Site Selection and Development Sample Clauses
The SITE SELECTION AND DEVELOPMENT clause outlines the process and criteria for choosing and preparing a location for a project or business operation. It typically details the responsibilities of each party in identifying suitable sites, conducting due diligence, and ensuring compliance with zoning, environmental, and regulatory requirements. This clause ensures that both parties have a clear understanding of how the site will be selected and developed, minimizing disputes and delays related to location suitability and readiness.
Site Selection and Development. 3.1. BRA shall approve each site proposed by Ventures for each Bistro Restaurant to be developed hereunder in the Development Area subject to standards approved by BRA. Before committing to a site, Ventures shall submit to BRA such information and materials as BRA may reasonably request to evaluate the site. After receipt of such information and materials, BRA, in its sole discretion, shall approve or refuse to approve the proposed site. BRA shall either approve or reject a proposed site not later than ten (10) days after receipt of all information and materials requested pursuant to this Section 3 and after expiration of the period specified in Section 3.2, if applicable. No site shall be deemed to have received BRA's approval unless it has been approved in writing by BRA.
3.1.1. If BRA approves a site proposed by Ventures, the Bistro Restaurant on the proposed site shall be developed by the LLC with all economic benefits and burdens of such restaurant inuring and accruing to the LLC. No territorial, franchise, site, license, royalty or other such fees shall be payable to BRA with respect to such restaurant.
3.1.2. If BRA does not approve a site proposed by Ventures, Ventures may, at its option, develop a Bistro Restaurant on the proposed site, subject to (i) executing and delivering to BRA BRA's standard form franchise agreement for the Bistro Restaurant to be developed on the proposed site and (ii) paying the LLC $5,000 (or the then prevailing amount if different) per Bistro Restaurant to be opened as an initial installment of the total $10,000 territorial fee (or the then prevailing total standard territorial fee if different) to be paid with respect to each Bistro Restaurant.
3.1.3. If BRA sells a territory within the Development Area to a third party, upon sale of such territory, BRA shall credit and pay upon receipt of funds to the LLC's account for each Bistro Restaurant site to be opened in the territory, the initial installment of the territorial fee equal to $5,000 (or the then prevailing amount if different) per Bistro Restaurant to be opened as an initial installment of the total $10,000 territorial fee (or the then prevailing total standard territorial fee if different) to be paid with respect to each Bistro Restaurant. Each such Bistro Restaurant shall pay a royalty to be determined by BRA of not less than 5% of sales to BRA, and the entire royalty fee paid by such Bistro Restaurant shall be paid over by BRA to the LLC by the 10th day of the...
Site Selection and Development