Initial Payment and Milestone Payments Sample Clauses
The 'Initial Payment and Milestone Payments' clause defines the payment structure for a contract, specifying that an upfront payment is required before work begins, followed by additional payments tied to the completion of specific project milestones. Typically, the initial payment secures the contractor’s commitment, while milestone payments are released as the project progresses and certain deliverables or stages are achieved. This clause ensures that the service provider receives compensation in stages, reducing financial risk and incentivizing timely completion of work, while also providing the client with a mechanism to monitor progress before making further payments.
Initial Payment and Milestone Payments. 7.1 Upon the execution of this Agreement, Biosyn shall pay to Crompton, in consideration of the License granted under this Agreement, the sum of [*]and shall deliver to Crompton the Warrant.
7.2 Upon the successful achievement of the First Milestone, Biosyn shall pay to Crompton, in consideration of the License granted under this Agreement, the sum of [*].
7.3 Upon the successful achievement of the Second Milestone, in consideration of the License granted under this Agreement, Biosyn shall pay to Crompton the sum of [*] and, in accordance with the terms of the Warrant, the Warrant shall become exercisable.
7.4 Upon the successful achievement of the Third Milestone, Biosyn shall pay to Crompton, in consideration of the License granted under this Agreement, the sum of [*].
Initial Payment and Milestone Payments. 4.1 Milestone Payments 4.2 Backup or Alternative Revenue
Initial Payment and Milestone Payments. 6.1 Subject to the terms and conditions of this Agreement, Licensee shall pay Licensor the non-refundable, one-time initial payment of two million US dollars (USD 2,000,000) to Licensor within [***] days of the Effective Date.
6.2 Subject to the terms and conditions of this Agreement, promptly following the first occurrence of each of the events set forth below (each, a “Product Milestone Event”), whether such Product Milestone Event is achieved by Licensee or its sub-licensee(s), Licensee shall notify Licensor of the occurrence of such Product Milestone Event.:
Initial Payment and Milestone Payments