Drop Dead Dates Clause Samples
A Drop Dead Dates clause establishes a firm, non-negotiable deadline by which a specific action or obligation must be completed under a contract. If the required action is not performed by this date, the contract may automatically terminate or certain rights and remedies may be triggered for the non-breaching party. This clause is commonly used in transactions where timing is critical, such as in real estate closings or delivery of goods, to ensure that delays do not undermine the purpose of the agreement. Its core function is to provide certainty and finality, preventing indefinite extensions and protecting parties from the consequences of missed deadlines.
Drop Dead Dates. 10.8.1 In respect of each element of the Phase 1 Works specified in Appendix F to Schedule 5, other than pursuant to any application of Insurance Proceeds in accordance with Part 4 of Schedule 7, no Variation may be requested by the Trust during the Phase 1 Design and Construct Phase after the date specified for that particular element in such Appendix.
10.8.2 In respect of each element of the Phase 2 Works in respect of the Beneficial Occupation Areas specified in Appendix G to Schedule 5, other than pursuant to any application of Insurance Proceeds in accordance with Part 4 of Schedule 7, no Variation may be requested by the Trust during the Phase 2 Design and Construct Phase after the date specified for that particular element in such Appendix.
10.8.3 In respect of each element of the Phase 2 Works specified in Appendix H to Schedule 5, other than pursuant to any application of Insurance Proceeds in accordance with Part 4 of Schedule 7, no Variation may be requested by the Trust during the Phase 2 Design and Construct Phase after the date specified for that particular element in such Appendix.
10.8.4 Other than pursuant to paragraph 3.3 of Part 4 of Schedule 7, Project Co shall not be required to effect any Variation requested by the Trust in respect of any element of the Works the subject of reinstatement with Insurance Proceeds during the Design and Construct Phase, unless the same has been approved in accordance with the Senior Funding Agreements.