PROJECT MILESTONE DATES Clause Samples

PROJECT MILESTONE DATES. Show dates on the diagram for start of project, any contract required interim completion dates, and contract completion dates.

PROJECT MILESTONE DATES. The parties shall work together in order to endeavour to achieve the timely completion of the Project in accordance with the following timetable:- Stage Completed Date --------------- ---- Effective Date 30th June, 1992 Mobilisation 30th June, 1992 Commencement of Work 31st July, 1992 Target Completion Date of Unit ▇ ▇▇▇▇ ▇▇▇▇, ▇▇▇▇ Target Completion Date of Unit ▇ ▇▇▇▇ ▇▇▇▇▇▇▇, ▇▇▇▇ Target Completion Date of Power Station 30th October, 1995

PROJECT MILESTONE DATES. 3.1.1 SPCC shall commence development of the Cogeneration Power Production Facility on the Contract Signing Date and shall thereafter diligently pursue such work in order to achieve the timely completion of the Project and fulfill its other obligations under this Agreement in accordance within the following timetable: MILESTONE TARGET DATE (Months from Contract Signing Date) Posting of Development Bond within ten Days Completion of Documentary requirements Six (6) Calendar Months (Government Approvals) Issuance of Environmental Compliance Ten (10) Calendar Months Certificate Financial Closing Date Fifteen (15) Calendar Months Site/Project Mobilization Date Sixteen (16) Calendar Months Target Commercial Operation Date Forty-Four (44) Calendar Months Posting of O & M Bond within ten Days after Commercial Operation Date 3.1.1.1 Environmental Compliance Certificate issuance shall be the time at which SPCC Philippines has received such issuance from the Department of Environmental and Natural Resources, and has provided NPC a copy thereof, as certified by an appropriate officer of SPCC Philippines. 3.1.1.2 Financial Closing shall be the time at which SPCC has demonstrated, to the reasonable satisfaction of NPC, that the financial resources committed to SPCC are adequate to perform SPCC's obligations under this Agreement by submitting a confirmation from its Lenders to NPC that the initial drawdown of funds under the Lending Agreements is subject to no further condition. 3.1.1.3 Site/Project Mobilization shall be the time at which (a) SPCC begins, and thereafter diligently continues, construction of the foundation footings or other similar work which demonstrates, to the reasonable satisfaction of NPC, that it has begun (and intends diligently to pursue) construction of the Cogeneration Power Production Facility on the Site; and (b) SPCC delivers the Construction Performance Bond (Eighteenth Schedule) to NPC. 3.1.1.4 Within ten (10) Days after the Commercial Operation Date, SPCC shall deliver the O & M Bond (Nineteenth Schedule) to NPC. Notwithstanding anything to the contrary elsewhere contained in this Agreement, the Commercial Operation Date shall not occur until SPCC has so delivered that O & M Bond, and the Commercial Operation Date shall not occur prior to the Target Commercial Operation Date. 3.1.2 If a Party is prevented, hindered or delayed in the performance of an obligation under this Agreement by: (a) Force Majeure; or (b) by any failure (whether or ...

PROJECT MILESTONE DATES. 15 ----------------------- 3.2 DELAY IN ACHIEVING MILESTONE........................... 17 ---------------------------- 3.3 SPCC'S RIGHTS.......................................... 17 ------------- 3.4

PROJECT MILESTONE DATES. The Parties shall work together in order to achieve the timely completion of the Project in accordance with the following timetable: Effective Date Upon completion of condition precedents under ▇▇▇▇▇▇ 19 Site Mobilization (location) : (date) Completion of the Project months from commercial operation date Commercial Operation Date (date) The duration of deployment for the power facility including the period for test and commissioning up to start of commercial operation is calendar days reckoned from the date of issuance of Notice of Award by ORMECO, Inc. During the course of generating unit project implementation, the WINNING BIDDER shall regularly provide ORMECO, Inc. an update report stating the progress and status of delivery of equipment and schedule of shipment. Failure of WINNING BIDDER to complete the Project or meet the Commercial Operation Date of the Project shall cause the forfeiture of the Performance Security, and WINNING BIDDER shall be liable to pay a monthly penalty in the amount equivalent to 1% of the Non-Fuel Cost, computed at the monthly contracted energy, for every day of delay after the scheduled Commercial Operation Date, but in no case the extension shall exceed two (2) months. Failure of WINNING BIDDER to complete the Project or meet the Commercial Operation Date after the two-month extension shall cause the automatic termination of this Agreement.