MILESTONE LENGTHS Clause Samples

MILESTONE LENGTHS. Each Milestone will have a time limit set for completion, which may be extended up to two (2) months upon mutual agreement (except for Milestone 1), provided, however, the entire Development T m may not, without the express written permission of LE, be extended beyond fifteen (15) months. Should it be anticipated that a time limit for a Milestone may not be met, notice of such must be given by LT to LE as soon as practicable. The Milestone time limits are as follows: 1. Milestone 1: Within five (5) business days following the Effective Date (this milestone may not be extended); 2. Milestone 2: Within two (2) months after the Effective Date; 3. Milestone 3: Within one (1) month after the completion of Milestone 2; 4. Milestone 4: Within one (1) month after the completion of Milestone 3; 5. Milestone 5: Within two (2) months after the completion of Milestone 4; 6. Milestone 6: Within three (3) months after the completion of Milestone 5; and 7. Milestone 7: Within three (3) months after the completion of Milestone 6. D. MILESTONE PAYMENTS. Once LE reasonably determines that a Milestone has been completed, LE will pay a non-recurring engineering fee to LT under the following schedule (no other payments shall be due from LE unless otherwise agreed in writing): 1. Milestone 1: $50,000; 2. Milestone 2: $30,000 3. Milestone 3: $75,000;