Common use of Preliminary Steps Clause in Contracts

Preliminary Steps. 2.1 Promptly following the Commencement Date Conwy shall initiate the Tender Process and as soon as practicable (within the lawful parameters of the Tender Process) Conwy will obtain the Tender Cost. Conwy shall promptly notify the other Parties in writing with the details of the Tender Cost. 2.2 The Tender Cost Condition shall be satisfied in the following circumstances: 2.2.1 the Tender Cost does not make the overall cost of the design and build of the Centre exceed the Maximum CAPEX Value; or 2.2.2 the Tender Cost does make the overall cost of the design and build of the Centre exceed the Maximum CAPEX Value, but the Parties agree either: 2.2.2.1 a basis on which one or more of the Parties will be responsible for, and to fund, the excess out of its or their own resources; or