Delay Notice and Remedial Action Plan Sample Clauses

Delay Notice and Remedial Action Plan. If Owner determines in its reasonable discretion that Contractor is more than ten (10) Days behind schedule and such delay is reasonably likely to lead to a delay in achievement of Substantial Completion by the Guaranteed Substantial Completion Date, then Owner may notify Contractor of such determination (the “Delay Notice”) and within five (5) Business Days of its receipt of the Delay Notice, Contractor shall submit to Owner a written plan demonstrating to Owner’s reasonable satisfaction the measures that Contractor has taken or will take in order to ensure that Substantial Completion will occur no later than the Guaranteed Substantial Completion Date (such plan, a “Remedial Action Plan”). A Remedial Action Plan that conforms to current industry standards and customary procedures shall be deemed a reasonable plan. Upon receipt of a Remedial Action Plan, Owner shall review and provide comments, if applicable. Contractor shall consider all comments of Owner and, within three (3) Business Days of its receipt of Owner’s comments, resubmit the Remedial Action Plan for Owner’s approval. Contractor shall begin to implement the Remedial Action Plan within three (3) Business Days of its initial submission of the Remedial Action Plan to Owner, and will adhere to such Remedial Action Plan (as may be updated from time to time) in order to regain compliance to the Project Schedule, including the utilization of additional shifts, additional manpower, overtime and the re-sequencing of activities.
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Related to Delay Notice and Remedial Action Plan

  • Notices Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered in accordance with the notice provisions of the Purchase Agreement.

  • WHEREAS the Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"); and

  • Severability Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

  • NOW, THEREFORE the parties hereto agree as follows:

  • Governing Law This Agreement shall be governed by and construed in accordance with the laws of the State of New York.