Common use of Milestone 3 Clause in Contracts

Milestone 3. Within a period not exceeding ten (10) days following STRATEC’s provision of the first version of the Hardware Design Specification Documents QUOTIENT shall complete the review of these documents and (i) provide STRATEC with the signed Hardware Design Specification Documents resulting in meeting Milestone 3, or (ii) provide STRATEC with detailed written report on request of adaptation. If QUOTIENT sends such a written report within the above timeframe both parties shall have the obligation to find a mutual agreement on the Hardware Design Specification Documents within 20 days. If QUOTIENT agrees to the Hardware Design Specification Documents and sends a signed version to STRATEC or fails to send a written report on change requests within the said period of ten (10) days STRATEC shall be allowed to invoice QUOTIENT for the amount due. QUOTIENT shall remit Payment to STRATEC within thirty (30) days of receipt of the invoice. If no agreement on the Hardware Design Specification Documents within the above timeframe can be achieved between the Parties, this issue shall be brought to the Steering Committee for a decision which the Steering Committee shall reach within ten (10) business days.