Project Operational Phase Clause Samples
The Project Operational Phase clause defines the period during which a project transitions from construction or development into active operation and use. This clause typically outlines the responsibilities of the parties involved for operating, maintaining, and managing the project, as well as performance standards and reporting requirements that must be met during this phase. By clearly delineating the start and expectations of the operational phase, the clause ensures that all parties understand their ongoing obligations and helps prevent disputes over performance or maintenance after project completion.
Project Operational Phase. The second phase shall consist of the ongoing operation of the Project Premises as housing for persons who would otherwise be homeless, including resident occupancy, management and provision of necessary support services. This phase shall commence upon the written approval by the Corporation of the Project Premises for occupancy as a Homeless Project and shall conclude upon the satisfactory completion of a period of no less than twenty-five (25) years from the date of such approval (hereinafter the "Project Operational Phase").