Milestone-Based Payments Clause Samples
The Milestone-Based Payments clause establishes that payments under a contract will be made incrementally as specific project milestones are achieved. In practice, this means that the party providing goods or services receives partial payments upon the completion and approval of predefined stages, such as design, delivery, or testing phases. This structure helps ensure that work progresses according to schedule and quality standards, while also reducing financial risk for both parties by tying compensation to measurable progress.
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Milestone-Based Payments. Certain payments to be made by RELYPSA under the Initial PO shall be [***] if LANXESS achieves certain milestones as follows:
(a) No later than [***], LANXESS shall (i) certify to RELYPSA in writing that all [***] and all documents necessary for RELYPSA’s [***] and invoice RELYPSA for the US [***] Dollars ($[***]) remaining to be paid for such activities, and (ii) certify in writing to RELYPSA that all [***]. If LANXESS makes both such certifications, then RELYPSA will pay LANXESS US [***] Dollars (US $[***]) for [***] within [***] days of receipt of LANXESS’s invoice in [***] as an [***] payment for the Manufacture of [***] that will be [***] under the Initial PO. If LANXESS makes both required certifications then RELYPSA will make the [***] payment set forth herein. If LANXESS does not make both required certifications , then (A) RELYPSA shall not make such [***] payment for Bulk Intermediate and shall pay LANXESS the Base Price of the Manufacture of Bulk Drug following [***], unless LANXESS [***], in which event such US $[***] payment will be made pursuant to that Subsection, and (B) if LANXESS fails to provide the certification under subsection (a)(i) above, then RELYPSA shall [***] for its [***] until [***] following [***] of those activities and receipt of the required certification and invoice.
(b) No later than [***], LANXESS shall (i) certify to RELYPSA in writing that [***] and LANXESS is [***] and (ii) invoice RELYPSA for the [***] in the amount of US [***] Dollars (US $[***]). Within [***] days of the receipt of LANXESS’s certification and invoice, RELYPSA will pay LANXESS the foregoing amount. If LANXESS fails to make the required certification and/or issue its invoice by [***], then LANXESS shall have until [***] to cure. If LANXESS effects a cure and makes both the required certification and issues the required invoice on or before [***], RELYPSA will make the payment set forth herein. If LANXESS fails to effect a cure by such date then (A) RELYPSA shall not be required to make the US [***] Dollar (US $[***]) payment for [***] and such payment will be incorporated in the payments for the [***] required to be Manufactured using such [***], (B) RELYPSA shall have no obligation to issue the [***], and (C), RELYPSA shall [***] payment in the amount of US [***] Dollars (US $[***]) for [***] until its receipt of LANXESS’s certification under clause (b)(i) above and pay for the [***] when such [***].
(c) No later than [***], LANXESS shall (i) invoi...
Milestone-Based Payments. Supplier will complete the SOW Services and Deliverables, through Pundit’s final Acceptance, for an aggregate Fee equal to $[TBD]. This Fee will include all incidental charges, expenses, or fees, and any additional resources required by Supplier to complete the Services described in this SOW, unless specifically stated otherwise in this SOW. This Fee will be payable in Milestone installments stated below. Supplier will invoice for each Milestone installment when the following Milestones are completed: [Include Deliverables Milestones and Payments from Section 3]
Milestone-Based Payments. A simple and rational method for estimating interim payments to the Contractor has been provided in the Agreement. It ensures that payments are made for works conforming to the Agreement and commensurate with the stages of completion of works. Works have been divided into four categories, namely, road works, major bridges, structures and other works. Each item of work has been further sub-divided into stages and payment will be made for each completed stage of work. Though normally a defects liability period of one year is specified in most contracts, a defects liability period of four years has been specified in the Agreement in order to provide additional comfort to the Government.
Milestone-Based Payments. Butterfly shall be entitled to milestone-based payments upon the achievement of the development milestones set forth in the Development Plan (each, a “Milestone”). Upon completion of a Milestone, Butterfly shall deliver to Midjourney a written Milestone notice that includes reasonable supporting documentation or evidence demonstrating the applicable Milestone completion in accordance with the Development Plan. Within 10 business days of receipt of such notice (“Acceptance Period”), Midjourney shall provide Butterfly with either: (a) written acceptance of the completed Milestone, which shall not be unreasonably withheld; or (b) a written rejection in reasonable detail specifying the grounds for rejection. If ▇▇▇▇▇▇▇▇▇▇ fails to respond within the Acceptance Period, the Milestone shall be deemed accepted by ▇▇▇▇▇▇▇▇▇▇ as of the next day following the end of the Acceptance Period. Upon acceptance or deemed acceptance of a Milestone, Midjourney shall pay the corresponding Milestone payment within thirty (30) days of such acceptance.