Operational Milestones Clause Samples

The Operational Milestones clause defines specific, measurable goals or stages that must be achieved during the course of a project or contract. These milestones typically include deadlines for deliverables, completion of key tasks, or achievement of performance targets, and may be tied to payment schedules or other contractual obligations. By clearly outlining these benchmarks, the clause ensures that both parties have a shared understanding of progress expectations and provides a framework for monitoring performance and accountability throughout the agreement.
Operational Milestones. TradeBlock will use commercially reasonable efforts to achieve the following operational milestones by the specified deadlines; provided, however, that failure to achieve any of these milestones by the specified deadline shall not be a breach of this Order (or the Agreement), but will be pertinent to both (i) the associated fee discounts specified on the table below (and in Section 6 below) and (ii) Licensee’s right to terminate this Order (and the Agreement) early as set forth below. Begin compliance process for SOC 2 Type 2 report June 30, 2021 [**] Establish index governance committee July 31, 2021 [**] Obtain SOC 1 Type 2 and SOC 2 Type 2 reports For the period ended 12/31/21 (Delivery Q1 2023) [**] Notwithstanding anything to the contrary in this Order (or the Agreement), if all of the operational milestones specified on the table above are not achieved by TradeBlock by the second anniversary of the Start Date of this Order, then Licensee may terminate this Order (and the Agreement) immediately upon written notice to TradeBlock.
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Operational Milestones. In addition to the Upfront Payments, TELA Bio shall pay to Aroa the following payments (the “Operational Milestone Payments”) within thirty (30) days after the occurrence of each of the following events: (a) Upon the first occurrence of receipt of FDA 510(k) clearance for the use of ERT Ovine in surgical soft tissue reinforcement procedures constituting an on-label use of abdominal wall reconstruction and hernia repair (the “Original 510(k) Clearance”), TELA Bio shall pay to Aroa a one-time payment of US$1,000,000; and (b) If all three of the following criteria are met, TELA Bio shall pay to Aroa a one-time payment of US$250,000: [***]. The parties acknowledge and agree that (i) TELA Bio has previously paid the US$1,000,000 amount due to Aroa under Section 4.2(a) and (ii) the US$250,000 payment made pursuant to Section 4.1 is being paid in complete satisfaction of all of the obligations of TELA under this Section 4.2(b). The events described in Subsections 4.2(a) and (b) above are collectively referred to as the “North American Operational Milestones”. In the aggregate, the Operational Milestone Payments for achievement of all North American Operational Milestones shall not exceed US$1,250,000. (c) TELA Bio shall pay to Aroa a one-time payment of US$500,000 upon the first occurrence of receipt of CE ▇▇▇▇ for the use of ERT Ovine in surgical soft tissue reinforcement procedures constituting an on-label use of abdominal wall reconstruction and hernia repair (the “Original CE ▇▇▇▇”); and (d) If both of the following criteria are met, TELA Bio shall pay to Aroa a one-time payment of US$500,000: (i) each of the criteria set forth in Section 4.2(c) above has been satisfied; and (ii) TELA Bio’s acceptance under Section 8 of finished ERT Ovine Products supplied by Aroa in quantities sufficient for TELA Bio’s commercial launch in the European Union as reasonably agreed upon the parties in writing. The events described in Subsections 4.2(c) and (d) above are collectively referred to as the “European Operational Milestones”. In the aggregate, the Operational Milestone Payments for achievement of all European Operational Milestones shall not exceed US$1,000,000.
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Operational Milestones. (a) The Issuer shall explore: (i) (acting principally through the Strategic Committee) the M&A Process; and (ii) the Recapitalisation Process, provided that without prejudice to the Issuer’s obligation to comply with this Clause 14.29, the Issuer may at any time discuss any alternative M&A and/or recapitalisation proposals with the Bridge Noteholders and the Bridge Noteholders shall consider any such alternative proposals in good faith. (b) The Issuer shall procure that: (i) on or before 1 May 2023 (such date, which may be extended pursuant to paragraphs (c) or (d) below (the “Binding Terms Milestone Date”), the Binding Terms Milestone is satisfied; and (ii) on or before 31 May 2023 (such date, which may be extended pursuant to paragraphs (c) or (d) below (the “Completion Milestone Date”), the Completion Milestone is satisfied. (c) Provided the relevant Milestone has not previously been extended in accordance with paragraph (d) below, the Issuer may, not less than seven (7) Business Days prior to the date of a Milestone, request the Majority Bridge Noteholders to consent to an extension of the date of such Milestone and, upon receipt of such consent request, the Majority Bridge Noteholders shall consult with the Issuer for a period of not less than two (2) Business Days with respect to such extension request and shall, based on the relevant facts and circumstances (including whether the relevant Milestone is likely to be satisfied within the extension period and taking into account the Group’s Liquidity) and the Majority Bridge Noteholders shall confirm to the Issuer whether they consent to the extension no later than one (1) Business Day prior to the Milestone Date and the Majority Bridge Noteholders shall act reasonably and in good faith when considering any such proposed extension. (d) Provided the relevant Milestone has not previously been extended in accordance with paragraph (c) above: (i) the Issuer may extend the Binding Terms Milestone Date from 1 May 2023 to 31 May 2023, provided that: (A) no Default is continuing as at 1 May 2023; (B) by no later than 28 April 2023, the Issuer has delivered to the Trustee a cashflow forecast for the period from 1 May 2023 to 31 May 2023 which illustrates that the Liquidity of the Group on each Friday during that period shall be not less than $7,500,000; and (C) on each Friday during the period from 1 May 2023 to 31 May 2023, the Liquidity of the Group is not less than $7,500,000, as reported in a Minimum Liquidi...
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Related to Operational Milestones

  • Milestones Subject to the provisions of the SGIP, the Parties shall agree on milestones for which each Party is responsible and list them in Attachment 4 of this Agreement. A Party’s obligations under this provision may be extended by agreement. If a Party anticipates that it will be unable to meet a milestone for any reason other than a Force Majeure event, it shall immediately notify the other Parties of the reason(s) for not meeting the milestone and: (1) propose the earliest reasonable alternate date by which it can attain this and future milestones, and (2) requesting appropriate amendments to Attachment 4. The Party affected by the failure to meet a milestone shall not unreasonably withhold agreement to such an amendment unless: (1) it will suffer significant uncompensated economic or operational harm from the delay, (2) attainment of the same milestone has previously been delayed, or (3) it has reason to believe that the delay in meeting the milestone is intentional or unwarranted notwithstanding the circumstances explained by the Party proposing the amendment.