Common use of Indicative Proposals Clause in Contracts

Indicative Proposals. The Grant Recipient confirms that such details of its proposals for the development of a specified number of further SR Dwellings, LLR Dwellings and/or SO Dwellings, including delivery timescales, as are required by the GLA have been uploaded onto OPS by the date of this Agreement. Where the proposals referred to in Condition 5.1 are accepted by the GLA through OPS, they will become Indicative Proposals for the purposes of this Agreement with effect from the date of their acceptance by the GLA in OPS and the provisions Conditions 5.3 to 5.11 (inclusive) shall apply. The Grant Recipient must ensure that the Indicative Proposals are worked up so that the Annual Committed Number of Unprofiled Indicative Dwellings are: Profiled into Named Projects on OPS in accordance with the procedures set out in Condition 6.1; and achieve Start on Site in the relevant Start Year. If the Grant Recipient fails (or in the opinion of the GLA, acting reasonably, is likely to fail) to comply with its obligations under Condition 5.3, the GLA shall (without prejudice to its other rights under this Agreement) be entitled to: reduce the Indicative Allocation by the Reduction Amount and shall have no further obligation to the Grant Recipient in relation to any Non Start Indicative Dwelling (or any aggregation thereof); and/or instigate an Interim Reconciliation Exercise. Once Unprofiled Indicative Dwellings have been Profiled into one or more Named Projects on OPS in accordance with Condition 6.1.2 and accepted by GLA, the Indicative Allocation shall be reduced by an amount equal to the Named Project Grant allocated to those Named (Indicative) Projects. Any reduction in the Indicative Allocation made pursuant to Condition 5.4.2 will result in a commensurate reduction in the Allocated Total Grant. The Grant Recipient confirms that it has received, through OPS, confirmation of the Average Grant Rate for each Tenure Type and the Grant Recipient acknowledges and agrees that it will use all reasonable endeavours to ensure that by the date that the final Unprofiled Indicative Dwelling is Profiled into a Named Project in accordance with the requirements of this Agreement, the average of the grant rates (set out on OPS) applied to all AHP Dwellings comprised in Named (Indicative) Projects by Tenure Type will be equal to or less than the Average Grant Rate for that Tenure Type. The Grant Recipient may, with the consent of the GLA (to be provided in its absolute discretion), be entitled to upload additions to the Indicative Proposals on OPS. In accepting any additions to the Indicative Proposals, the GLA shall be entitled to adjust OPS to reflect the additions to the Indicative Proposals including adjustment to: the Allocated Net Grant; the Average Grant Rates; the Indicative Allocation; and the Annual Committed Number for the applicable Start Year(s). If the GLA (in its absolute discretion) rejects the submission of additions to the Indicative Proposals on OPS, such additions shall be disregarded and the Agreement shall continue on the basis of the Indicative Proposals set out on OPS prior to the submission of any additions pursuant to Condition 5.8. If the GLA has exercised its rights under Condition 5.4.1, such Non Start Indicative Dwellings shall be deemed to be removed from the Indicative Proposals.