MAKEUP PROVISIONS Clause Samples
Makeup provisions are contractual clauses that allow parties to reschedule or compensate for missed obligations, such as payments, services, or deliverables, due to specific circumstances. Typically, these provisions outline the conditions under which a missed item can be made up, the timeframe for doing so, and any limitations or requirements that must be met. By providing a structured process for addressing missed obligations, makeup provisions help ensure continuity and fairness in the contractual relationship, reducing disputes and maintaining the intended balance of benefits and responsibilities.
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MAKEUP PROVISIONS. If Company has NIBT of less than $800,000 in 2008 then the 20,000,000 share issuance scheduled for 2008 will be forfeited completely. However, if Company has NIBT of $800,000 or more for 2008 and the Company’s NIBT for 2009 is greater than $1,600,000, then the 20,000,000 Buyer Shares for 2008 shall be issued to Seller if the Company’s NIBT for 2009 exceeds $1,600,000 by an amount that is equal to or greater than the amount by which $1,000,000 exceeds the Company’s NIBT for 2008. If Company has NIBT of less than $1,280,000 in 2009 then the 20,000,000 share issuance scheduled for 2009 will be forfeited completely. However, if Company has NIBT of $1,280,000 or more for 2009 and the Company’s NIBT for 2008 is greater than $1,000,000, then the 20,000,000 Buyer Shares for 2009 shall be issued to Seller if the Company’s NIBT for 2008 exceeds $1,000,000 by an amount that is equal to or greater than the amount by which $1,600,000 exceeds the Company’s NIBT for 2009.