Common use of EPC Agreement Clause in Contracts

EPC Agreement. It is the intention of Ball Industrial Services and SIBE to execute a prime contract with a Guaranteed Maximum Price ("GMAX") for EPC and Project & Construction Management services. The rights and obligations of the parties with respect to the Facility will be set forth in the GMAX agreement to be executed by the parties (the "GMAX Agreement"). The completion of the GMAX Agreement is subject to and contingent upon the parties reaching agreement on the terms and conditions thereof. After this interim agreement is executed by the Company and returned to Ball industrial Services together with the down payment, the parties will enter into good faith negotiations for the preparation of the GMAX Agreement. Either party may terminate such negotiations at any time and for any reason. If this interim agreement is terminated by SIBE, Ball Industrial Services will refund the down payment paid less expenses incurred and fee earned by Ball Industrial Services as a result of this interim agreement. If this interim agreement is terminated by Ball Industrial Services, Ball Industrial Services will refund the down payment paid by SIBE. Ball Industrial GMAX pricing shall include GMAX pricing for Ball Industrial Services and all subs and primes plus an agreed to project contingency. GMAX pricing will be established by the time the Project Design and Development documents are 80% complete.

EPC Agreement. It is the intention of Ball Industrial Services and SIBE to execute a prime contract for EPC services with a Guaranteed Maximum Price ("GMAX") for EPC and Project & Construction Management services). The rights and obligations of the parties with respect to the Facility will be set forth in the GMAX agreement to be executed by the parties (the "GMAX Agreement"). The completion of the GMAX Agreement is subject to and contingent upon the parties reaching agreement on the terms and conditions thereof. After this interim agreement is executed by the Company and returned to Ball industrial Services together with the down payment, the parties will enter into good faith negotiations for the preparation of the GMAX Agreement. Either party may terminate such negotiations at any time and for any reason. If this interim agreement is terminated by SIBE, Ball Industrial Services will refund the down payment paid less expenses incurred and fee earned by Ball Industrial Services as a result of this interim agreement. If this interim agreement is terminated by Ball Industrial Services, Ball Industrial Services will refund the down payment paid by SIBE. Ball Industrial GMAX pricing shall include GMAX pricing for Ball Industrial Services and all subs and primes plus an agreed to project contingency. GMAX pricing will be established by the time the Project Design and Development documents are 80% complete.