Common use of CONTINUATION OF THE PROJECT Clause in Contracts

CONTINUATION OF THE PROJECT. 5.1 Throughout the ilab Accelerator Program, UQ will undertake assessments of the Founder and the Project to assess whether or not the Founder should continue in the ilab Accelerator Program. Factors relevant to these assessments will be determined by UQ in its absolute discretion, but may include the Founder’s level of attendance, responsiveness and/or communication, achievement of the milestones and / or deliverables in the Reference Schedule, the direction of the Project and any reputational harm it may cause to ilab, UniQuest or UQ, and the conduct of the Founder generally. 5.2 Following: (a) any material breach of the General Conditions by the Founder; or (b) UQ undertaking an assessment referred to in clause 5.1 and forming the view that the Founder should not continue in the ilab Accelerator Program, UQ may serve a notice on the Founder which will terminate this Agreement, including without limitation: i. terminating the Founder’s participation in the ilab Accelerator Program, seven (7) days from the date of service of the notice; and ii. terminating any requirement to pay any further Instalments of the ilab Accelerator Program Investment to the Founder. 5.3 Prior to issuing a notice under clause 5.2 above, UQ may, but is not obliged to, give the Founder an opportunity to remedy their breach of the General Conditions, or to address the factors that are causing UQ to consider discontinuing the Founder’s involvement in the ilab Accelerator Program (as applicable). 5.4 The Founder may exit the ilab Accelerator Program and terminate this Agreement at any time and for any reason. If the Founder terminates this Agreement under this clause, no further amount of the ilab Accelerator Program Investment will be payable. 5.5 The Founder will use reasonable endeavours to inform UQ of any significant news or achievements of their company for the purpose of promotion and research.