Milestone/Progress Payment Schedule definition
Examples of Milestone/Progress Payment Schedule in a sentence
An increase or decrease in Lump Sum Fixed Price, if any, required pursuant to this Article 13 as a result of a Scope Change shall be determined by the mutual agreement of the Parties and shall be paid (or reimbursed or recouped) in one or more payments in accordance with the Milestone/Progress Payment Schedule, as adjusted in accordance with this Article 13.
The Lump Sum Fixed Price shall be paid by the MEP Participants to the Turnkey Contractor in installments in accordance with the Milestone/Progress Payment Schedule attached hereto as Appendix B (the “Scheduled Payments”).
The Turnkey Contractor shall promptly review the Scope Change Order Request and notify the MEP Participants in writing of the available options for implementing the proposed Scope Change (including, if possible, any option that does not involve an extension of time) and the effect, if any, each such option would have on each of the Lump Sum Fixed Price, the Guaranteed Completion Dates, the Milestone/Progress Payment Schedule, the Work Schedule and/or the Performance Guaranties.
In case of a termination of part of the Work during the third Phase, the MEP Participants will authorise a Scope Change Order making any required adjustments to one or more of the Lump Sum Fixed Price, the Guaranteed Completion Dates, the Milestone/Progress Payment Schedule, the Work Schedule and/or the Performance Guaranties, as appropriate.
In the event the MEP Participants disagree with the Turnkey Contractor’s statement of the effect of such Scope Change on any one or more of the Lump Sum Fixed Price, the Guaranteed Completion Dates, the Milestone/Progress Payment Schedule, the Work Schedule and/or the Performance Guaranties, the MEP Participants may proceed to issue the Scope Change Order in accordance with Section 13.9.
Set forth in Appendix B on the Milestone/Progress Payment Schedule are certain Phases and milestone events within the Basic Engineering Phase, Detailed Engineering Phase and Land Acquisition and Construction Phase which, among other things, determine when the MEP Participants shall become obligated to make Scheduled Payments to the Turnkey Contractor in respect of each identified portion of the Work.
The Milestone/Progress Payment Schedule provides for the Work to be achieved in three Phases (namely, the Basic Engineering Phase, the Detailed Engineering Phase and the Land Acquisition and Construction Phase) and several described milestones/progresses within each Phase of the Work.
All payments by the MEP Participants in respect of the Rights to Land shall be made by the MEP Participants in accordance with the Milestone/Progress Payment Schedule, with the Turnkey Contractor being responsible under this Agreement for advising the MEP Participants of the proper amounts and the proper payees, other than Turnkey Contractor, which are to receive all or any portion of such Scheduled Payments.
The MEP Participants, without invalidating this Agreement, may order Scope Changes to the Work, in which event one or more of the Lump Sum Fixed Price, the Guaranteed Completion Date, the Milestone/Progress Payment Schedule, the Work Schedule and/or the Performance Guaranties shall be adjusted or modified only to the extent necessary in light of such Scope Changes.