Compensation for Extension Clause Samples

The Compensation for Extension clause establishes the conditions under which a party is entitled to additional payment if the project timeline is extended. Typically, this clause outlines the process for claiming extra costs incurred due to delays not caused by the contractor, such as changes in project scope or unforeseen circumstances. Its core function is to ensure that parties are fairly compensated for time-related expenses, thereby allocating risk and preventing disputes over financial responsibility when project schedules change.
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Compensation for Extension. In exchange for the extension of the Maturity Date, $50,000.00 shall be added to the principal amount outstanding on the Note between the Company and Holder as of the Effective Date hereof.
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Compensation for Extension. In exchange for the extension of the Maturity Date, $25,000.00 shall be added to the principal amount outstanding on the Note between the Company and Holder as of the Effective Date hereof and the Company shall issue Holder 150,000 (one hundred fifty thousand) shares of Common Stock.
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Compensation for Extension. In exchange for the extension granted in this paragraph 1, the Company shall: (1) Issue warrants for the purchase of up to 232,226 shares of common stock of the Company (“Common Stock”) to Setal 1, issue warrants for the purchase of up to 426,541 shares of Common Stock to Setal 3, and issue warrants for the purchase of up to 341,233 warrants to Setal 4. The warrants (the “Warrants”) shall be valid for a period 60 months with an exercise price of $0.37 per share and shall be in the form attached hereto as Exhibit “A” and incorporated herein by this reference; and (2) The Company and Setal 1, Setal 3, and Setal 4 hereby agree that, upon repayment of the notes due to Setal 1, Setal 3 and Setal 4, the Company shall increase the amount due as payment on the respective notes by a late payment and extension fee equal to ten percent (10%) of the payments otherwise due on April 1, 2009.
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Related to Compensation for Extension

  • Compensation for Consulting Services For each quarter (i.e., three-month period) that Executive provides consulting services to MediciNova pursuant to the option of MediciNova contained in Section 9 above, MediciNova shall pay Executive a sum equal to fifteen percent (15%) of Executive’s annual Base Compensation which shall be applicable at the time of Executive’s termination of employment with MediciNova (prorated for any period of less than a quarter). The parties expressly agree that when Executive is performing consulting services for MediciNova, Executive is acting as an independent contractor. Therefore, Executive shall be solely liable for Social Security and income taxes that result from Executive’s compensation as a consultant. In addition, Executive shall not be entitled to any other benefits including, without limitation, such group medical, life and disability insurance and other benefits as may be provided to employees and/or executives of MediciNova.

  • Developer Compensation for Emergency Services If, during an Emergency State, the Developer provides services at the request or direction of the NYISO or Connecting Transmission Owner, the Developer will be compensated for such services in accordance with the NYISO Services Tariff.

  • Compensation for Overtime Assigned overtime is designated as those hours over the regular hours of work which are requested of the employee by management. Assigned overtime worked shall be paid at the rate of time and one-half (1 1/2).

  • Director Compensation Petitioner shall not compensate members of the Charter School’s Governing Board in excess of reasonable expenses incurred in connection with actual attendance at board meetings or with performance of duties associated therewith.

  • Termination Compensation Termination Compensation equal to two (2) times the Executive's Base Period Income shall be paid to the Executive in a single sum payment in cash on the thirtieth (30th) business day after the later of (a) the Control Change Date and (b) the date of the Executive's employment termination; provided that if at the time of the Executive's termination of employment the Executive is a Specified Employee, then payment of the Termination Compensation to the Executive shall be made on the first day of the seventh (7th) month following the Executive's employment termination.