– Aera Payment for Research and Development Services Sample Clauses

– Aera Payment for Research and Development Services. Aera will pay Greensteam for research and development services (“R&D”) which Greensteam will provide as defined and described in section 17.2 below. Aera will make R&D progress payments to Greensteam (“Payments”) totaling no more than Three Million Dollars ($3,000,000). However, Aera plans to submit to the Aera Board of Directors, a request in its 2010 R&D budget for Five Million Dollars ($5,000,000) to spend if needed for R&D (the “Request”). If the Aera Board of Directors approves the Request, which it will have the full and unfettered discretion to do or not do, then upon such approval Aera will make additional Payments to Greensteam totaling no more than Five Million Dollars ($5,000,000) for a grand total of Eight Million Dollars ($8,000,000). Payments will be made only after actual expenditures have been made by Greensteam for R&D consistent with Exhibit “1” attached hereto and made a part hereof. Aera will make Payments within fifteen (15) calendar days of Aera receiving from Greensteam an invoice containing charges for actual R&D performed for the Test Unit. If the Aera Board of Directors does not approve the Request, then this Program Agreement and any Site-Specific Agreements shall be deemed terminated and of no further force and effect, except as to the matters encompassed within Section 15.1.
Sample 1
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– Aera Payment for Research and Development Services. Aera will pay Greensteam for research and development services (“R&D”) which Greensteam will provide as defined and described in section 17.2 below. Aera will make R&D progress payments to Greensteam (“Payments”) totaling no more than Three Million Dollars ($3,000,000). Payments will be made only after actual expenditures have been made by Greensteam for R&D consistent with Exhibit “1” attached hereto and made a part hereof. Aera will make Payments within fifteen (15) calendar days of Aera receiving from Greensteam an invoice containing charges for actual R&D performed for the Test Unit.
Sample 1

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