Option Procedure Clause Samples

Option Procedure. To exercise its purchase or lease rights as set forth in this PARAGRAPH 9, Licensee shall provide Operator with notice of its intent to exercise such rights and written notice of such exercise elections as allowed by SUBPARAGRAPHS 9(a) and (b) within thirty (30) days after the termination or expiration of this Agreement. In the event that Licensee elects to purchase the Transferable Equipment, Licensee shall promptly pay to Operator the purchase price and Operator shall convey to Licensee title and possession of the Transferable Equipment. Deliver of the Transferable Equipment shall be accompanied by a bill of sale. In the event that Licensee elects to lease the Transferable Equipment, Licensee and Operator shall, in good faith, promptly negotiate the terms of and enter into a lease agreement
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Option Procedure. With respect to each Product in clinical development in the U.S., Astellas shall determine in good faith the projected date of the NDA Filing for the first NDA covering such Product in the U.S., and shall inform Ambit of such date and shall keep Ambit fully apprised at JSC meetings of any changes in such projected date, so that Ambit has reasonable advance notice of the estimated date that NDA Filing will occur with respect to the Product. To exercise the Co-Promotion Option with respect to a particular Product, Ambit shall notify Astellas in writing of such exercise, which notice may be given at any time provided that such notice must be given no later than […***…] for such Product (such date, the “Required Exercise Date”). If Ambit exercises the Co-Promotion Option for a particular Product, such Product shall then be a “Co-Promoted Product” during the applicable Co-Promotion Term, and Astellas and Ambit will expeditiously negotiate in good faith and execute a definitive co-promotion agreement governing the Parties’ Co-Promotion activities for such Co-Promoted Product […***…] (the “Co-Promotion Agreement”). Such Co-Promotion Agreement shall include terms consistent with the terms set forth in Exhibit D of this Agreement and such other commercially reasonable terms as are typical for similar co-promotion agreements. If the Parties are not able to complete and enter into such Co-Promotion Agreement within such period, then either Party may compel the Co-Promotion Agreement to be established by “baseball arbitration” under the provisions of Exhibit E of this Agreement.
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Option Procedure. Tenant shall have the one-time option (the “Option”) with respect to each of the 9th Floor Option Space and the 8th Floor Option Space to lease the Applicable Option Space for a term (the “Option Term”) commencing on the Option Space Commencement Date and expiring on the Expiration Date by giving notice thereof (the “Option Response Notice”) to Landlord not later than the fifteenth (15th) Business Day after the date that Landlord gives the Option Notice to Tenant. Time shall be of the essence as to the date by which Tenant must give the Option Response Notice to Landlord to exercise the Option. If Tenant does not give the Option Response Notice to Landlord on or prior to the fifteenth (15th) Business Day after the date that Landlord gives the Option Notice to Tenant, then Landlord shall thereafter have the right to lease the Applicable Option Space (or any part thereof) to any other Person on terms acceptable to Landlord in Landlord’s sole discretion without being required to make any other offer to Tenant regarding the Applicable Option Space under this Article 18 (and, accordingly, such Applicable Option Space shall not thereafter constitute Option Space). Tenant shall not have the right to revoke an Option Response Notice given to Landlord pursuant to this Article 18.
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Option Procedure. (a) If the Corporation seeks to exercise any option to expand its leasehold in accordance with the options described in Section 3.6 of this GCEP Lease, the Corporation shall provide sixty (60) days’ notice thereof to the Department. The Department will review the Corporation’s request and upon the Department’s consent, which shall not be unreasonably withheld, Exhibits A and B, as the case may be, will be amended to reflect the change. Examples of when the Department may reasonably withhold its consent to expand the leasehold include, but are not limited to: (1) the Department or its contractors have an ongoing or future programmatic need for the property; (2) the proposed expansion conflicts with the Department’s plans for Decontamination and Decommissioning or the Demolition of the other facilities, buildings, or areas at PORTS; (3) the proposed expansion would require the expenditure of Department funding or increase the Department’s Decontamination and Decommissioning or its Demolition costs; or (4) the proposed expansion would adversely affect the Department’s on-going or future plans, programs, or operations and such adverse effect cannot be mitigated at the Corporation’s expense. (b) In the event the Department intends to dispose of real property at PORTS, then, in accordance with Section 3.6, the Corporation shall have ninety (90) days after receipt of notice from the Department to exercise its option to expand the scope of the GCEP Lease to include such property. In the event the Corporation fails to exercise its option within such ninety (90) day period then such property will be added to the Released Facilities and Equipment List.
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Option Procedure. The following procedure shall be followed with respect to any Renewal Option: (i) If after exercising a Renewal Option and before the commencement of the five-year renewal term of Lease ("Renewal Term"), Tenant is in material default under this Lease, Landlord (without prejudice to any of its other rights and remedies) may, at Landlord's option, nullify such Renewal Option by exercise of its right to terminate this Lease. Tenant shall exercise a Renewal Option by written notice to Landlord not later than twelve (12) months prior to the expiration of the initial Term ("Option Expiration Date"). Exercise of the Renewal Option shall not be valid if this Lease shall otherwise have terminated 36. on or before the exercise of the Renewal Option. Also, any Renewal Option must be exercised as to the entirety of the Premises, and the second Renewal Option expires and is invalid if the first Renewal Option has not been duly executed and Tenant is not in possession of the Premises at the conclusion of first Renewal Term.
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Option Procedure. The following procedures shall govern the sale of the Premises by City to Developer in the event Developer exercises its Purchase Option as set forth in Section of the Amended and Restated Development Agreement and Contract for the Sale of Land (the “Agreement”). Unless otherwise defined herein, capitalized terms used herein shall have the meanings ascribed to them in the Agreement.
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Related to Option Procedure

  • Selection Procedure 10.2.4.1 Internal applicants shall be defined as all applicants with seniority in accordance with Article 12.5. 10.2.4.2 In filling a posted vacancy, first consideration shall be given to internal applicants who meet the stated qualifications. All Faculty members who meet the stated qualifications for the posted vacancy shall be interviewed by the Selection Committee. Past service and evaluations shall be considered by the Committee. The best qualified candidate shall be recommended for appointment to the position. 10.2.4.3 Where the qualifications of two or more of the applicants are relatively equal, the applicant with the greatest seniority shall be recommended for appointment to the position. 10.2.4.4 In establishing the qualifications, and in evaluating the qualifications and past performance of the applicants, the committee shall act in good faith, in a fair and reasonable manner, and shall not act in an arbitrary or discriminatory fashion. 10.2.4.5 Following the interviews, the committee will submit its recommendations containing a list of qualified candidates in order of preference, through the appropriate ▇▇▇▇ to the President or delegate. 10.2.4.6 New faculty members shall be appointed only when there are no qualified internal applicants. 10.2.4.7 If there are no qualified internal applicants, the selection committee may consider external applications, in accordance with the procedure outlined above. 10.2.4.8 Internal applicants will be advised as soon as possible of the selection committee's decision that the committee will be considering external applications in accordance with Article 10.2.4.7.

  • Mediation Procedure The Chairman shall promptly advise the parties of a scheduled Mediation Hearing date. Unless a party requests an expedited procedure, or unless all parties to the proceeding agree to one or more extensions of time, the Mediation Hearing set forth below shall be completed within forty (40) days of BCBSA's receipt of the Complaint. The selected mediators, unless the parties otherwise agree, shall adhere to the following procedure: i. Each party must be represented by its CEO or other representative who has been delegated full authority to resolve the dispute. However, parties may send additional representatives as they see fit. ii. By no later than five (5) days prior to the date designated for the Mediation Hearing, each party shall supply and serve a list of all persons who will be attending the Mediation Hearing, and indicate who will have the authority to resolve the dispute. iii. Each party will be given one-half hour to present its case, beginning with the complaining party (or parties), followed by the other party or parties. The parties are free to structure their presentations as they see fit, using oral statements or direct examination of witnesses. However, neither cross- examination nor questioning of opposing representatives will be permitted. At the close of each presentation, the selected mediators will be given an opportunity to ask questions of the presenters and witnesses. All parties must be present throughout the Mediation Hearing. The selected mediators may extend the time allowed for each party's presentation at the Mediation Hearing. The selected mediators may meet in executive session, outside the presence of the parties, or may meet with the parties separately, to discuss the controversy. iv. After the close of the presentations, the parties will attempt to negotiate a settlement of the dispute. If the parties desire, the selected mediators, or any one or more of the selected mediators, will sit in on the negotiations. v. After the close of the presentations, the selected mediators may meet privately to agree upon a recommendation for resolution of the dispute which would be submitted to the parties for their consideration and approval. If the parties have previously agreed to be bound by the results of this procedure, this recommendation shall be binding upon the parties. vi. The purpose of the Mediation Hearing is to assist the parties to settle their grievances short of mandatory dispute resolution. As a result, the Mediation Hearing has been designed to be as informal as possible. Rules of evidence shall not apply. There will be no transcript of the proceedings, and no party may make a tape recording of the Mediation Hearing. vii. In order to facilitate a free and open discussion, the Mediation proceeding shall remain confidential. A "Stipulation to Confidentiality" which prohibits future use of settlement offers, all position papers or other statements furnished to the selected mediators, and decisions or recommendations in any Mediation proceeding shall be executed by each party. viii. Upon request of the selected mediators, or one of the parties, BCBSA staff may also submit documentation at any time during the proceedings.

  • Termination Procedure a. Upon termination of this Contract the DCYF, in addition to any other rights provided in this Contract, may require the Contractor to deliver to DCYF any property specifically produced or acquired for the performance of such part of this Contract as has been terminated. The provisions of Section (TREATMENT OF ASSETS) shall apply in such property transfer. b. DCYF shall pay to the Contractor the agreed upon price, if separately stated, for completed work and service(s) accepted by DCYF, and the amount agreed upon by the Contractor and DCYF for (i) completed work and service(s) for which no separate price is stated, (ii) partially completed work and service(s), (iii) other property or services which are accepted by DCYF, and (iv) the protection and preservation of property, unless the termination is for default, in which case DCYF and Contractor may agree to the extent of the liability of DCYF. Failure to agree to the extent of the liability shall be a dispute within the meaning of Section (DISPUTES) of this Contract. DCYF may withhold from any amounts due the Contractor such sum as DCYF determines to be necessary to protect DCYF against potential loss or liability. c. The rights and remedies of DCYF provided in this Section (TERMINATION PROCEDURE) shall not be exclusive and are in addition to any other rights and remedies provided by law or under this Contract. d. After receipt of a notice of termination, and except as otherwise directed by DCYF, the Contractor shall: (1) Stop work under the contract on the date, and to the extent specified, in the notice; (2) Place no further orders or subcontracts for materials, services, or facilities except as may be necessary for completion of such portion of the work under the Contract as is not terminated; (3) Assign to DCYF, in the manner, at the times, and to the extent directed by DCYF, all of the rights, title, and interest of the Contractor under the orders and subcontracts so terminated, in which case DCYF has the right, at its discretion, to settle or pay any or all claims arising out of the termination of such orders and subcontracts; (4) Settle all outstanding liabilities and all claims arising out of such termination of orders and subcontracts, with the approval or ratification of DCYF to the extent DCYF may require, which approval or ratification shall be final for all the purposes of this clause; (5) Transfer title to DCYF and deliver in the manner, at the times, and to the extent directed by this Contract or by DCYF any property which, if the contract had been completed, would have been required to be furnished to DCYF; (6) Complete performance of such part of the work as shall not have been terminated by DCYF; and (7) Take such action as may be necessary, or as DCYF may direct, for the protection and preservation of the property related to this contract which is in the possession of the Contractor and in which DCYF has or may acquire an interest.

  • Evaluation Procedure 6.1.1 The established evaluation form is to be prepared by the immediate supervisor under whom the bargaining unit member has served for sixty (60) working days or more. (See evaluation form attached as Appendix B.) The immediate supervisor is to present a draft of an evaluation report to the bargaining unit member in private and discuss the report with the bargaining unit member being evaluated. The evaluation shall be based upon direct observation by the immediate supervisor or verified facts. Evaluation reports reflecting “Needs Improvement” or “Does not meet standards” ratings shall include statements of deficiencies and recommendations for improvements, in writing, by the evaluator. The signature by the bargaining unit member does not indicate the employee’s agreement with the ratings; it indicates that the employee has received a copy. 6.1.1.1 Permanent employees shall be evaluated annually. 6.1.1.2 Probationary employees shall be evaluated at least once during the probationary period, prior to the end of the fourth month. 6.1.2 Evaluation reports reflecting “Needs Improvement” or “Does Not Meet Standards” ratings shall be placed in the bargaining unit member’s personnel file only after written notification by the supervisor that the bargaining unit member has been given an opportunity to prepare a written response to such evaluation. Prior to evaluation reports reflecting any “Needs Improvement” or “Does Not Meet Standards” ratings the evaluator is encouraged to implement a Performance Improvement Plan. (See Performance Improvement Plan form attached as Appendix C.) 6.1.3 A bargaining unit member has the right to attach a response to the employee’s evaluation provided that such written response is submitted to the employee's supervisor within fifteen (15) days of the employee's receipt of the evaluation. Any timely received response shall be attached to, and become a permanent part of, the employee's evaluation. 6.1.4 Evaluatees may, within ten (10) working days, present the employee’s objections to the evaluation decision to the Director Personnel Services. Grounds for the objections shall be based on one or more of the following: (1) the evaluation was not based on fact; (2) the evaluation was based on discriminatory standards; (3) the evaluation was not conducted in conformance with this Article. Within ten (10) working days of receipt of such objection the Director Personnel Services shall hear the objections and render a decision whether to uphold the evaluation or rescind the evaluation. 6.1.5 The bargaining unit member's supervisor may, at any time, prepare a notice of commendation. The completed form is to be signed by the bargaining unit member to indicate receipt and the bargaining unit member shall be given a signed copy. The original notice is to be forwarded to the Personnel Services Office for filing. 6.1.6 Contents of evaluations are not subject to the grievance procedure of this Agreement, Article VII, but procedural violations are subject to the grievance procedure. 6.1.7 The probation period shall be defined as the initial six (6) month employment period. 6.1.8 In the event a permanent bargaining unit member is hired for a new position, and is subsequently released from probation under section 6.1.7, the employee will be returned to the employee’s previous classification. 6.1.9 The District, CSEA and the bargaining unit member may mutually agree to extend the probationary period of a bargaining unit member on an individual basis provided the extension is no longer than four (4) months.

  • Escalation Procedure Tentative Rates for those species and products listed in A4a are subject to quarterly escalation in accordance with the following pro- cedures: The calendar quarter index average for each price index described in A5 is the arithmetic average of the three such monthly price indices preceding January 1, April 1, July 1, and October 1. The difference between calendar quarter index average and Base Index listed in A4a shall be the basis for quarterly escalation. To arrive at Current Contract Rates for timber Scaled during the preceding calendar quarter, Tentative Rates for each species shall be reduced or increased by such difference, except when the calendar quarter index average is: (a) Less than the Base Index, the reduction shall not result in a rate below Base Rate or (b) Greater than the Base Index, the increase shall not exceed the difference between Tentative Rate and Base Rate. In the event of Contract Term Extension, the escala- tion procedure will be used during the extension period, except that adjusted payment rates for any calendar quar- ter cannot be less than Tentative Rates, for each species and product group, established under B8.23 for the ex- tension period.