Final Prototype Price Clause Samples
The Final Prototype Price clause establishes the agreed-upon cost for the completed prototype at the end of the development phase. It typically specifies how the final price is determined, such as through negotiation, reference to initial estimates, or based on actual costs incurred during the project. This clause ensures both parties have a clear understanding of the financial terms before moving forward, thereby preventing disputes over payment and providing a concrete basis for invoicing and budgeting.
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Final Prototype Price. The Parties shall negotiate in good faith to determine the final price of the Prototype (the “Final Prototype Price”), which shall be within the Prototype Payment Range but shall be scaled towards the upper end of such range if Rayton requires higher voltage on the scale between 300kV and 600kV and for any other requirements or specifications requested by Rayton that shall increase the cost, time and complexity of developing and constructing such Prototype. Phase II shall not begin until the Parties reach written agreement on the Final Prototype Price.