Commuted Payment definition
Commuted Payment means the sum payable under paragraph 1.3 of this Part 2 in the event that it is determined that STAL will make a financial contribution in lieu of carrying out or paying for the Highway Mitigation Scheme, such sum to be ONE MILLION, ONE HUNDRED AND SIXTY THOUSAND POUNDS (£1,160,000) Indexed;
Commuted Payment means the sum equal to 40% of the Open Market Value of the relevant Low Cost Market Unit sold by the Developer pursuant to clause 7 of the First Schedule to be used for the provision of affordable housing in the borough of Ribble Valley