Development Security Deposit Sample Clauses
A Development Security Deposit clause requires a party, typically the developer, to provide a financial deposit as security for fulfilling their obligations under a development agreement. This deposit is usually held by the other party or an escrow agent and may be drawn upon if the developer fails to meet certain milestones, complete the project, or remedy defects. The core function of this clause is to protect the non-developing party from losses due to non-performance or breaches, ensuring that there are funds available to address any failures or incomplete work.
Development Security Deposit. Seller shall provide a Development Security Deposit in the amount of $50 for each kilowatt of Capacity of the Facility to Buyer in the form of a cashier’s check on or prior to the Effective Date. After Seller achieves Commercial Operation, Seller shall submit a written request to the Buyer for the refund of the Development Security Deposit. ▇▇▇▇▇ will return the Development Security Deposit to Seller within thirty (30) days of receiving the written request. If the SOPPA Milestone is not met by the SOPPA Milestone Deadline or Commercial Operation does not occur by the Commercial Operation Deadline, Seller shall forfeit and Buyer shall retain the entire Development Security Deposit as liquidated damages. However, if failure to meet SOPPA Milestone Deadline or Commercial Operation is due to Force Majeure, Buyer will refund the Development Security Deposit. The Parties agree that it is impractical or extremely difficult to determine actual damages to which LADWP would be entitled if the SOPPA Milestone Deadline or Commercial Operation Deadline are not achieved, and the liquidated damages provided for in this Section 3.6 are a fair and reasonable calculation of actual damages to LADWP in such a circumstance.
Development Security Deposit. Seller shall provide a Development Security Deposit of $50 for each kilowatt of Capacity of the Facility to Buyer in the form of a certified or cashier’s check on or prior to the Effective Date. If the Interconnection Cost Milestone or VPPA Milestone is not met by the Interconnection Cost Milestone Deadline or VPPA Milestone Deadline, respectively, or Commercial Operation does not occur by the Commercial Operation Deadline, Buyer shall retain as liquidated damages the entire Development Security Deposit. However, if failure to meet VPPA Milestone Deadline or Commercial Operation is due to Force Majeure, Buyer will refund the Development Security Deposit. After Seller achieves Commercial Operation, Seller shall submit a written request to the Buyer for the refund of the Development Security Deposit. The Parties agree that it is impractical or extremely difficult to determine actual damages to which LADWP would be entitled if the Interconnection Cost Milestone Deadline, VPPA Milestone Deadline, or Commercial Operation Deadline are not achieved, and the liquidated damages provided for in this Section 3.6 are a fair and reasonable calculation of actual damages to LADWP in such a circumstance. Buyer will refund the Development Security Deposit to Seller within thirty (30) days of receiving the written request, provided that the Interconnection Cost Milestone, VPPA Milestone, and Commercial Operation have been achieved by their respective Deadlines.
Development Security Deposit. Seller shall deposit an amount of $50 for each kilowatt of the nominal nameplate Capacity of the Facility to Buyer in the form of a check on or prior to the Effective Date. Buyer will return the amount of the Development Security Deposit to Seller within thirty (30) days after Commercial Operation has occurred. Seller shall forfeit and Buyer shall retain the entire Development Security Deposit if the Milestone is not met by the Milestone Deadline or Commercial Operation does not occur by the Commercial Operation Deadline. However, if failure to meet Milestone Deadline or