Guidance Note - As noted above, there will be no payment of any Performance Reward Amount unless the Participants can demonstrate to the Project Owner that the Performance Reward Amount has been calculated to reflect Stretch Performance against the KRAs under this Agreement. The Project Owner must determine the amount of the available performance pool for the Project having regard to its requirements (if any) for Stretch Performance under the Agreement (as set out in the Owner's VFM Statement). |
(a) The value of the available performance pool for the Project will be $[insert]. Any Performance Reward Amount or Performance Liability Amount payable under this Schedule is capped at the amount of the performance pool for the Project.
(b) As soon as practicable after the Date of Practical Completion:
(1) the ALT will calculate the Performance Reward Amount or Performance Liability Amount (if any and as the case may be) payable in accordance with this Schedule for the period from the date of this Agreement until the Date of Practical Completion; and
(2) subject to clause 1(c)(2) of this Schedule, the Project Owner will make a payment (if any) to the NOPs or the NOPs will make a payment (if any) to the Project Owner (as the case may be) in accordance with clause 4(c) of Schedule 8.
(c) As soon as practicable after the Final Completion Date:
(1) the ALT will calculate the Performance Reward Amount or Performance Liability Amount (if any and as the case may be) for the period from the date of this Agreement until the Final Completion Date; and
(2) subject to clause 1(c)(2) of this Schedule, the Project Owner will make a payment (if any) to the NOPs or the NOPs will make a payment (if any) to the Project Owner (as the case may be) in accordance with clause 4(d) of Schedule 8.
[Alternative 1 - End]