Deferred Project Clause Samples
A Deferred Project clause defines the terms under which a project may be postponed or delayed to a later date. Typically, this clause outlines the conditions that must be met for deferral, such as mutual agreement between parties or the occurrence of specific events, and may specify how project timelines, deliverables, and payments are adjusted as a result. Its core function is to provide a clear process for handling project delays, thereby reducing uncertainty and potential disputes when a project cannot proceed as originally scheduled.
Deferred Project. If CI has funds available to complete the closing of the First Project in Line, but the relevant Closing Conditions, as defined in Section 6.c, cannot be satisfied, CI may give written notice to the sponsoring LT of CI’s intention to defer the Project. In such event, if such Closing Conditions shall not be satisfied within 10 days following such notice, the Project next in priority on the sponsoring LT’s Project List, if any, shall automatically become the First Project in Line and the relevant Project List shall be automatically amended to move the deferred Project to last place, provided that the deferred Project shall be the first priority of the sponsoring LT at their request as soon as all Closing Conditions are satisfied.