VALIDATION PAYMENTS Clause Samples
The Validation Payments clause establishes the terms under which payments are made contingent upon the successful completion or verification of certain milestones, deliverables, or performance criteria. Typically, this clause outlines the specific conditions that must be met for a payment to be triggered, such as passing a test, receiving third-party certification, or achieving a predefined project goal. By clearly linking payments to objective validation events, the clause ensures that compensation is only provided when agreed standards are met, thereby reducing the risk of disputes and incentivizing performance.
VALIDATION PAYMENTS. Senomyx will pay to Aurora the following non-creditable, non-refundable milestone payments within thirty (30) days following achievement of the following milestone events:
VALIDATION PAYMENTS. Senomyx will pay to Aurora the following non-creditable, non-refundable milestone payments within thirty (30) days following achievement of the following milestone events: MILESTONE PAYMENT [...***...] [...***...] [...***...] [...***...] [...***...] [...***...]
VALIDATION PAYMENTS. In consideration of the IQ, OQ and PQ validation work under Section 3.3, Altus shall pay ▇▇▇▇▇▇ the sum of $[***], which shall be due and payable as follows: (a) $[***] within 30 days of receipt of an invoice provided after the Effective Date; (b) $[***] within 30 days after receipt of an invoice from ▇▇▇▇▇▇ provided after the completion of such validation work, and delivery to Altus of the draft validation report, and (c) $[***] within 30 days after receipt of an invoice from ▇▇▇▇▇▇ [***]. In consideration of the Cleaning Validation work under Section 3.3, Altus shall pay ▇▇▇▇▇▇ the sum of $[***], which shall be due and payable as follows: (a) $[***] within 30 days of receipt of an invoice provided after the Effective Date; (b) $[***] within 30 days after receipt of an invoice from ▇▇▇▇▇▇ provided after the completion of the first two manufacturing Batches and their respective cleaning validation work, and (c) $[***] within 30 days after receipt of an invoice from ▇▇▇▇▇▇ provided after completion of manufacturing Batches and respective cleaning validation work [***]. ▇▇▇▇▇▇ will replace a failed equipment validation Batch at its cost if such failure is caused by Althea's failure to conform to the Master Batch Record or other negligence of ▇▇▇▇▇▇ in performance of the Process. If failure is not determined to be caused by Althea's failure as described above then replacement validation runs will be at Altus cost. In consideration of the 3 media fill validation runs under Section 3.6 (i.e., validation runs using the ▇▇▇▇▇▇ fill equipment), Altus shall pay ▇▇▇▇▇▇ the sum of $[***] per fill run including all raw materials, which shall be due and payable as follows: $[***] within 30 days after of receipt by Altus of an invoice provided by ▇▇▇▇▇▇ 30 days prior to the scheduled commencement of each run, and $[***] within 30 days after receipt of an invoice by Altus [***]. If a fill validation run fails, ▇▇▇▇▇▇ will rerun at the validation run at its cost (including raw materials). PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE SECRETARY OF THE COMMISSION PURSUANT TO THE COMPANY'S APPLICATION REQUESTING CONFIDENTIAL TREATMENT UNDER RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934.