Project abandoned Clause Samples

Project abandoned. If the Recipient has abandoned the Project or stated an intention to abandon the Project, and does not within 10 Business Days of being requested to do so by the Treasury demonstrate to the Treasury’s satisfaction that the Recipient will proceed with the Project, the Treasury may recover an amount up to the total value of the Funding, provided the Treasury may not recover under this subclause if the Recipient satisfies the Treasury that it acted on reasonable grounds in deciding to abandon the Project or where the Project is abandoned due to a Force Majeure Event. Where any Funding has been applied to the purchase price of land prior to the date of abandonment the Recipient may, with the agreement of the Treasury and subject to any statutory obligations in respect of the land, transfer the relevant land to the Treasury or another department or crown entity in lieu of repayment of the relevant Funding.