Timeline Overruns Sample Clauses
The Timeline Overruns clause establishes the procedures and consequences when a project or deliverable exceeds the agreed-upon schedule. Typically, this clause outlines the responsibilities of the parties in the event of delays, such as requiring notification, providing opportunities to remedy the delay, or imposing penalties like liquidated damages. Its core function is to manage expectations and accountability regarding project timelines, thereby reducing disputes and incentivizing timely completion.
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Timeline Overruns. Each Party shall promptly inform the other Party upon determining that it is likely to miss a Development date set forth in a Global Development Plan. To the extent that a Party (or its Affiliates) misses such a date by *** or more, the Party that has experienced such Development timeline failure shall provide to the JRDC a full explanation for such Development timeline failure. Such notification shall not serve to excuse a Party from its diligence or other obligations under this Agreement.