Milestone Date Extensions Sample Clauses
The Milestone Date Extensions clause allows for the adjustment of previously agreed-upon deadlines for specific project milestones. In practice, this clause outlines the conditions under which a party may request additional time, such as unforeseen delays or changes in project scope, and typically requires formal notification and approval. Its core function is to provide flexibility in project timelines, helping to manage risks associated with delays and ensuring that both parties have a clear process for handling schedule changes.
Milestone Date Extensions. In the event that Seller’s achievement of any Milestone by the applicable Milestone Date or of the Commercial Operation Date by the Guaranteed Commercial Operation Date is prevented due to a Delay Condition, the applicable Milestone Date or the Guaranteed Commercial Operation Date, as applicable, will be extended on a day-for-day basis by the number of days by which the occurrence or continuance of the Delay Condition prevented Seller from achieving, as applicable, the affected Milestone or the Commercial Operation Date. For purposes of this Agreement, “Delay Condition” means (i) the occurrence of a Force Majeure Event, or (ii) Buyer’s breach of its obligations under this Agreement. In no event will any Milestone Date or the Guaranteed Commercial Operation Date be extended, in the aggregate, by more than 120 days pursuant to this Section 7.2(d).