Milestone 2 Clause Samples
The 'Milestone 2' clause defines the requirements and deliverables that must be completed to achieve the second major phase of a project. Typically, this clause outlines specific tasks, objectives, or outputs that the contractor or service provider must deliver by a certain date, such as submitting a progress report, completing a prototype, or reaching a predefined project goal. By clearly specifying what constitutes completion of Milestone 2, this clause helps both parties track progress, trigger payments, and ensure accountability at this stage of the project.
Milestone 2. As soon as practicable after Milestone 2 has been achieved, the Buyer must give written notice to the Sellers to that effect (Milestone 2 Notice), and the Buyer must cause the Milestone 2 Shares to be issued to the Sellers in accordance with clause 7.5.
Milestone 2. Upon the Parties’ joint confirmation that completion of Milestone 2 has occurred, STRATEC shall invoice QTX for the amount due and shall be entitled to receive the Warrants as set forth above. QTX shall remit Payment to STRATEC and provide an enforceable document evidencing the issue of the Warrants earned within thirty (30) days of receipt of the invoice.
Milestone 2. Milestone 2 shall be satisfied upon the achievement of freedom to operate (as specified below) with respect to relevant claims in the Interfering Patent for Fluidigm’s Topaz3 crystallization microprocessor, as determined by Fluidigm in its sole discretion that either (i) a U.S. patent has issued from an application listed on Exhibit D or subsequent applications claiming priority thereto with claims that the USPTO has determined are entitled to priority in view of claims in the Interfering Patent and which claims cover the Topaz crystallization microprocessor, or (ii) a cross-license for the Technology has been signed by Fluidigm and a third party controlling the Interfering Patent and related applications such that the interference is terminated and Fluidigm has freedom to operate with respect to the Interfering Patent and related filings. Within thirty (30) days after such determination by Fluidigm, Fluidigm will issue shares of its stock having a value of $1,500,000 (based on the fair value at the time Milestone 2 is achieved), subject to compliance with applicable securities laws. In addition, (i) Fluidigm will enter into a non-transferable site license with Athersys, Inc. [***] Information has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. (“Athersys”) under which Athersys will have the right to use the Technology for internal drug efforts, but not to provide service or equipment to third parties.
Milestone 2. In the event that Foot & Ankle Revenue for the period between January 1, 2015 and December 31, 2015 (the “Second Period”) exceeds Baseline Revenue in the Second Period by an amount equal to or greater than $14,000,000, Acquiror shall pay to the Paying Agent, within 30 Business Days of such determination and in no event later than three months following the end of the Second Period, a payment in the amount of $2,000,000.
Milestone 2. Watershed habitat adopted and at least five gallons of trash cleaned up from each adopted watershed habitat per class, survey results submitted to the city clean water program, and location of any trash hotspots identified and reported to city services for requested cleanup as applicable.
Milestone 2. Manufacture of Pilot Stability Batch at One-Tenth Scale. Supplier shall undertake tasks for the manufacture of a pilot stability batch as set forth in Exhibit 2. The total time for completion of the tasks for Milestone 2 to the mutual satisfaction of the Parties shall be about 6 to 8 weeks with an anticipated completion date of April 6, 2007.
Milestone 2. On or before September 30, 2011, the Borrower shall provide to the Agent:
(i) the Financial Model; and
(ii) a detailed written statement of the assumptions used in its preparation and the management analysis, statement of strategic vision and business plan used as the basis for production of the Financial Model.
Milestone 2. Reformulation and Purification -------------------------------------------
Milestone 2. (a) The Milestone 2 Consideration shall be payable by the Buyer to the Seller upon an aggregate of 6,000,000 DMT of minerals being Hauled during the Milestone Period (Milestone 2).
(b) Subject to clause 5.5. if Milestone 2 is achieved:
(i) before 31 May 2027, the Buyer will issue the Seller 20,000,000 Buyer Shares which from Completion are subject to the terms and conditions in Schedule 12 (Milestone 2 Consideration Shares); or
(ii) after 31 May 2027 but before the end of the Milestone Period, the Buyer may at its sole election:
(A) issue 20,000,000 Buyer Shares to the Seller; or
(B) pay, or procure the payment of, a cash amount equal to the Market Value (on the date the Milestone is satisfied) of 20,000,000 Buyer Shares, (Milestone 2 Consideration).
Milestone 2. Licensee shall complete (i.e., dosing of final patient and data lock) Phase I Clinical Trials for at least one Licensed Product within the Field on or before twelve (12) months from the date of the FDA’s acceptance of the IND;