Notice; Mitigation Efforts Sample Clauses
The "Notice; Mitigation Efforts" clause requires a party to promptly inform the other party when a problem or potential breach arises and to take reasonable steps to minimize any resulting damages. In practice, this means that if an issue occurs—such as a delay in delivery or a failure to meet contractual obligations—the affected party must notify the other party within a specified timeframe and actively work to reduce the negative impact. This clause ensures that both parties are aware of issues as soon as possible and encourages proactive measures to limit losses, thereby promoting transparency and reducing the risk of avoidable damages.
Notice; Mitigation Efforts. Following the delivery of any notice to terminate this Agreement under Section 31.6, TxDOT and Developer shall engage in good faith negotiations for up to 30 days as to means of proceeding to Financial Close in light of the adverse circumstances giving rise to the termination right. As appropriate, the Parties shall consider alternative financing sources, including an alternative project debt competition. With respect to an Unaffordability Determination, the Parties shall also consider sharing or incorporating some or all of the net change contemplated by Sections 3.6.1 and