Common use of Progress Reports and Reviews Clause in Contracts

Progress Reports and Reviews. (a) Madarail shall prepare, in conjunction with the Borrower, under terms of reference satisfactory to the Association, and furnish to the Association, on or about April 30 of each year, a report integrating the results of the monitoring and evaluation activities performed pursuant to paragraph 1 of this Section, on the progress achieved in the carrying out of the Project during the period preceding the date of said report and setting out the measures recommended to ensure the efficient carrying out of the Project and the achievement of the objective thereof during the period following such date; and (b) review with the Association, by May 31 of each year, or such later date as the Association shall request, the report referred to in paragraph (a) of this Section, and, thereafter, take all measures required to ensure the efficient completion of the Project and the achievement of the objective thereof, based on the conclusions and recommendations of the said report and the Association’s views on the matter.