Common use of The Contributions Clause in Contracts

The Contributions. 3.1 The Developer undertakes to pay the Contributions, prior to the issue of the Planning Permission and this sum shall be utilised by the Council for the [INSERT PURPOSE]. 3.2 In the event that the Council does not use the Contributions, or any part thereof, for the use specified within the period of 7 years from the Development Commencement Date, the Council will reimburse the Developer or its nominee of the unspent element of the Contributions, together with interest thereon from the date of payment, calculated on a compound basis annually.

The Contributions. 3.1 The Developer undertakes to pay the Contributions, prior to the issue of the Planning Permission and this sum shall be utilised by the Council for the [INSERT PURPOSE]Permission. 3.2 In the event that the Council does not use the Contributions, or any part thereof, for the use specified within the period of 7 years from the Development Commencement Datedate of commencement of development under the Planning Permission, the Council will reimburse the Developer or its nominee of the unspent element of the Contributions, together with interest thereon from the date of payment, calculated on a compound basis annually.