Common use of Completion Phase Clause in Contracts

Completion Phase. SIBE shall make payments to SAFER during the Completion Phase contingent upon the occurrence of certain events for which SAFER is responsible, as more fully set forth in the Definitive Agreement. Upon delivery of the manuals to SIBE by SAFER, SIBE shall pay $825,000 in cash and issue $550,000 of Shares to SAFER, with such Shares to be held in escrow and disbursed as provided in Section 11 of this MOU. Upon verification by SAFER to SIBE that the Equipment has been shipped, SIBE shall pay to SAFER $1.65 million in cash and issue $1.1 million of Shares to SAFER, with such Shares to be held in escrow and disbursed as provided in Section 11 of this MOU. Upon delivery of the Equipment to the Building Site, SIBE shall pay to SAFER $1.65 million in cash and issue $1.1 million of Shares to SAFER, with such Shares to be held in escrow and disbursed as provided in Section 11 of this MOU. Subject to reductions negotiated by the parties and included in the Definitive Agreement, upon verification of output and production of the Equipment (the "Commissioning"), SIBE shall pay to SAFER $1.65 million in cash and issue $1.1 million of Shares to SAFER, ("Commissioning Payment") with such Shares to be held in escrow and disbursed as provided in Section 11 of this MOU.