Common use of Contingency Plans/Remedial Actions Clause in Contracts

Contingency Plans/Remedial Actions. In the event the Bank or a specific phase of the Bank fails to achieve the success criteria specified in Part IV, Section E, of this MBI/Permit, the Sponsor shall develop necessary contingency plans and implement appropriate remedial actions for the Bank or that phase in coordination with the MBRT. In the event the Sponsor fails to implement necessary remedial actions in a timely manner after notification by the Corps or FDEP of necessary remedial action to address any failure in meeting the success criteria, the authorizing agency(ies) will notify the Sponsor and recommend appropriate remedial actions. If the authorizing agency(ies) determines that the Bank is selling credits prior to their release or are not in compliance with the terms of this agreement, debiting of credits will immediately cease, and the authorizing agency(ies), in consultation with the MBRT and the Sponsor, will determine what remedial actions are necessary to correct the situation. As determined by the FDEP or the Chair in coordination with the MBRT and the Sponsor, if conditions at the bank site do not improve or continue to deteriorate within a reasonable time frame from the date that the need for remediation was first identified in writing to the Sponsor by FDEP or the Chair of the MBRT, the financial assurance funds required in Part III, Section D. shall be transferred to the fund manager to undertake corrective measures at the project site. At the request of the Sponsor, the MBRT will perform a final compliance visit to determine whether all success criteria have been satisfied. Upon satisfaction of the success criteria, the construction and implementation trust fund will be released to the Sponsor, and the Sponsor will be allowed to use the long-term management trust fund to implement the management plan.