Common use of ILF Mitigation Project Closure Clause in Contracts

ILF Mitigation Project Closure. Upon satisfaction of requirements and performance standards for any compensatory mitigation project under this Instrument, the Corps will certify, following consultation with MARS and the IRT, that the Establishment Phase and monitoring period component of the Long-Term Management Phase of a compensatory mitigation project has concluded, that credits associated with the establishment of the site have been released, and that the long-term management plan has been approved. Certification will occur upon MARS’ receipt of a letter of “Project Closure Certification” issued by the Corps to MARS confirming that all advance credits have been released, and indicating that MARS has fulfilled all compensatory mitigation project requirements for released credits. MARS may request that part of or an entire ILF project be closed early if it is determined that the performance standards are unattainable or it is otherwise in MARS’ interest. The Corps will decide whether to grant such requests. In the event that credits were released prior to the early closure, MARS will remain responsible for fulfilling all obligations consistent with this Instrument and conditioned upon the number of advance credits sold.