Failure to achieve a Milestone Clause Samples

The 'Failure to achieve a Milestone' clause defines the consequences and procedures that apply when a party does not meet a specified project milestone by the agreed deadline. Typically, this clause outlines steps such as notification requirements, opportunities to cure the delay, or the imposition of penalties or other remedies. For example, if a contractor fails to complete a phase of work on time, the client may have the right to withhold payment or terminate the contract. The core function of this clause is to ensure accountability and provide a clear framework for addressing delays, thereby minimizing project disruption and managing risk.
Failure to achieve a Milestone. ‌ (a) Subject to paragraph (b), SFV may terminate this agreement by written notice to LTES Operator with immediate effect if LTES Operator:‌ (i) does not submit or resubmit a Draft Milestone Cure Plan that is approved by SFV in accordance with clause 6.2 (“Milestone Cure Plan”); (ii) fails to commence and comply with the steps set out in the Milestone Cure Plan in all material respects and does not remedy such failure within 20 Business Days after receiving notice from SFV to do so; or (iii) does not achieve a Milestone by 20 Business Days after the relevant Milestone Date or Financial Close by 20 Business Days after the FC Sunset Date, in each case as extended by the Milestone Cure Plan. (b) SFV must not terminate this agreement pursuant to paragraph (a) if LTES Operator:‌ (i) fails to achieve a Milestone (other than to achieve Financial Close) by the relevant Milestone Date and SFV is satisfied (acting reasonably) that: (A) having regard to the Milestone Cure Plan, Financial Close is reasonably likely to be achieved by the FC Sunset Date; and (B) LTES Operator is complying with the steps set out in the Milestone Cure Plan in all material respects; or (ii) has submitted a Draft Milestone Cure Plan to SFV under clause 6.2(a) or 6.2(f) (“Milestone Cure Plan”), and SFV has not yet approved or rejected the Draft Milestone Cure Plan under clause 6.2(c).
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Failure to achieve a Milestone. If Company fails to timely achieve any of the diligence milestones set forth on Schedule C (as it may be duly amended pursuant to Section 4.1.4), University may terminate this Agreement and the license(s) granted under this Agreement upon written notice to the Company, if the failure is not cured within thirty (30) days of receiving written notice thereof from University.
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Failure to achieve a Milestone. (a) Subject to paragraph (b), the Commonwealth may terminate this agreement by written notice to Project Operator with immediate effect: (i) if the Commonwealth does not require Project Operator to submit a Draft Milestone Cure Plan under clause 5.3(b) (“Milestone Cure Plan other than for Force Majeure Event”) and Project Operator does not satisfy a Milestone on or before the relevant Milestone Date (including Financial Close by the FC Sunset Date); or (ii) if the Commonwealth does require Project Operator to submit a Draft Milestone Cure Plan under clause 5.3(b) and Project Operator does not: (A) submit a Draft Milestone Cure Plan in accordance with clause 5.3(c) that is approved by the Commonwealth in accordance with clause 5.3(d); (B) satisfy the relevant Milestone by the relevant date set out in the Approved Milestone Cure Plan; or (C) commence performing and then continue to comply with the Approved Milestone Cure Plan in all material respects, and does not remedy any failure to comply with the Approved Milestone Cure Plan (other than to satisfy the relevant Milestone by the relevant date, in which case subparagraph (D) 5.4(a)(ii)(B) applies) within 20 Business Days after notice from the Commonwealth. (b) The Commonwealth must not terminate this agreement pursuant to paragraph (a) if Project Operator has submitted a Draft Milestone Cure Plan to the Commonwealth under clause 5.3(b) (“Milestone Cure Plan other than for Force Majeure Event”) and the Commonwealth has not yet approved or rejected the Draft Milestone Cure Plan under clause 5.3(d). (c) In addition to the Commonwealth’s right to, and notwithstanding whether the Commonwealth does not, terminate this agreement under paragraph (a), if Project Operator does not achieve Financial Close by 40 Business Days after the FC Sunset Date (“FC Cure Period”), then this agreement will automatically terminate with immediate effect unless: (i) Project Operator has submitted a Draft Milestone Cure Plan to the Commonwealth under clause 5.3(b) (“Milestone Cure Plan other than for Force Majeure Event”) and the Commonwealth has not yet approved or rejected the Draft Milestone Cure Plan under clause 5.3(d), in which case: (A) if the Commonwealth approves the Draft Milestone Cure Plan, then this agreement is not terminated pursuant to this paragraph (c) and clause 5.3(e) applies, and this clause 5.4 will apply to any subsequent failure to achieve the relevant Milestone; or (B) if the Commonwealth rejects the Draft Mi...
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Failure to achieve a Milestone. (a) Subject to paragraph (b), the Commonwealth may terminate this agreement by written notice to Project Operator with immediate effect: if the Project Operator does not do each of the following (as applicable): (i) if the Commonwealth does not require Project Operator to submit a Draft Milestone Cure Plan under clausein accordance with clauses 5.3(b) and Project Operator does not satisfy a Milestone on or before the relevant Milestone Date (including Financial Close by the FC Sunset Date); or (ii) if the Commonwealth does require Project Operator to submit a Draft Milestone Cure Plan under clause 5.3(b) and Project Operator does not: (iii) (i) submit a Draft Milestone Cure Plan in accordance with clause 5.3(c)5.3(c) that is approved by the Commonwealth in accordance with clause 5.3(d)5.3(d); (iv) (i) satisfy the relevant Milestone by the relevant date set out in the Approved Milestone Cure Plan; or (v) (ii) commence performing and then continue to comply with the Approved Milestone Cure Plan in all material respects and does not remedy any failure to comply with the Approved Milestone Cure Plan (other than to satisfy the relevant Milestone by the relevant date) within 20 Business Days after notice from the Commonwealth.
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Failure to achieve a Milestone. If Aikido fails to timely achieve any of the diligence milestones set forth on Schedule C (as it may be duly amended pursuant to Section 4.1.4), Silo may terminate this Agreement and the license(s) granted under this Agreement upon written notice to Aikido.
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Related to Failure to achieve a Milestone

  • Milestone Event Milestone Payment [***] [***]

  • Commercial Milestones (a) Within [*****] calendar days after the end of the first Calendar Year in which aggregate annual Net Sales for that Calendar Year for the Licensed Product in the Territory reach any threshold indicated in the Commercial Milestone Events listed below, EverInsight shall notify VistaGen of the achievement of such Commercial Milestone Event and VistaGen shall invoice EverInsight for the corresponding non-refundable, non-creditable Milestone Payment set forth below and EverInsight shall remit payment to VistaGen within [*****] Business Days after the receipt of the invoice, as described in Section 8.6 (Currency; Exchange Rate; Payments). Annual Net Sales Milestones for Licensed Product Milestone Payments (in Dollars) (each a “Commercial Milestone Event”): (1). [*****] (2). [*****] (3). [*****] (4). [*****] (5). [*****] (b) For the purposes of determining whether a Net Sales Milestone Event has been achieved, Net Sales of Licensed Product(s) in the Territory shall be aggregated. For clarity, the annual Net Sales Milestone Payments set forth in this Section 8.3 (Commercial Milestones) shall be payable only once, upon the first achievement of the applicable Commercial Milestone Event, regardless of how many times such Commercial Milestone Event is achieved. (c) If a Commercial Milestone Event in Section 8.3 (Commercial Milestones) is achieved and payment with respect to any previous Commercial Milestone Event in Section 8.3 has not been made, then such previous Commercial Milestone Event shall be deemed achieved and EverInsight shall notify VistaGen within fifteen (15) calendar days of such achievement. VistaGen shall then invoice EverInsight for such unpaid previous Commercial Milestone Event(s) and EverInsight shall pay VistaGen such unpaid previous milestone payment(s) within thirty (30) Business Days of receipt of such invoice. (d) In the event that, VistaGen believes any Commercial Milestone Event under Section 8.3(a) has occurred but EverInsight has not given VistaGen the notice of the achievement of such Commercial Milestone Event, it shall so notify EverInsight in writing and shall provide to EverInsight data, documentation or other information that supports its belief. Any dispute under this Section 8.3(d) (Commercial Milestones - subsection (d)) that relates to whether or not a Commercial Milestone Event has occurred shall be referred to the JSC to be resolved in accordance with ARTICLE 3 (Governance) and shall be subject to resolution in accordance with Section 14.10 (Dispute Resolution). The Milestone Payments made for each Commercial Milestone Event shall be non-creditable and non-refundable.

  • Milestone A principal event specified in the Contract Documents including the Material Completion and Occupancy Date and other events relating to an intermediate completion date or time.

  • Project/Milestones Taxpayer provides refrigerated warehousing and logistic distribution services to clients throughout the United States. In consideration for the Credit, Taxpayer agrees to invest in a new refrigeration and distribution facility in the ▇▇▇▇▇▇▇▇▇ Park area of Sacramento, California, and hire full-time employees (collectively, the “Project”). Further, Taxpayer agrees to satisfy the milestones as described in Exhibit A (“Milestones”) and must maintain Milestones for a minimum of three (3) taxable years thereafter. In the event Taxpayer employs more than the number of full-time employees, determined on an annual full-time equivalent basis, than required in Exhibit A, for purposes of satisfying the “Minimum Annual Salary of California Full-time Employees Hired” and the “Cumulative Average Annual Salary of California Full-time Employees Hired,” Taxpayer may use the salaries of any of the full-time employees hired within the required time period. For purposes of calculating the “Minimum Annual Salary of California Full-time Employees Hired” and the “Cumulative Average Annual Salary of California Full-time Employees Hired,” the salary of any full-time employee that is not employed by Taxpayer for the entire taxable year shall be annualized. In addition, the salary of any full-time employee hired to fill a vacated position in which a full-time employee was employed during Taxpayer’s Base Year shall be disregarded.

  • Development Milestones In addition to its obligations under Paragraph 7.1, LICENSEE specifically commits to achieving (either itself or through the acts of a SUBLICENSEE) the following development milestones in its diligence activities under this AGREEMENT: (a) (b).