Milestone and Milestone Payment Sample Clauses
The Milestone and Milestone Payment clause defines how specific project deliverables, known as milestones, are linked to payment obligations. Under this clause, payments are typically released upon the successful completion and approval of predefined project stages or tasks, such as design approval, prototype delivery, or final implementation. This structure ensures that the contractor or service provider is compensated incrementally as work progresses, thereby aligning payment with performance and reducing financial risk for both parties.
Milestone and Milestone Payment. Shire shall, upon the First Commercial Sale in the United States of the first Licensed Product, pay to Supernus [**] dollars (US$[**]). This milestone payment shall accrue and be paid for the first Licensed Product only, and shall be made only once when this milestone is achieved for the first time under this Agreement regardless of how many times such milestone is achieved for the first Licensed Product. Shire shall pay any such milestone payment to Supernus within ten (10) Business Days of the date the payment becomes due. No payment shall be owed unless the milestone is achieved.