Development Work Compensation Clause Samples

Development Work Compensation. During the Development Work, Eligible Costs shall be compensated as detailed in the following sections. 2.4.1 Engineering & Management (E&M) Rates Rates are valid for 2026 and thereafter subject to escalation in accordance with Section 2.2.3. Table 2-2 Engineering and Project Management rates ​ ​ ​ ​ ​ Activity Euro/hour Engineer Development Work [***] Project Manager Development Work [***] 2.4.2 Engineering & Management (E&M) Cost For engineering, modelling, feasibility study inputs, project management, interface management, class/regulatory engineering) ● 50% shall be payable in cash upon submission and approval of a Cost Statement until 50% of the estimated overall amount is reached ● The remaining 50% shall be reimbursed in cash, subject to production tonnage-based repayment mechanism under Section 2.6. 2.4.3 Procurement, Fabrication, Integration & Vessel Conversion Costs ● 50% shall be payable in cash upon submission and approval of a Cost Statement until 50% of the estimated overall amount is reached. ● The remaining 50% shall be reimbursed in cash, subject to production tonnage-based repayment mechanism under Section 2.6 below.