Replacement Material Contract Clause Samples

Replacement Material Contract. If any Material Contract at any time lapses, terminates, or otherwise ceases to be in full force and effect (whether by reason of expiry or otherwise), unless the goods, services or rights which were the subject matter of such Material Contract are no longer reasonably required for the Project, Project Co: (a) will forthwith enter into, or cause to be entered into, a replacement contract or contracts upon the same or substantially similar terms as the contract so replaced (to the extent reasonably practicable); and (b) will forthwith enter into, or cause the replacement Material Contract Party to enter into, a Material Contract Party Collateral Agreement.

Replacement Material Contract. If the engagement of the Contractor under the Material Contract is terminated before service of any notice under Section 2.3, the Contractor shall, if required to do so by notice served by the County not later than 20 Business Days after the date the Contractor serves notice pursuant to Section 2.1, enter into a new Material Contract with the County or its appointee on the same terms as the Material Contract but with such revisions as the County or the Contractor reasonably requires to reflect altered circumstances. In such event, references in this Agreement to “Material Contract” shall be deemed to include such a new Material Contract. The rights of the County under this Section 2.5 will be applicable only after the Project Agreement has been properly terminated in accordance with its terms. As a condition precedent to the Material Contractor’s obligation to enter into the new Material Contract, the County shall provide reasonable assurances in writing to the Project Contractor that the funds necessary to pay the obligations of the County under the new Material Contract will be available for such purposes in a timely manner.

Replacement Material Contract. If any Material Contract at any time lapses, terminates, or otherwise ceases to be in full force and effect (whether by reason of expiry or otherwise), unless the goods, services or rights which were the subject matter of such Material Contract are no longer reasonably required for the Project: (a) Project Co will forthwith enter into, or cause to be entered into, a replacement contract or contracts upon the same or substantially similar terms as the contract so replaced (to the extent reasonably practicable); and (b) if the replaced Material Contract is the Design-Build Agreement, Project Co will forthwith enter into, and cause the replacement Material Contract Party to enter into, a Design- Builder Collateral Agreement.

Replacement Material Contract. If any Material Contract at any time lapses, terminates, or otherwise ceases to be in full force and effect (whether by reason of expiry or otherwise), unless the goods, services or rights which were the subject matter of such Material Contract are no longer reasonably required for the Project, or have been fully delivered or performed and all liabilities and obligations thereunder fully discharged: (a) Project Co will forthwith enter into, or cause to be entered into, a replacement Material Contract or contracts upon the same or substantially similar terms as the contract so replaced (to the extent reasonably practicable); and (b) if BC Hydro and the relevant Material Contract Party had entered into a Collateral Agreement with respect to the replaced Material Contract, Project Co will forthwith enter into, or cause the replacement Material Contract Party to enter into, a Collateral Agreement.

Replacement Material Contract. If the engagement of the Contractor under the Material Contract is terminated before service by the County of any notice under Section 2.3, the Contractor shall, if required to do so by notice served by the County not later than 20 Business Days after the date the Contractor serves notice pursuant to Section 2.1, enter into a new Material Contract with the County or its appointee on the same terms as the Material Contract but with such revisions as the County or the Contractor reasonably requires to reflect altered circumstances. Following the execution of a new Material Contract, references in this Agreement to “Material Contract” shall be deemed to mean the new Material Contract. The rights of the County under this Section 2.5 will be applicable only after the Project Agreement has been properly terminated in accordance with its terms. As a condition precedent to the Material Contractor’s obligation to enter into the new Material Contract, the County shall provide reasonable assurances in writing to the Project Contractor that the funds necessary to pay the obligations of the County under the new Material Contract will be available for such purposes in a timely manner.

Replacement Material Contract. If any Material Contract at any time lapses, terminates, or otherwise ceases to be in full force and effect (whether by reason of expiry or otherwise), unless the goods, services or rights which were the subject matter of such Material Contract are no longer reasonably required for the WA Project, or have been fully delivered or performed and all liabilities and obligations thereunder have been fully discharged: (a) Project Co will forthwith enter into, or cause to be entered into, a replacement contract or contracts upon the same or substantially similar terms as the Material Contract so replaced (to the extent reasonably practicable) and which replacement contract or contracts will each be a Material Contract; and (b) if BC Hydro and the relevant Material Contract Party had entered into a Material Project Contractor Collateral Agreement with respect to the replaced Material Contract, Project Co will forthwith enter into, or cause the replacement Material Contract Party to enter into, a Material Project Contractor Collateral Agreement.

Replacement Material Contract. If any Material Contract at any time lapses, terminates, or otherwise ceases to be in full force and effect (whether by reason of expiry or otherwise), unless the goods, services or rights which were the subject matter of such Material Contract are no longer reasonably required for the Project or such Material Contract has been fully performed and all liabilities and obligations thereunder have been fully discharged: (a) Project Co will forthwith enter into, or cause to be entered into, a replacement contract or contracts upon the same or substantially similar terms as the contract so replaced (to the extent reasonably practicable) and PUC shall have no liability for any increased costs or expenses which may directly or indirectly be borne by Project Co as a result of the terms of such replacement Material Contract(s) except where the requirement for Project Co to enter into or cause to be entered into, a replacement contract is directly due to a breach by PUC of any of its obligations under this Agreement; and (b) if PUC and the relevant Material Contract Party had entered into a Material Project Contractor Collateral Agreement with respect to the replaced Material Contract, Project Co will forthwith enter into, or cause the replacement Material Contract Party to enter into, a Material Project Contractor Collateral Agreement.