Common use of Significant developments Clause in Contracts

Significant developments. Events may occur between the scheduled performance reporting dates that have significant impact upon a sector Grant supported activity. In such cases, the Government of the Federated States of Micronesia shall immediately inform the Government of the United States when the following conditions arise: (1) Problems, delays, or adverse conditions that will materially impair the ability of the Government of the Federated States of Micronesia to meet the terms and conditions of the sector Grant. This disclosure must include a statement of the action taken or contemplated, and any assistance needed to resolve the situation. (2) Favorable developments that enable the meeting of time schedules and objectives sooner or at less cost than anticipated, or that produce more beneficial results than anticipated.

Significant developments. Events may occur between the scheduled performance reporting dates that have significant impact upon a sector Sector Grant supported activity. In such cases, the Government of the Federated States of Micronesia shall immediately inform the Government of the United States when the following conditions arise: (1) Problems, delays, or adverse conditions that will materially impair the ability of the Government of the Federated States of Micronesia to meet the terms and conditions of the sector Sector Grant. This disclosure must include a statement of the action taken or contemplated, and any assistance needed to resolve the situation. (2) Favorable developments that enable the meeting of time schedules and objectives sooner or at less cost than anticipated, or that produce more beneficial results than anticipated.