Common use of Payment upon Completion Clause in Contracts

Payment upon Completion. PPD will issue an invoice for the full value of each milestone in a payment schedule when the milestone is achieved and Sponsor shall pay such invoices as specified in Section 7.1. There will be no reconciliation between the actual units completed and the number of units specified in the budget of a Project Addendum. Provided that the Services are not completed more than [*] months earlier than the timeline in a Project Addendum, PPD will be entitled to all of the Direct Fees in the Project Addendum budget upon completion of the final milestone in the payment schedule including, but not limited to, any remaining unpaid monthly payments. By way of example, if a payment schedule specified monthly payments in September, October and November 2010 and Services are completed in September 2010, PPD shall invoice Sponsor for the monthly payments for September, October and November. In the event Services are completed more than [*] months earlier than the timeline in a Project Addendum (“Accelerated Project”), Sponsor shall pay PPD for the following: (i) all units completed; (ii) all project management units in the Project Addendum budget; and (iii) fifty percent (50%) of the remaining Direct Fees in the Project Addendum budget. For each Accelerated Project, PPD shall provide Sponsor with a reconciliation of the Direct Fees upon completion of Services showing the difference (if any) between the Direct Fees paid to PPD for the Services and the amount payable by Sponsor as noted in (i), (ii) and (iii) above. In the event the amounts in (i), (ii) and (iii) above are greater than the Direct Fees previously paid to PPD, PPD shall invoice and Sponsor shall pay the difference. In the event the amounts in (i), (ii) and (iii) above are less than the Direct Fees previously paid to PPD, PPD will refund Sponsor the difference.

Payment upon Completion. PPD will issue an invoice for the full value of each milestone in a payment schedule when the milestone is achieved and Sponsor shall pay such invoices as specified in Section 7.1. There will be no reconciliation between the actual units completed and the number of units specified in the budget of a Project Addendum. Provided that the Services are not completed more than [*] months earlier than the timeline in a Project Addendum, PPD will be entitled to all of the Direct Fees in the Project Addendum budget upon completion of the final milestone in the payment schedule including, but not limited to, any remaining unpaid monthly payments. By way of example, if a payment schedule specified monthly payments in September, October and November 2010 and Services are completed in September 2010, PPD shall invoice Sponsor for the monthly payments for September, October and November. [*] Confidential treatment granted; certain information omitted and filed separately with the SEC. PPD PROPRIETARY AND CONFIDENTIAL In the event Services are completed more than [*] months earlier than the timeline in a Project Addendum (“Accelerated Project”), Sponsor shall pay PPD for the following: (i) all units completed; (ii) all project management units in the Project Addendum budget; and (iii) fifty percent (50%) of the remaining Direct Fees in the Project Addendum budget. For each Accelerated Project, PPD shall provide Sponsor with a reconciliation of the Direct Fees upon completion of Services showing the difference (if any) between the Direct Fees paid to PPD for the Services and the amount payable by Sponsor as noted in (i), (ii) and (iii) above. In the event the amounts in (i), (ii) and (iii) above are greater than the Direct Fees previously paid to PPD, PPD shall invoice and Sponsor shall pay the difference. In the event the amounts in (i), (ii) and (iii) above are less than the Direct Fees previously paid to PPD, PPD will refund Sponsor the difference.

Payment upon Completion. PPD will issue an invoice for the full value of each milestone in a payment schedule when the milestone is achieved and Sponsor shall pay such invoices as specified in Section 7.1. There will be no reconciliation between the actual units completed and the number of units specified in the budget of a Project Addendum. Provided that the Services are not completed more than [*] months earlier than the timeline in a Project Addendum, PPD will be entitled to all of the Direct Fees in the Project Addendum budget upon completion of the final milestone in the payment schedule including, but not limited to, any remaining unpaid monthly payments. By way of example, if a payment schedule specified monthly payments in September, October and November 2010 and Services are completed in September 2010, PPD shall invoice Sponsor for the monthly payments for September, October and November[*]. In the event Services are completed more than [*] months earlier than the timeline in a Project Addendum (“Accelerated Project”), Sponsor shall pay PPD for the following: (i) all units completed; (ii) all project management units in the Project Addendum budget; and (iii) fifty percent (50%) of the remaining Direct Fees in the Project Addendum budget[*]. For each Accelerated Project, PPD shall provide Sponsor with a reconciliation of the Direct Fees upon completion of Services showing the difference (if any) between the Direct Fees paid to PPD for the Services and the amount payable by Sponsor as noted in (i), (ii) and (iii) above. In the event the amounts in (i), (ii) and (iii) above are greater than the Direct Fees previously paid to PPD, PPD shall invoice and Sponsor shall pay the difference. In the event the amounts in (i), (ii) and (iii) above are less than the Direct Fees previously paid to PPD, PPD will refund Sponsor the difference.