Economic Benefits Report and Verification. No later than the second December 31st following the Effective Date, Seller shall submit an initial Economic Benefits Report for the Selected Project. No later than December 31st of each subsequent calendar year prior to the year in which the third anniversary of the commencement of the Contract Delivery Term occurs, Seller shall submit supplemental Economic Benefits Reports to NYSERDA (collectively, with the initial Economic Benefits Report, the “Preliminary Economic Benefits Reports”); provided that the obligation to submit a supplemental Economic Benefits Report in a particular year may be waived by mutual agreement of the Parties. Within one hundred twenty (120) days after the third anniversary of the commencement of the Contract Delivery Term, Seller shall submit a final Economic Benefits Report to NYSERDA detailing any Economic Benefits associated with the Selected Project that accrue through the end of the first three (3) Contract Years that have not been reflected in prior Economic Benefits Reports. Each Economic Benefits Report shall be funded at the Seller’s expense and prepared in accordance with Exhibit I. Within one hundred twenty (120) days after the Near-Term Period, Seller shall submit a Near-Term Economic Benefits Report to NYSERDA detailing any Economic Benefits associated with the Selected Project that accrued during the Near-Term Period (the “Near-Term Economic Benefits Report”). The Economic Benefits Report shall calculate and verify the actual Economic Benefits, in dollars, that have resulted from Seller’s activities. Within sixty (60) Business Days of receipt of each Economic Benefits Report, NYSERDA will either accept the Economic Benefits Report in its entirety or respond with a description of any Economic Benefits claimed by Seller that have been preliminarily determined to be invalid or improperly documented, if any. If NYSERDA’s preliminary determination is inconsistent with the Agreed-Upon Procedures Report, such response also will explain NYSERDA’s basis for such variance. Seller will be given a reasonable opportunity to dispute NYSERDA’s preliminary conclusion and/or to revise and resubmit the Economic Benefits Report. NYSERDA will reach a final determination regarding the validity or adequacy of documentation for any claimed Economic Benefit within sixty (60) Business Days of receipt of Seller’s reply or re-submission of the Economic Benefits Report. Seller agrees to make reasonable efforts to undertake and complete all activities and perform all obligations described in Exhibit D (Industry Growth Activities) to this Agreement. When in receipt of all Preliminary Economic Benefits Reports and the final Economic Benefits Report for the Selected Project, and after having verified the claimed Economic Benefits as described in Section 12.01(b) of this Agreement, NYSERDA shall determine whether there are any Economic Benefits Subcategory Shortfalls and/or an Other Economic Benefits Shortfall. When in receipt of the Near-Term Economic Benefits Report for the Selected Project, and after having verified the claimed Economic Benefits as described in Section 12.01(b) of this Agreement, NYSERDA shall determine whether there is an Expected Near-Term Dollars Shortfall.
Appears in 1 contract
Samples: Purchase and Sale Agreement
Economic Benefits Report and Verification. No later than the second December 31st following the Effective Date, Seller shall submit an initial Economic Benefits Report for the Selected Project. No later than December 31st of each subsequent calendar year prior to the year in which the third anniversary of the commencement of the Contract Delivery Term occurs, Seller shall submit supplemental Economic Benefits Reports to NYSERDA (collectively, with the initial Economic Benefits Report, the “Preliminary Economic Benefits Reports”); provided that the obligation to submit a supplemental Economic Benefits Report in a particular year may be waived by mutual agreement of the Parties. Within one hundred twenty (120) days after the third anniversary of the commencement of the Contract Delivery Term, Seller shall submit a final Economic Benefits Report to NYSERDA detailing any Economic Benefits associated with the Selected Project that accrue through the end of the first three (3) Contract Years that have not been reflected in prior Economic Benefits Reports. Each Economic Benefits Report shall be funded at the Seller’s expense and prepared in accordance with Exhibit I. Within one hundred twenty (120) days after the Near-Term Period, Seller shall submit a Near-Term Economic Benefits Report to NYSERDA detailing any Economic Benefits associated with the Selected Project that accrued during the Near-Term Period (the “Near-Term Economic Benefits Report”). The Economic Benefits Report shall calculate and verify the actual Economic Benefits, in dollars, that have resulted from Seller’s activities. Within sixty (60) Business Days of receipt of each Economic Benefits Report, NYSERDA will either accept the Economic Benefits Report in its entirety or respond with a description of any Economic Benefits claimed by Seller that have been preliminarily determined to be invalid or improperly documented, if any. If NYSERDA’s 's preliminary determination is inconsistent with the Agreed-Upon Procedures Report, such response also will explain NYSERDA’s basis for such variance. Seller will be given a reasonable opportunity to dispute NYSERDA’s preliminary conclusion and/or to revise and resubmit the Economic Benefits Report. NYSERDA will reach a final determination regarding the validity or adequacy of documentation for any claimed Economic Benefit within sixty (60) Business Days of receipt of Seller’s reply or re-submission of the Economic Benefits Report. Seller agrees to make reasonable efforts to undertake and complete all activities and perform all obligations described in Exhibit D (Industry Growth Activities) to this Agreement. When in receipt of all Preliminary Economic Benefits Reports and the final Economic Benefits Report for the Selected Project, and after having verified the claimed Economic Benefits as described in Section 12.01(b) of this Agreement, NYSERDA shall determine whether there are any Economic Benefits Subcategory Shortfalls and/or an Other Economic Benefits Shortfall. When [Only for Proposals with Conditional SCIP Related Purchases: The Seller reaffirms its intention to procure [___] from [insert relevant facility]. However, if such procurement is not realized due to [insert relevant facility] not being available for Seller to purchase __ by [insert date stated in receipt Proposal] for reasons wholly beyond the control of Seller and its affiliates, the Near-Term Economic Benefits Report for the Selected Project, and after having verified the claimed Economic Benefits as described Expected Total Dollars will be reduced by [insert relevant amount stated in Section 12.01(b) of this Agreement, NYSERDA shall determine whether there is an Expected Near-Term Dollars Shortfall.Proposal].]11
Appears in 1 contract
Samples: Purchase and Sale Agreement
Economic Benefits Report and Verification. No later than the second December 31st following the Effective Date, Seller shall submit an initial Economic Benefits Report for the Selected Project. No later than December 31st of each subsequent calendar year prior to the year in which the third anniversary of the commencement of the Contract Delivery Term occurs, Seller shall submit supplemental Economic Benefits Reports to NYSERDA (collectively, with the initial Economic Benefits Report, the “Preliminary Economic Benefits Reports”); provided that the obligation to submit a supplemental Economic Benefits Report in a particular year may be waived by mutual agreement of the Parties. Within one hundred twenty (120) days after of the third anniversary of the commencement of the Contract Delivery Term, Seller shall submit a final an Economic Benefits Report to NYSERDA detailing any Economic Benefits associated with the Selected Project that accrue through the end of the first three (3) Contract Years that have not been reflected in prior Economic Benefits Reports. Each Economic Benefits Report shall be funded at the Seller’s its expense and prepared in accordance with Exhibit I. Within one hundred twenty (120) days after the NearAppendix C to ORECRFP18-Term Period, Seller shall submit a Near-Term Economic Benefits Report to NYSERDA detailing any Economic Benefits associated with the Selected Project that accrued during the Near-Term Period (the “Near-Term Economic Benefits Report”)1. The Economic Benefits Report shall calculate and verify the actual Economic Benefits, in dollars, and included in the Expected Total Dollars, that have resulted from Seller’s activities. The Economic Benefits Verification Standards shall define valid expense claims, standard submission and documentation processes, and best practices. If Contingent Economic Benefits were claimed in its Proposal, upon award, NYSERDA and Seller will negotiate contractual reporting and verification requirements for such claims, separate from the requirements for Economic Benefits, to include whether such claims are to be included in the Expected Total Dollars, whether and/or how demonstration of the fulfillment of such claims will be included in the Economic Benefits Report, and whether and/or how such claims are to be included in the calculation and determination of whether an Economic Benefits Shortfall exists. Within sixty (60) Business Days of receipt of each Economic Benefits Reportreceipt, NYSERDA will either shall either: (1) accept the Economic Benefits Report in its entirety entirety, in writing, indicating that the total Verified Total Dollars meets or respond exceeds the product of 0.85 and the Expected Total Dollars, or; (2) return the Economic Benefits Report to Seller with a written response to Seller explaining and describing NYSERDA’s preliminary conclusion that there is an Economic Benefits Shortfall. Such response will include a description of any Economic Benefits claimed by Seller that have been preliminarily determined to be invalid or improperly documented, if any. If NYSERDA’s preliminary determination is inconsistent with the Agreed-Upon Procedures Report, such response also will explain NYSERDA’s basis for such variance. Seller will be given a reasonable opportunity to dispute NYSERDA’s preliminary conclusion and/or to revise and resubmit the Economic Benefits Report. NYSERDA will reach a final determination regarding the validity or adequacy of documentation for any claimed Economic Benefit within sixty (60) Business Days of receipt of Seller’s reply or reIn its Proposal, Seller proposed to perform certain activities described in ORECRFP18-submission of the 1 as Category 3 Economic Benefits Report(including the vendor notifications and twice-yearly reports to NYSERDA described in Section 2.2.9 of ORECRFP18-1), which is included as Exhibit D to this Agreement. Seller agrees to make reasonable efforts to undertake and complete all activities and perform all obligations described in Exhibit D (Industry Growth Activities) to this Agreement. When in receipt of all Preliminary Economic Benefits Reports and the final Economic Benefits Report for the Selected Project, and after having verified the claimed Economic Benefits as described in Section 12.01(b) of this Agreement, NYSERDA shall determine whether there are any Economic Benefits Subcategory Shortfalls and/or an Other Economic Benefits Shortfall. When in receipt of the Near-Term Economic Benefits Report for the Selected Project, and after having verified the claimed Economic Benefits as described in Section 12.01(b) of this Agreement, NYSERDA shall determine whether there is an Expected Near-Term Dollars Shortfall.
Appears in 1 contract
Samples: portal.nyserda.ny.gov
Economic Benefits Report and Verification. (a) No later than the second December 31st following the Effective Date, Seller shall submit an initial Economic Benefits Report for the Selected Project. No later than December 31st of each subsequent calendar year prior to the year in which the third anniversary of the commencement of the Contract Delivery Term occurs, Seller shall submit supplemental Economic Benefits Reports to NYSERDA (collectively, with the initial Economic Benefits Report, the “Preliminary Economic Benefits Reports”); provided that the obligation to submit a supplemental Economic Benefits Report in a particular year may be waived by mutual agreement of the Parties. Within one hundred twenty (120) days after the third anniversary end of the commencement third Contract Year of the Contract Delivery Term, Seller shall submit a final Economic Benefits Report to NYSERDA detailing any Economic Benefits associated with the Selected Project that accrue through the end of the first three (3) Contract Years that have not been reflected in prior Economic Benefits Reports. Each Economic Benefits Report shall be funded at the Seller’s expense and prepared in accordance with Exhibit I. Within one hundred twenty (120) days after the Near-Term Period, and in lieu of the Preliminary Economic Benefits Report due on December 31, 2026, Seller shall submit a Near-Term an Economic Benefits Report to NYSERDA detailing any Economic Benefits associated with the Selected Project that accrued during the Near-Term Period (the “Near-Term Economic Benefits Report”); provided, however, at any time prior to Seller’s delivery of the Near-Term Economic Benefits Report Seller shall have the right to submit a preliminary proposal requesting NYSERDA’s validation of proposed Economic Benefits associated with the Selected Project set to accrue during the Near-Term Period and NYSERDA shall use commercially reasonable efforts to review and respond within thirty (30) days confirming if such proposed Economic Benefits will count for the Near-Term Period. The Economic Benefits Report shall calculate and verify the actual Economic Benefits, in dollars, that have resulted from Seller’s activities. Within sixty (60) Business Days of receipt of each Economic Benefits Report, NYSERDA will either accept the Economic Benefits Report in its entirety or respond with a description of any Economic Benefits claimed by Seller that have been preliminarily determined to be invalid or improperly documented, if any. If NYSERDA’s preliminary determination is inconsistent with the Agreed-Upon Procedures Report, such response also will explain NYSERDA’s basis for such variance. Seller will be given a reasonable opportunity to dispute NYSERDA’s preliminary conclusion and/or to revise and resubmit the Economic Benefits Report. NYSERDA will reach a final determination regarding the validity or adequacy of documentation for any claimed Economic Benefit within sixty (60) Business Days of receipt of Seller’s reply or re-submission of the Economic Benefits Report. Seller agrees to make reasonable efforts to undertake and complete all activities and perform all obligations described in Exhibit D (Industry Growth Activities) to this Agreement. When in receipt of all Preliminary Economic Benefits Reports and the final Economic Benefits Report for the Selected Project, and after having verified the claimed Economic Benefits as described in Section 12.01(b) of this Agreement, NYSERDA shall determine whether there are any Economic Benefits Subcategory Shortfalls and/or an Other Economic Benefits Shortfall. When in receipt of the Near-Term Economic Benefits Report for the Selected Project, and after having verified the claimed Economic Benefits as described in Section 12.01(b) of this Agreement, NYSERDA shall determine whether there is an Expected Near-Term Dollars Shortfall.
Appears in 1 contract
Samples: Renewable Energy Certificate Purchase and Sale Agreement
Economic Benefits Report and Verification. No later than the second December 31st following the Effective Date, Seller shall submit an initial Economic Benefits Report for the Selected Project. No later than December 31st of each subsequent calendar year prior to the year in which the third anniversary of the commencement of the Contract Delivery Term occurs, Seller shall submit supplemental Economic Benefits Reports to NYSERDA (collectively, with the initial Economic Benefits Report, the “Preliminary Economic Benefits Reports”); provided that the obligation to submit a supplemental Economic Benefits Report in a particular year may be waived by mutual agreement of the Parties. Within one hundred twenty (120) days after the third anniversary of the commencement of the Contract Delivery Term, Seller shall submit a final Economic Benefits Report to NYSERDA detailing any Economic Benefits associated with the Selected Project that accrue through the end of the first three (3) Contract Years that have not been reflected in prior Economic Benefits Reports. Each Economic Benefits Report shall be funded at the Seller’s expense and prepared in accordance with Exhibit I. Within one hundred twenty (120) days after the Near-Term Period, Seller shall submit a Near-Term Economic Benefits Report to NYSERDA detailing any Economic Benefits associated with the Selected Project that accrued during the Near-Term Period (the “Near-Term Economic Benefits Report”). The Economic Benefits Report shall calculate and verify the actual Economic Benefits, in dollars, that have resulted from Seller’s activities. Within sixty (60) Business Days of receipt of each Economic Benefits Report, NYSERDA will either accept the Economic Benefits Report in its entirety or respond with a description of any Economic Benefits claimed by Seller that have been preliminarily determined to be invalid or improperly documented, if any. If NYSERDA’s 's preliminary determination is inconsistent with the Agreed-Upon Procedures Report, such response also will explain NYSERDA’s basis for such variance. Seller will be given a reasonable opportunity to dispute NYSERDA’s preliminary conclusion and/or to revise and resubmit the Economic Benefits Report. NYSERDA will reach a final determination regarding the validity or adequacy of documentation for any claimed Economic Benefit within sixty (60) Business Days of receipt of Seller’s reply or re-submission of the Economic Benefits Report. Seller agrees to make reasonable efforts to undertake and complete all activities and perform all obligations described in Exhibit D (Industry Growth Activities) to this Agreement. When in receipt of all Preliminary Economic Benefits Reports and the final Economic Benefits Report for the Selected Project, and after having verified the claimed Economic Benefits as described in Section 12.01(b) of this Agreement, NYSERDA shall determine whether there are any Economic Benefits Subcategory Shortfalls and/or an Other Economic Benefits Shortfall. When [Only for Proposals with Conditional SCIP Related Purchases: The Seller reaffirms its intention to procure [___] from [insert relevant facility]. However, if such procurement is not realized due to [insert relevant facility] not being available for Seller to purchase __ by [insert date stated in receipt Proposal] for reasons wholly beyond the control of Seller and its Affiliates, the Near-Term Economic Benefits Report for the Selected Project, and after having verified the claimed Economic Benefits as described Expected Total Dollars will be reduced by [insert relevant amount stated in Section 12.01(b) of this Agreement, NYSERDA shall determine whether there is an Expected Near-Term Dollars Shortfall.Proposal].]13
Appears in 1 contract
Samples: Purchase and Sale Agreement
