Common use of VALUE FOR MONEY REVIEW Clause in Contracts

VALUE FOR MONEY REVIEW. 25.1 Subject to Clause 25.1.1, TfL shall be entitled during the Operational Phase, at its option, to require the Service Provider to undertake value for money reviews in accordance with Schedule 36 (Value for Money Review Process), by giving notice to the Service Provider, provided that: 25.1.1 TfL shall not require the Service Provider to undertake more than two value for money reviews that commence within the Initial Term; and 25.1.2 During the Extended Term, TfL may not require the Service Provider to undertake value for money reviews more frequently than one every two years. 25.2 If TfL serves a notice pursuant to Clause 25.1, both Parties shall comply with their obligations set out in Schedule 36 (Value for Money Review Process).

VALUE FOR MONEY REVIEW. 25.1 Subject to Clause 25.1.1, TfL shall be entitled during the Operational Phase, at its option, to require the Service Provider to undertake value for money VFM reviews in accordance with Schedule 36 33 (Value for Money Review Process), by giving notice to the Service Provider, provided that: 25.1.1 TfL shall not require the Service Provider to undertake more than two value for money (2) VFM reviews that commence within the Initial Term; and 25.1.2 During the Extended Term, TfL may shall not require the Service Provider to undertake value for money VFM reviews more frequently than one once every two years(2) years during an Extended Term. 25.2 If TfL serves a notice pursuant to Clause 25.1, both Parties shall comply with their obligations set out in Schedule 36 33 (Value for Money Review Process).