Guidance Note - As set out above, this clause may be deleted if Alternative 2 of the Risk or Reward Regime applies (i.e. performance in the KRAs is used to modify the calculation of any Gainshare or Painshare Amount, rather than being subject to a separate performance payment). Please refer to Schedule 7. |
(a) As soon as practicable after the Date of Practical Completion, the ALT must prepare and deliver a notice to the Project Owner and the NOPs detailing for the period from the date of this Agreement until the Date of Practical Completion the Performance Reward Amount or the Performance Liability Amount (if any and as the case may be) calculated to be payable under the Risk or Reward Regime.
(b) All supporting documentation relating to the amount set out in any notice prepared under clause 4(a) of this Schedule must be available for inspection and audit.
(c) Subject to clause 4(e) of this Schedule, within 20 Business Days of receipt of the notice under clause 4(a) of this Schedule, the Project Owner must pay the NOPs any Performance Reward Amount or the NOPs must pay the Project Owner any Performance Liability Amount (as the case may be) set out in the notice issued under clause 4(a) of this Schedule.
(d) As soon as practicable after the Final Completion Date, the ALT must prepare and deliver a notice to the Project Owner and the NOPs detailing for the period from the date of this Agreement until the Final Completion Date the Performance Reward Amount or the Performance Liability Amount (if any and as the case may be) calculated to be payable under the Risk or Reward Regime adjusted by the amount of the payment made under clause 4(c) of this Schedule. Clause 4(c) of this Schedule applies to the payment of the amount calculated under this clause 4(d) of this Schedule.
(e) If the Project Owner or the NOPs are not satisfied for any reason with the amount set out in a notice under clause 4(a) or clause 4(d) of this Schedule, the Project Owner or the NOPs (as the case may be) must, on or before the date that the payment is due to be made under clause 4(c) of this Schedule, give notice to the ALT that it is or they are (as the case may be) not satisfied with the amount set out in the notice under clause 4(a) or clause 4(d) of this Schedule and full details of why it is or they are (as the case may be) not satisfied. If the Project Owner gives or the NOPs give a notice to the ALT under this clause 4(e) of this Schedule, then:
(1) the Project Owner or the NOPs (as the case may be) will not be obliged to pay the amount until the concerns of the Project Owner or the NOPs (as the case may be) have been satisfied, or the issue has been resolved, in accordance with this clause 4(e) of this Schedule;
(2) the ALT must then promptly satisfy those concerns and reissue the notice with an adjusted amount (if necessary) under clause 4(a) or clause 4(d) of this Schedule;
(3) if the ALT fails to reach agreement on the manner in which those concerns are to be satisfied, then the Participants must comply with the procedure set out in Schedule 14 to resolve the issue; and
(4) following payment of the amount set out in the reissued notice under clause 4(a) or clause 4(d) of this Schedule, the provisions of clause 16.5 of this Agreement will apply to any overpayment of the amount.