Common use of A13 CONTRIBUTION Clause in Contracts

A13 CONTRIBUTION. 5.1 Subject to the following provisions of this paragraph 5, LG Park Freehold or LG Park Leasehold will pay a contribution ("the Contribution") to A13 Link 5 or alternative measures to improve capacity or enhance safety on A13 Link 5 upon written demand by TBC. 5.2 TBC may only issue a written demand for the Contribution once TBC has obtained all necessary consents for A13 Link 5 (or the alternative measures) and is in a position to let a construction contract for A13 Link 5 (or the alternative measures). 5.3 The amount of the Contribution will an amount equal to [11.3%] of the cost of the A13 Link 5 (or the alternative measures) but in any event will not exceed the amount of £[ ]. 5.4 TBC shall complete A13 Link 5 works or alternative measures within 24 months of the receipt of the Contribution unless otherwise agreed by LG Park Freehold or LG Park Leasehold. 5.5 TBC will repay to LG Park Freehold or LG Park Leasehold any of the Contribution which remains unused or uncommitted for the purposes of this provision at the expiration of the period of 30 months from the receipt of the Contribution, unless otherwise agreed by LG Park Freehold or LG Park Leasehold. 5.6 Subject to Clause 5.7 below at any point in time after a Charging Schedule comes into effect, upon written request of any of the Parties, the Parties shall in good faith seek to agree a variation to this in order to ensure that that the LG Companies are not double-charged in respect of the A13 Link 5 (or alternative measures) and to ensure an equitable amount of contribution (which in any event shall not exceed the Contribution) by the LG Companies. 5.7 If a Charging Schedule comes into effect which sets a differential rate in relation to the Property as a strategic site and which rate reasonably reflects the commitment on the part of the LG Companies to pay the Contribution clause 5.6 above shall not apply.

A13 CONTRIBUTION. 5.1 Subject to the following provisions of this paragraph 5, LG Park Freehold or LG Park Leasehold will pay pay, upon written demand by TBC, a contribution ("the Contribution") to the 3 lane widening of the A13 Link 5 or alternative measures to improve capacity or enhance safety on A13 Link 5 upon written demand by TBCin recognition of the proportional benefit that the widening or alternative measures will bring to the Development. 5.2 TBC may only issue a written demand for the Contribution once TBC has obtained all necessary consents for the 3 lane widening of the A13 Link 5 (or the alternative measures) and is in a position to let a construction contract for the 3 lane widening of the A13 Link 5 (or the alternative measures). 5.3 The amount of the Contribution will be an amount equal to [11.3%] 11.4% of the cost of the 3 lane widening of the A13 Link 5 (or the alternative measures) minus £1,900,000 ("the Total Cost") but in any event will not exceed the amount of £[ ]6,939,000. 5.4 TBC shall complete Complete the 3 lane widening of the A13 Link 5 works or alternative measures within 24 36 months of the receipt of the Contribution unless otherwise agreed by LG Park Freehold or LG Park Leasehold. 5.5 TBC will repay to LG Park Freehold or LG Park Leasehold any of the Contribution which remains unused or uncommitted for the purposes of this provision at the expiration of the period of 30 42 months from the receipt of the Contribution, unless otherwise agreed by LG Park Freehold or LG Park Leasehold. 5.6 Subject to Clause 5.7 below paragraph 5.7, at any point in time after a Charging Schedule comes into effect, upon written request of any of the Parties, the Parties shall in good faith seek to agree a variation to this paragraph 5, in order to ensure that that the LG Companies are not double-charged in respect of the 3 lane widening of the A13 Link 5 (or alternative measures) and to ensure an equitable amount of contribution (which in any event shall not exceed the Contribution) by the LG Companies. 5.7 If a Charging Schedule comes into effect is proposed by the Council which sets a differential rate in relation to for the Property as a strategic site which is lower than the rate which would otherwise apply to the Property and which differential rate reasonably reflects the commitment on the part of the LG Companies to pay the Contribution clause Contribution, the LG Companies may give notice to TBC that paragraph 5.6 above shall not apply. 5.8 Where paragraph 5.6 applies, if the Parties cannot agree on a suitable variation to this paragraph 5, the LG Companies may, at their cost, give written notice to TBC referring the matter to binding arbitration and the arbitrator shall seek to find agreement between the Parties, but if the arbitrator fails to find such agreement the arbitrator shall be duly authorised to revise the amount of the Contribution or the Second Contribution in his or her own expert opinion in accordance with the principles in paragraph 5.6 and the decision of the arbitrator will be duly ratified by the Parties. 5.9 The arbitrator in paragraph 5.8 shall be a person agreed between the Parties, or failing such agreement within a period of 28 days from the written notice, shall be such person as is nominated for the purpose by the President of Royal Institute of Chartered Surveyors.