Commercial Readiness Sample Clauses
The Commercial Readiness clause defines the criteria or conditions that a product, service, or project must meet before it is considered suitable for commercial deployment or use. Typically, this clause outlines specific milestones, performance standards, or regulatory approvals that must be achieved, such as passing certain tests, obtaining certifications, or demonstrating operational reliability. Its core practical function is to ensure that all parties agree on when a deliverable is ready for market, thereby reducing disputes and clarifying expectations regarding launch or delivery timelines.
Commercial Readiness. Licensee shall pay to POZEN a one-time non-creditable, non-refundable (which, for clarity, shall not preclude Licensee from recovering damages hereunder) payment in the amount of US$[* * *] (the “Commercial Readiness Payment”) within the later of (a) thirty (30) days following the date of Commercial Readiness, or (b) if Licensee’s termination right pursuant to Section 13.7 has not yet expired, the next Business Day immediately following expiration of Licensee’s right to terminate under Section 13.7, unless Licensee has provided notice of termination pursuant to and in accordance with Section 13.7 prior to or simultaneously with the expiration of either such thirty (30) day period following Commercial Readiness or at any time prior to the expiration of Licensee’s right to terminate under Section 13.7, then in either event no payment shall be due under this Section 7.2.2. For clarity, in no event will the Commercial Readiness Payment be made if the NDA Approval Payment has not been made.
Commercial Readiness. During the Transition Request Window, each Interconnection Customer with Transition Requests must submit one of the following Commercial Readiness Milestone Options totaling the requested Interconnection Service amount, where applicable, to Transmission Provider no later than the close of the Transition Request Window.
(a) Executed term sheet (or comparable evidence) related to a contract for sale, where the term of the sale is not less than five (5) years, for
(i) the constructed Generating Facility, (ii) the Generating Facility’s energy or capacity, or (iii) the Generating Facility’s Ancillary Services;
(b) Documentation from a Load-Serving Entity, commercial, industrial, large end-use customer, competitive retail supplier, power marketer, or other wholesale buyer of active negotiations (or the equivalent, e.g. for an ongoing relationship) for purchase of the output of Interconnection Customer’s Large Generating Facility. Interconnection Customer shall provide documentation that they continue to meet Commercial Readiness by providing evidence of another Commercial Readiness Milestone (e.g., executed term sheet under Section 2.1.2 (a) of this Attachment R) to Transmission Provider by: (1) for Late-Stage Projects, one hundred twenty (120) days after Interconnection Customer has been issued an Interconnection Facilities Study Report or (2) for Transition Projects in the Transition Cluster Study, during the Phase Two Customer Review Period;
(c) Executed contract binding upon the parties for sale to a Load-Serving Entity, competitive retail supplier, power marketer, other wholesale buyer, or a commercial, industrial, or large end-use customer for:
(i) the constructed Generating Facility, (ii) the Generating Facility’s energy or capacity where the term of sale is not less than five (5) years, or (iii) the Generating Facility’s Ancillary Services if the Generating Facility is an electric storage resource where the term of sale is not less than five (5) years;
(d) Reasonable evidence that the Generating Facility has been selected by or for a Load-Serving Entity in a Resource Plan or is on the final shortlist for a Resource Solicitation Process by or for a Load-Serving Entity, if such a plan or final short list has been approved or acknowledged by the applicable authority (including for an Investor- Owned Utility its state utility commission, as applicable);
(e) Site specific purchase order for Generating and/or Interconnection Facilities equipment specific to th...
Commercial Readiness. An Interconnection Customer with a Transition Request in the Transition Cluster wishing to proceed to a Phase Two Cluster Study must submit one of the following Commercial Readiness Milestone Options totaling the requested Interconnection Service amount, where applicable, to Transmission Provider no later than the completion of the Customer Review Period following the Phase One Cluster Study.
(a) Executed term sheet (or comparable evidence) related to a contract for sale, where the term of the sale is not less than five (5) years, for
(i) the constructed Generating Facility, (ii) the Generating Facility’s energy or capacity, or (iii) the Generating Facility’s Ancillary Services;
(b) Documentation from a Load-Serving Entity, commercial, industrial, large end-use customer, competitive retail supplier, power marketer, or other wholesale buyer of active negotiations (or the equivalent,
Commercial Readiness