Common use of INITIAL PROJECT DEVELOPMENT – COMPENSATION Clause in Contracts

INITIAL PROJECT DEVELOPMENT – COMPENSATION. 1.1 The Company recognises that it was Magni which identified the Business Opportunity and secured the attractive building slots at the Yard for the Company’s benefit by way of concluding the LoI in January 2021. 1 Further, the Company recognises that Xxxxx developed the technical specifications for the Vessels and negotiated the commercial terms in the Initial Contracts (which have been applied in relation to all of the Vessels).