Economic Development Elements Sample Clauses
The Economic Development Elements clause outlines the requirements and objectives related to fostering economic growth within a specific plan or agreement. It typically details the strategies, incentives, or benchmarks that parties must follow to promote job creation, attract investment, or support local businesses. By clearly defining these elements, the clause ensures that economic development goals are integrated into the broader project or policy, providing a structured approach to achieving sustainable economic benefits.
Economic Development Elements. 5.1 The Economic Development requirements to be met by the Seller and its Contractors in the Construction Measurement Period and the Operating Measurement Period are contained in this Schedule 2 (Economic Development Obligations).
5.2 Quarterly Obligations will:
5.2.1 in the case of Job Creation, be the percentage and quantum values for each Contract Quarter as expressed in Annex 10 (Quarterly Obligations) of this Schedule 2 (Economic Development Obligations); and
5.2.2 in the case of Economic Development Elements other than Job Creation ("Other ED Elements"), be the percentage as expressed in Annex 10 (Quarterly Obligations) of this Schedule 2 (Economic Development Obligations). The quantum values indicated in Annex 10 (Quarterly Obligations) in respect of these Other ED Elements are only indicative of the extent of projected quantum achievement, based on the Seller’s forecasts.
5.3 The Seller will:
5.3.1 be measured for compliance with the Economic Development Sub- Elements;
5.3.2 have Economic Development Performance Deductions levied in terms of paragraph 8.1 of this Schedule 2 (Economic Development Obligations) for not meeting its Quarterly Obligations in a Contract Quarter;
5.3.3 be subject to termination based on Termination Points as contemplated in clause 13.2 (Termination Points);
5.3.4 be monitored for compliance with the Quarterly Obligations; and
5.3.5 be awarded Economic Development Performance Credits in terms of paragraph 8.1 of this Schedule 2 (Economic Development Obligations) for exceeding its Quarterly Obligations in a Contract Quarter.
5.4 The Economic Development Performance Deductions and Economic Development Performance Credits will be reconciled in terms of paragraph 8.1.4 of this Schedule 2 (Economic Development Obligations).
Economic Development Elements. 5.1 The Economic Development requirements to be met by the Seller and its Contractors in the Construction Measurement Period and the Operating Measurement Period are contained in this Schedule 7 (Economic Development Obligations).
5.2 Quarterly Obligations will:
5.2.1 in the case of Job Creation, be the percentage and quantum values for each Contract Quarter as expressed in Annex 10 (Quarterly Obligations) of this Schedule 2 (Economic Development Obligations); and
5.2.2 in the case of Economic Development Elements other than Job Creation ("Other ED Elements"), be the percentage as expressed in Annex 10 (Quarterly Obligations) of this Schedule 7 (Economic Development Obligations). The quantum values indicated in Annex 10 (Quarterly Obligations) in respect of these Other ED Elements are only indicative of the extent of projected quantum achievement, based on the Seller’s forecasts.
5.3 The Seller will:
5.3.1 be measured for compliance with the Economic Development SubElements; levied in terms of paragraph 8.1 of this Schedule 7 (Economic Development Obligations) for not meeting its Quarterly Obligations in a Contract Quarter;
Economic Development Elements. 5.1 The Economic Development requirements to be met by the Seller and its Contractors in the Construction Measurement Period and the Operating Measurement Period are contained in this Schedule 7 (Economic Development Obligations).
5.2 Quarterly Obligations will:
5.2.1 in the case of Job Creation, be the percentage and quantum values for each Contract Quarter as expressed in Annex 10
5.2.2 in the case of Economic Development Elements other than Job Creation ("Other ED Elements"), be the percentage as expressed in Annex 10 (Quarterly Obligations) of this Schedule 7 (Economic Development Obligations). The quantum values indicated in Annex 10 (Quarterly Obligations) in respect of these Other ED Elements are only indicative of the extent of projected quantum achievement, based on the Seller’s forecasts.