Common use of Remedial Plan Clause in Contracts

Remedial Plan. (i) In the event that a Development Entity Default occurs and it has not been cured within any relevant cure period set out in Section 22.3 (Initial Notice and Cure Periods) the Department may, without prejudice to any other right or remedy available to it, require the Development Entity to prepare and submit, within twenty (20) Business Days of being notified of such requirement, a remedial plan that shall set out a schedule and specific actions to be taken by the Development Entity to cure the relevant Development Entity Default and reduce the likelihood of such defaults occurring in the future. Such actions may, amongst other things, include improvements to the Development Entity’s quality management practices, plans and procedures, revising and restating management plans, changes in organizational and management structure, increased monitoring and inspections, changes in Key Personnel and other important personnel, and replacement of Contractors. (ii) Within twenty (20) Business Days of receiving any remedial plan pursuant to Section 22.4(a)(i), the Department shall notify the Development Entity whether or not the relevant remedial plan is, in the Department’s sole discretion, acceptable. If Department notifies the Development Entity that the relevant remedial plan is acceptable, the Development Entity shall implement such remedial plan in accordance with its terms.

Remedial Plan. (i) In the event that a Development Entity Default occurs and it has not been cured within any relevant cure period set out in Section 22.3 22.5 (Initial Notice and Cure Periods) the Department may, without prejudice to any other right or remedy available to it, require the Development Entity to prepare and submit, within twenty (20) Business Days of being notified of such requirement, a remedial plan that shall set out a schedule and specific actions to be taken by the Development Entity to cure the relevant Development Entity Default and reduce the likelihood of such defaults occurring in the future. Such actions may, amongst other things, include improvements to the Development Entity’s quality management practices, plans and procedures, revising and restating management plans, changes in organizational and management structure, increased monitoring and inspections, changes in Key Personnel and other important personnel, and replacement of Contractors. (ii) Within twenty (20) Business Days of receiving any remedial plan pursuant to Section 22.4(a)(i22.6(a)(i), the Department shall notify the Development Entity whether or not the relevant remedial plan is, in the Department’s sole discretion, acceptable. If the Department notifies the Development Entity that the relevant remedial plan is acceptable, the Development Entity shall implement such remedial plan in accordance with its terms.