Common use of Notification of potential Credit Project failure Clause in Contracts

Notification of potential Credit Project failure. If, at any time for which a Project Area is enrolled in the Conservation Credit System, the Administrator identifies events or activities that may lead to a finding of Credit Project failure (whether due to Intentional Reversal or Unintentional Reversal), the Administrator will notify Participant, in writing by certified mail and electronic communications. The Administrator shall provide this notice to Participant within 30 days of becoming aware of the event or activity. The notice will identify whether the Administrator believes the potential Credit Project failure will constitute an Intentional Reversal or Unintentional Reversal. (1) Participant has 90 days from the time the Administrator sends Participant notification of the possibility of Credit Project failure to work with the Administrator to identify whether there are actions that may be taken to prevent Credit Project failure, or to identify proposed remedial actions and a timeline within which to complete remedial actions if a finding of Credit Project failure is unavoidable. (2) Any remedial actions agreed upon, in writing, by the Parties shall amend this Contract and attached Management Plan.