NEGOTIATION AND APPROVAL PROCESS Sample Clauses

NEGOTIATION AND APPROVAL PROCESS. Subject Understanding

NEGOTIATION AND APPROVAL PROCESS. Subject Understanding 1. Purpose The purpose of this Term Sheet is to set forth the basis for preliminary and non-binding terms of subsequent negotiations toward a possible Contract between the Parties. The proposed terms and conditions set forth herein represent the current intention of the Parties, do not bind either Party in any manner, , do not commit any Party to a particular course of action (e.g., entering into a Water Reliability Agreement), do not limit the Buyer’s discretion under CEQA, and in particular do not commit the Buyer to design or construct the Delivery System or to purchase Product Water. This Term Sheet is a summary only and is not comprehensive or definitive. The Parties do not intend to be aredo n not intend to be legally bound until, among other things, any required definitive agreements related to the Project, including without limitation the Contract, are executed by the Parties, and either any required CEQA review, including any required public hearings, are completed, and definitive agreements related to the Project are executed by the Parties,d. any additional conditions or changes to the Project based upon CEQA review or other review undertaken by Xxxxx have been resolved in a manner acceptable to both Buyer and Seller, and all required permits and approvals needed to enter into the transactions contemplated herein have been obtained by Xxxxx and Seller in accordance with all applicable laws and regulations. Either Party is free to terminate negotiations at any time following written notice to the other Party without any liability or obligation to the other Party. As required by law, prior to entering into the transactions contemplated herein, Xxxxx retains the sole and independent discretion to, among other things, balance the benefits of the proposed Project against any potential environmental impacts prior to taking final action if such impacts cannot be avoided, consider alternatives to the proposed Project (including the “no project” alternative”), and determine not to proceed with the proposed Project. The Parties understand that substantive terms and detailed provisions not noted or fully developed in this Term Sheet are expected to be included in any final Contract. Buyer’s approval of the Contract is conditioned on and Buyer shall have no obligation to enter into any definitive transaction documents (including but not limited to the Contract). until Buyer Subject Understanding determines in its sole and absolute disc...