regulation (EC) No. 726/2004, a cash payment of [**]; and (F) Upon FDA approval of an Oral Anti-TNF Product, a cash payment of [**].

  • Project Specific Milestones In addition to the milestones stated in Section 212.5 of the Tariff, as applicable, during the term of this ISA, Interconnection Customer shall ensure that it meets each of the following development milestones: 6.1 Substantial Site work completed. On or before December 31, 2020 Interconnection Customer must demonstrate completion of at least 20% of project site construction. At this time, Interconnection Customer must submit to Interconnected Transmission Owner and Transmission Provider initial drawings, certified by a professional engineer, of the Customer Interconnection Facilities. 6.2 Delivery of major electrical equipment. On or before December 31, 2021, Interconnection Customer must demonstrate that all generating units have been delivered to Interconnection Customer’s project site.

  • Milestone A principal event specified in the Contract Documents including the Material Completion and Occupancy Date and other events relating to an intermediate completion date or time.

  • Commercial Milestones (a) Within [*****] calendar days after the end of the first Calendar Year in which aggregate annual Net Sales for that Calendar Year for the Licensed Product in the Territory reach any threshold indicated in the Commercial Milestone Events listed below, EverInsight shall notify VistaGen of the achievement of such Commercial Milestone Event and VistaGen shall invoice EverInsight for the corresponding non-refundable, non-creditable Milestone Payment set forth below and EverInsight shall remit payment to VistaGen within [*****] Business Days after the receipt of the invoice, as described in Section 8.6 (Currency; Exchange Rate; Payments). Annual Net Sales Milestones for Licensed Product Milestone Payments (in Dollars) (each a “Commercial Milestone Event”): (1). [*****] (2). [*****] (3). [*****] (4). [*****] (5). [*****] (b) For the purposes of determining whether a Net Sales Milestone Event has been achieved, Net Sales of Licensed Product(s) in the Territory shall be aggregated. For clarity, the annual Net Sales Milestone Payments set forth in this Section 8.3 (Commercial Milestones) shall be payable only once, upon the first achievement of the applicable Commercial Milestone Event, regardless of how many times such Commercial Milestone Event is achieved. (c) If a Commercial Milestone Event in Section 8.3 (Commercial Milestones) is achieved and payment with respect to any previous Commercial Milestone Event in Section 8.3 has not been made, then such previous Commercial Milestone Event shall be deemed achieved and EverInsight shall notify VistaGen within fifteen (15) calendar days of such achievement. VistaGen shall then invoice EverInsight for such unpaid previous Commercial Milestone Event(s) and EverInsight shall pay VistaGen such unpaid previous milestone payment(s) within thirty (30) Business Days of receipt of such invoice. (d) In the event that, VistaGen believes any Commercial Milestone Event under Section 8.3(a) has occurred but EverInsight has not given VistaGen the notice of the achievement of such Commercial Milestone Event, it shall so notify EverInsight in writing and shall provide to EverInsight data, documentation or other information that supports its belief. Any dispute under this Section 8.3(d) (Commercial Milestones - subsection (d)) that relates to whether or not a Commercial Milestone Event has occurred shall be referred to the JSC to be resolved in accordance with ARTICLE 3 (Governance) and shall be subject to resolution in accordance with Section 14.10 (Dispute Resolution). The Milestone Payments made for each Commercial Milestone Event shall be non-creditable and non-refundable.

  • Milestone Event Milestone Payment [***] [***]

  • Milestones Subject to the provisions of the SGIP, the Parties shall agree on milestones for which each Party is responsible and list them in Attachment 4 of this Agreement. A Party’s obligations under this provision may be extended by agreement. If a Party anticipates that it will be unable to meet a milestone for any reason other than a Force Majeure event, it shall immediately notify the other Parties of the reason(s) for not meeting the milestone and (1) propose the earliest reasonable alternate date by which it can attain this and future milestones, and (2) requesting appropriate amendments to Attachment 4. The Party affected by the failure to meet a milestone shall not unreasonably withhold agreement to such an amendment unless it will suffer significant uncompensated economic or operational harm from the delay, (1) attainment of the same milestone has previously been delayed, or (2) it has reason to believe that the delay in meeting the milestone is intentional or unwarranted notwithstanding the circumstances explained by the Party proposing the amendment.

  • Sales Milestones (a) As to each Therapeutic Product, SANOFI-AVENTIS shall pay MERRIMACK up to a total of Sixty Million Dollars (US$60,000,000) upon the first achievement of the following Net Sales milestones, on a Therapeutic Product-by-Therapeutic Product basis: (i) Total Worldwide Net Sales for such Therapeutic Product exceed $[**] in any four (4) consecutive calendar quarters $ [**] (ii) Total Worldwide Net Sales for such Therapeutic Product exceed $[**] in any four (4) consecutive calendar quarters $ [**] (iii) Total Worldwide Net Sales for Therapeutic Product exceed $[**] in any four (4) consecutive calendar quarters $ [**] (b) Each milestone payment set forth in Section 8.4(a) shall be payable by SANOFI-AVENTIS upon the achievement of the related milestone event by SANOFI-AVENTIS and its Affiliates or sublicensees, and SANOFI-AVENTIS shall provide notice to MERRIMACK promptly upon achievement of such milestone event. SANOFI-AVENTIS shall pay MERRIMACK each such milestone payment within [**] days of such achievement of the related milestone event. (c) For purposes of clarity, more than one of the Net Sales milestones set forth above may be earned in the same four (4) consecutive calendar quarter period with respect to a Therapeutic Product. For example, if total worldwide Net Sales with respect to a given Therapeutic Product have not achieved any of the lower sales milestone thresholds set forth in clause (i) or (ii) of Section 8.3(a) above in any previous four (4) consecutive calendar quarter period, but total worldwide Net Sales with respect to such Therapeutic Product exceed $[**] in a subsequent four (4) consecutive calendar quarter period, then all three milestone payments, totaling $60 Million, payable upon achievement of the sales milestone thresholds set forth in clause (i), (ii) and (iii) of Section 8.3(a) above shall become payable to MERRIMACK hereunder.

  • Milestone Schedule Please state the status and progress of each Milestone and identify any completed Milestone(s) for the previous calendar quarter.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!