Common use of PROGRESS REPORT PENALTY Clause in Contracts

PROGRESS REPORT PENALTY. For each instance through the Term of the Contract in which the Grantee fails to submit a quarterly or annual report when due, which quarterly or annual report is not provided by the Grantee to the satisfaction of the Contract Manager within ten (10) business days after written notice thereof by the Contract Manager, or within such longer period of time as determined in writing and at the sole discretion of the Contract Manager, a penalty is due to the SLBA from the Grantee in the principal amount of up to Five Hundred Dollars ($500) (the “Progress Report Penalty”), and the Grantee shall immediately remit payment of the Progress Report Penalty to the SLBA. This Section XXXI shall survive the end of the Term of the Contract for a period of three (3) years.

PROGRESS REPORT PENALTY. For each instance through the Term of the Contract in which the Grantee fails to submit a quarterly or annual report when due, which quarterly or annual report is not provided by the Grantee to the satisfaction of the Contract Manager within ten (10) business days after written notice thereof by the Contract Manager, or within such longer period of time as determined in writing and at the sole discretion of the Contract Manager, a penalty is due to the SLBA from the Grantee in the principal amount of up to Five Hundred Dollars ($500) (the “Progress Report Penalty”), and the Grantee shall immediately remit payment of the Progress Report Penalty to the SLBA. This Section XXXI shall survive the end of the Term of the Contract for a period of three (3) years.three