Common use of Approved Projects Clause in Contracts

Approved Projects. A. Each Party shall promptly undertake performance of an Approved Project as set forth in the applicable Project Form. During each Approved Project, the Parties will endeavor to perform their respective duties and to develop and submit to each other any deliverables identified in the Approved Project's Success Criteria. B. All work on Approved Projects shall be directed and controlled by the designated Project Administrator of each Party, subject to the oversight of the Leadership Committee. C. P&G will pay GCOR for the research conducted under this Agreement as follows. *** of this Agreement until June 30, 2003, for a total of One Million Five Hundred Thousand Dollars ($1,500,000), with payment to be made by P&G *** no later than ***. In the event that P&G earlier terminates this Agreement by giving written notice to GCOR pursuant to SUBSECTION 7.B below on or before the June 30 end of a contract year, then ***. In addition, upon signing of the Success Criteria for an Approved Project to enter into a Development Project phase from a Research Project conducted under this Agreement, a Supplier Advance shall become due from P&G to GCOR and shall be payable within 2 months of signing the Success Criteria for such Development Project). The Supplier Advance shall be based on ***.