MAJOR TECHNOLOGICAL IMPROVEMENTS Sample Clauses
The "Major Technological Improvements" clause defines how significant advancements or innovations in technology, relevant to the subject matter of the agreement, are to be handled by the parties. Typically, this clause outlines the process for disclosing, evaluating, and potentially incorporating such improvements into the existing arrangement, and may address issues like ownership, licensing, or cost adjustments. Its core practical function is to ensure that both parties can benefit from technological progress during the term of the agreement, while also clarifying rights and responsibilities to prevent disputes over new developments.
MAJOR TECHNOLOGICAL IMPROVEMENTS. The parties hereto recognize that major technological improvements during the term hereof in mining, hauling, handling, or processing coal may provide Seller the opportunity to reduce its costs of supplying coal hereunder. Seller agrees to consider the introduction of any such new technology in mining, hauling, handling, or processing coal at the approved production sources and shall implement such new technology if feasible. The Selling Price for all coal delivered from any approved production source where any such new technology is introduced shall be reduced by fifty percent (50%) of the difference between Seller’s normal production, hauling, handling, and processing costs per ton without such new technology and such production, hauling, handling, and processing costs per ton subsequent to the implementation of such new technology, including depreciation of any related capital expenditures(s), amortization of any costs related to installation of such new technology, and a rate of return on such expenditures and costs at the then existing prime rate of Citibank, N.A., prorated over the normal useful life of any such capital expenditure(s). The Selling Price hereunder shall not be reduced pursuant to this Article X based on Seller’s use in the approved production sources of any technology, if such technology was generally available for commercial use in the mining industry as of November 1, 2007.
MAJOR TECHNOLOGICAL IMPROVEMENTS. The Parties hereto recognize that major technological improvements in mining, hauling, handling, or processing, may provide the future opportunity for reduced costs in supplying Coal hereunder. Seller agrees that the application of latest technology in equipment and methods used in the mining, hauling, handling, and processing of Coal to be supplied under this 5/3/04 24 Agreement shall be considered and adopted if feasible. The Selling Price for all Coal delivered from any source(s) where any such new technology is introduced shall be reduced by [*] of the difference between Seller’s normal production and processing costs per ton without such new technology and such production and processing costs per ton subsequent to the implementation of such new technology, after adjustment for depreciation of any related capital expenditure(s), amortization of any costs relating to installation of such new technology, and a rate of return on such expenditures and such costs at the then existing prime rate of Citibank, N.A., prorated over the normal useful life of any such capital expenditure(s). The Selling Price hereunder shall not be reduced pursuant to this Article XXXII, based on Seller’s use at such source(s) of any technology, if such technology was generally available for commercial use in the mining industry as of March 1, 2004.
MAJOR TECHNOLOGICAL IMPROVEMENTS. The parties hereto recognize that major technological improvements during the term hereof in mining, hauling, handling, or processing coal may provide Seller the opportunity to reduce its costs of supplying coal hereunder. Seller agrees to consider the introduction of any such new technology in mining, hauling, handling, or processing coal at the approved production sources and shall implement such new technology if feasible. The Selling Price for all coal delivered from any approved production source where any such new technology is introduced shall be reduced by fifty percent (50%) of the difference between Seller’s normal production, hauling, handling, and processing costs per ton without such new technology and such production, hauling, handling, and processing costs per ton subsequent to the implementation of such new technology, including depreciation of any related capital expenditures(s), amortization of any costs related to installation of such new technology, and a rate of return on such expenditures and costs at the then existing prime rate of Citibank, N.A., prorated over the normal useful life of any such capital expenditure(s). The Selling Price hereunder shall not be reduced pursuant to this Article X based on Seller’s use in the approved production sources of any technology, if such technology was generally available for commercial use in the mining industry as of November 1, 2007.
Section 1. [Intentionally blank]
Section 2. In the event that supervening events or circumstances shall render inapplicable any of the methods set forth in Article VI for computing price adjustments hereunder, the parties hereto shall meet promptly to consider and agree upon new and revised methods appropriate to the circumstances then prevailing.
Section 3. Seller and Buyer shall keep accurate up-to-date records and books of account showing all costs, payments, price revisions, credits, debits, weights, analyses, and all other data required of each of them for the purpose of administering this Agreement. Each time the price is to be revised in accordance with Article VI and at any other reasonable time upon ten (10) days notice from Buyer, Seller shall furnish to Buyer a detailed statement (a “claim”) showing Seller’s calculations of the price which should then be in effect under the provisions of this Agreement. Buyer shall make a preliminary review of the claim within a reasonable amount of time. Upon completion of Buyer’s preliminary review, Buyer may submit ...