Common use of Adjustment of maximum payments Clause in Contracts

Adjustment of maximum payments. If the Commonwealth increases Base Expenditure under clause 5.2: (a) [Participant may submit proposals] the Commonwealth must allow the Participant 30 days from the date of the notice referred to in clause 5.2 to submit one or more proposals to vary any or all of the Forecast Activity, Forecast Expenditure and the Portfolio, so that the Participant can retain the benefit of the original Maximum Annual Payments and original Maximum Payment; (b) [Commonwealth may accept or reject proposals] subject to clause 16.1(c), the Commonwealth may, in its discretion, accept or reject a proposal referred to in clause 5.3(a), with or without conditions; (c) [variation of Funding Agreement] if the Commonwealth accepts a proposal referred to in clause 5.3(a), this Funding Agreement will be varied when the parties enter into a valid variation in accordance with clause 16.1(c)(ii); and (d) if the Participant does not submit any proposals under clause 5.3(a) or the Commonwealth rejects all proposals made by the Participant pursuant to clause 5.3(a), the Commonwealth may by notice in writing to the Participant: (i) [reduce Maximum Annual Payments] reduce the Maximum Annual Payment for each of the Payment Years in the period from the Start Date to the Exit Date to an amount calculated in accordance with the formula (FE – BE) x 30% where: (A) FE means Forecast Expenditure for that Payment Year; and (B) BE means Base Expenditure calculated in accordance with clause 5.2; and (ii) [reduce Maximum Payment] reduce the Maximum Payment so that it is equal to the aggregate of the Maximum Annual Payments for each of the Payment Years in the period from the Start Date to the Exit Date, as reduced under clause 5.3(d)(i).

Adjustment of maximum payments. If the Commonwealth increases Base Expenditure under clause 5.2: (a) [Participant Participants may submit proposals] the Commonwealth must allow the Participant 30 days from the date of the notice referred to in clause 5.2 to submit one or more proposals to vary any or all of the Forecast Activity, Forecast Expenditure and the Portfolio, so that the Participant can retain the benefit of the original Maximum Annual Payments and original Maximum Payment; (b) [Commonwealth may accept or reject proposals] subject to clause 16.1(c), the Commonwealth may, in its discretion, accept or reject a proposal referred to in clause 5.3(a), with or without conditions; (c) [variation of Funding Agreement] if the Commonwealth accepts a proposal referred to in clause 5.3(a), this Funding Agreement will be varied when the parties enter into a valid variation in accordance with clause 16.1(c)(ii); and (d) if the Participant does not submit any proposals under clause 5.3(a) or the Commonwealth rejects all proposals made by the Participant pursuant to clause 5.3(a), the Commonwealth may by notice in writing to the Participant: (i) [reduce Maximum Annual Payments] reduce the Maximum Annual Payment for each of the Payment Years in the period from the Start Date to the Exit Date to an amount calculated in accordance with the formula (FE – BE) x 30% Pharmaceuticals Partnerships Program General Conditions Version 2.0 — Release Date: June 2005 where: (A) FE means Forecast Expenditure for that Payment Year; and (B) BE means Base Expenditure calculated in accordance with clause 5.2; and (ii) [reduce Maximum Payment] reduce the Maximum Payment so that it is equal to the aggregate of the Maximum Annual Payments for each of the Payment Years in the period from the Start Date to the Exit Date, as reduced under clause 5.3(d)(i).

Adjustment of maximum payments. If the Commonwealth increases Base Expenditure under clause 5.2: (a) [Participant [ Participants may submit proposalsproposals ] the Commonwealth must allow the Participant 30 days from the date of the notice referred to in clause 5.2 to submit one or more proposals to vary any or all of the Forecast Activity, Forecast Expenditure and the Portfolio, so that the Participant can retain the benefit of the original Maximum Annual Payments and original Maximum Payment; (b) [[ Commonwealth may accept or reject proposalsproposals ] subject to clause 16.1(c), the Commonwealth may, in its discretion, accept or reject a proposal referred to in clause 5.3(a), with or without conditions; (c) [[ variation of Funding AgreementAgreement ] if the Commonwealth accepts a proposal referred to in clause 5.3(a), this Funding Agreement will be varied when the parties enter into a valid variation in accordance with clause 16.1(c)(ii); and (d) if the Participant does not submit any proposals under clause 5.3(a) or the Commonwealth rejects all proposals made by the Participant pursuant to clause 5.3(a), the Commonwealth may by notice in writing to the Participant: (i) [[ reduce Maximum Annual PaymentsPayments ] reduce the Maximum Annual Payment for each of the Payment Years in the period from the Start Date to the Exit Date to an amount calculated in accordance with the formula (FE – BE) x 30% Pharmaceuticals Partnerships Program General Conditions Version 2.0 — Release Date: June 2005 where: (A) FE means Forecast Expenditure for that Payment Year; and (B) BE means Base Expenditure calculated in accordance with clause 5.2; and (ii) [[ reduce Maximum PaymentPayment ] reduce the Maximum Payment so that it is equal to the aggregate of the Maximum Annual Payments for each of the Payment Years in the period from the Start Date to the Exit Date, as reduced under clause 5.3(d)(i).