Payment Milestone Clause Samples
A Payment Milestone clause defines specific points during a project or contract when payments are due, typically tied to the completion of certain deliverables or stages of work. For example, payments might be scheduled after the delivery of a prototype, upon reaching a development phase, or at project completion. This clause ensures that payments are made incrementally as work progresses, helping to manage cash flow for the service provider and incentivizing timely completion of project phases for both parties.
Payment Milestone. 1: payment of Euro 680.00 per kWp (six hundreds eighty), with deduction of Euro 10,000.00 (ten thousand) referred to in Recital (F) and of the deposit equal to Euro 25,000.00 (twenty five thousand) referred to in Recital (I), shall become due by the Principal on occurrence of all the following events:
i. completion of the Building Permit and all Applicable Permits (excluding the Incentive) procedure, including submission of the variations, if any, consequent to the planning and Equipment amendments, and the performance of the provisions established by the competent municipal technical offices to which the Building Permit might be subject to;
ii. transfer to the Principal or a third company indicated by the Principal of the relevant Land Use Rights, by way of assignment of the definitive Land Use Right contract or by any other way as the Principal may require;
iii. connection of the System to the grid is reasonably estimated by the Contractor, by way of a statement drafted in accordance with Annex 13 to take place within 120 (hundred and twenty) days;
iv. delivery of the Parent Company Guarantee in compliance with the last paragraph of this Article 4.2, letter a). Promptly after payment of the relevant invoice, and in any case within 45 days of receipt thereof by the Principal, the Contractor shall provide evidence to the Principal that the Building Permit as well as the STMC (and of any Applicable Permit already obtained) have been successfully transferred to the Principal. The Contractor undertakes to deliver to the Principal, the Parent Company Guarantee within 7 (seven) Working Days of execution of this Contract, and in any case before having received the payment. The Parent Company Guarantee will be issued for the due performance of the Works, as well as for the due performance by the Contractor of any and all the obligations undertaken under this Contract, including, but not limited to, (i) the obtaining of a valid title of Land Use Right over the land where the System shall be built and developed in accordance to Article 3 above; (ii) the obtaining of all the Applicable Permits required for the construction, connection and the functioning of the System; (iii) the transfer of the Building Permit in favour of the Principal; (iv) the admission to the Incentives; and (v) any and all payment obligations arising in connection herewith. The Parent Company Guarantee will be issued in the form under Annex 5, for an amount equal to the Consideration. From the ...
Payment Milestone. 3: subject to the provisions of art. 12.2 hereof, payment of Euro 2,030.00 per kWp (two thousand thirty) shall become due on occurrence of all the following events:
(v) satisfactory outcome of the Operational Inspection and issuance of the PAC;
(vi) all conditions precedent to Payment Milestones 1 and 2 are in place and valid;
(vii) delivery by the Contractor to the Principal of the Warranty Bond, provided that the Warranty Bond shall become effective on payment of Payment Milestone 3 by the Principal. The Contractor shall deliver to the Principal the Warranty Bond, amounting to 15% (fifteen per cent) of the Consideration, to guarantee the due performance of any and all the obligations undertaken by the Contractor under the EPC Contract at the moment of PAC. The Warranty Bond shall be definitively released upon issuance of the FAC, provided that the insurance bond under the O&M contract is issued by the Contractor.
4.3 Once the Contractor believes that any of the Payment Milestones set out under Article 4.2 has been achieved, it shall so notify the Principal in writing. Within 5 (five) Working Days from receipt of the notice, the Principal shall inspect the Works and verify that the relevant Payment Milestone has been achieved. In the event of objection, the Principal shall indicate to the Contractor the works pending performance for that Payment Milestone. In the event that no objection is raised in writing by the Principal within such term, the relevant Payment Milestone shall be deemed approved. Payment shall be made within 5 (five) Working Days of the date of receipt by the Principal of the invoice in relation to Payment Milestone 1 and within 15 (fifteen) Working Days in relation to other Payment Milestones. The relevant invoice may not be issued prior to confirmation under the preceding paragraph, and prior to issuance of the TAC with regard to Payment Milestone 2 and prior to issuance of the PAC with regard to Payment Milestone 3, as set forth in detail under Article 12. The Parties agree that the payments of the Payment Milestone, for which the Principal shall issue a wire transfer confirmation, shall constitute mere advance payments and not the single lots in which the Parties intended dividing up the Works, with the exclusion, therefore, of the provision contained in the second paragraph of Article 1666 of the Civil Code.
4.4 The Parties agree and accept that the Consideration provided in the Contract is fixed and cannot be amended, save as provi...
Payment Milestone. This activity will result in two (2) additional milestones: FOIA CONFIDENTIAL TREATMENT REQUESTED Milestone #160 – [**Redacted**]—$600,000 —testing complete Expected completion: July 2013 Milestone #161[**Redacted**]—$82,000—shall be billable when all testing, analysis, thermal model updates, final model delivery, Consent to break review, and delivery of technical documentation, as is described in the proposal, has been done. Expected completion date: September 2013 SUMMARY The value for this ECP is a [**Redacted**] of $682,000, outlined in the following table: Change# Change Description $ 024 [**Redacted**] Phase 2 $ 682,000.00 TOTAL $ 682,000.00 Contract Value Summary Previous Contract Value $ 169,047,033.00 ECP $ 682,000.00 New Contract Value $ 169,729,033.00 Unless otherwise expressly provided herein, all other terms and conditions of the Agreement shall remain in full force and effect. This Modification No. 24 is hereby executed and agreed to by DigitalGlobe and Contractor and shall be binding and effective as of the last date executed below. Signature Signature [**Redacted**] ▇▇▇▇▇ ▇▇▇▇ Name Name [**Redacted**] V.P. Space Systems Title Title May 16, 2013 May 14, 2013 Date Date FOIA CONFIDENTIAL TREATMENT REQUESTED ITT Exelis Proposal 12-504 – [**Redacted**] Proposal January 21st, 2013 FOIA CONFIDENTIAL TREATMENT REQUESTED [**Redacted**] Contract Manager ITT Space Systems, LLC ▇▇▇▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇ [**Redacted**] [**Redacted**] [**Redacted**] January 21, 2013 DigitalGlobe, Inc. Sent via e-mail to: Subject: Proposal12-504- [**Redacted**] Proposal Revised 1/18/2013 Reference: [**Redacted**] Statement of Work (SOW) dated 1/18/2013 Dear ▇▇▇: ITT Space Systems, LLC, a subsidiary of Exelis, Inc. (Exelis) is pleased to submit this [**Redacted**] proposal associated with the [**Redacted**]. This revision incorporates a rewritten statement of work entitled [**Redacted**] dated 1/18/2013, and reduces the price of Phase 2 commensurate with the reduction in test duration. The revised SOW is based on the SOW delivered to Exelis by DigitalGlobe on 1/14/2013. To facilitate your review, updates made to the DG document by Exelis have been highlighted in blue font. The SOW includes a schedule integrating [**Redacted**]. This schedule demonstrates [**Redacted**] of slack against the [**Redacted**] original contract delivery date. Contract [**Redacted**]—$1,600,000 Phase 1—$918,000 Phase 2—$ 682,000 Phase 1 of this effort starts at Authorization to Proceed, assumed o...
Payment Milestone. In the event that GS AgriFuels and/or any of its affiliates fails to pay Lender a minimum of $7,500,000 on or before July 1, 2008, or a minimum of $15,000,000 on or before September 30, 2008, or a minimum of $25,000,000 on or before December 31, 2008, then, within no more than 60 days of GS CleanTech's receipt of written notice from Lender, GS CleanTech shall take GS AgriFuels public again as provided herein (the "Go Public Transaction")
(a) Go Public Transaction As used herein, the term "Go Public Transaction" shall refer to either a distribution of GS AgriFuels shares to GS CleanTech's shareholders, or a reverse-merger with an affiliate of GS CleanTech, or a reverse-merger with a separate public shell; or, if GS CleanTech fails to timely complete any of the foregoing transactions, then GS CleanTech shall be obligated to facilitate a reverse-merger of GS AgriFuels with a public shell of Lender's choosing, which public shell may owe Lender up to $2,000,000 in convertible or other debt to be assumed by GS AgriFuels.