Major Phase Decisions Sample Clauses
The "Major Phase Decisions" clause defines the process and authority for making significant determinations at key stages of a project or agreement. Typically, this clause outlines which parties are responsible for approving or rejecting major milestones, such as moving from design to construction or from development to deployment, and may specify required notice periods or documentation. Its core function is to ensure that all stakeholders are aligned and that critical transitions are managed transparently, reducing the risk of misunderstandings or unauthorized actions during pivotal phases.
Major Phase Decisions. Prior to or concurrently with each Major Phase Application or Sub-Phase Application, as applicable, the decisions described in Sections 6.2.3(a) through (d) below (collectively, the “Major Phase Decisions”) shall be agreed upon by the Authority and the Developer in accordance with Section 5.6 of the Conveyance Agreement and Authority shall provide notice thereof to the Navy as more fully described in Section 5.7 of the Conveyance Agreement. The Authority shall also provide the Navy with notice of and the opportunity to approve any amendments or modifications to the Major Phase Decisions in connection with each Sub-Phase Application and during the course of each Sub-Phase, to the extent approved by Authority under the DRDAP. The Authority’s approval shall be conditioned upon receipt of the Navy’s approval of any such amendment or modification in accordance with Section 5.6 of the Conveyance Agreement. Any dispute between Authority and Developer with regard to a Major Phase Decision shall be resolved pursuant to the Expedited Arbitration Procedure described in Section 15.1.2 hereof. The Major Phase Decisions consist of the following:
(a) Prior to Approval of each Major Phase, the proposed location of Residential Auction Lots within that Major Phase as shown on a revised land plan for that Major Phase showing the distribution of various Product Types.
(b) Prior to Approval of each Major Phase, the qualifications of Residential Auction Lot bidders by Product Type for that Major Phase based on the applicable Auction Bidder Selection Guidelines.
(c) Prior to Approval of each applicable Sub-Phase, minimum bid prices for the Residential Auction Lots for the Residential Auction Lots, the Non- Developer Critical Commercial Lots and the Non-Critical Commercial Lots located within that Sub-Phase, which shall be based on the Proforma, as updated prior to the submittal of each Sub-Phase Application, as well as any Re-Setting of the Minimum Bid Price, as described above.
(d) Prior to the Approval of each Major Phase, the Excess Land Appreciation Structure for that Major Phase for each Product Type in such Major Phase, as well as any re-evaluation of the Excess Land Appreciation Structure during any Major Phase that may occur in connection with the submittal of Sub-Phase Applications or the sale of Lots. For purposes of this Agreement and the Conveyance Agreement, the “Excess Land Appreciation Structure” is defined as the structure, procedures and metrics of the then-prev...
Major Phase Decisions. Each submittal shall include written materials addressing each of the following Major Phase Decisions as required under the Conveyance Agreement and Section 6.2.3 of the DDA:
1.1.2.1. The proposed location of Residential Auction Lots within that Major Phase by various Product Types.
1.1.2.2. The qualifications of Auction Lot bidders by Product Type for that Major Phase based on the Auction Bidder Selection Guidelines.
1.1.2.3. Minimum bid prices for the Residential Auction Lots and Non-Critical Commercial Lots based on an updated pro forma submitted with the Major Phase Application.
1.1.2.4. The Excess Land Appreciation Structure for that Major Phase for each Product Type in the Major Phase.
Major Phase Decisions. Prior to the close of escrow of each Major Phase, the 3 Authority and the Developer and notice thereof shall be provided to the Navy as more fully 4 described in Section 5.6 below:
5 5.6.1 The proposed location of Residential Auction Lots within that Major 6 Phase as shown on a revised land plan for that Major Phase showing the distribution of various