Define: Payment Schedule
means, for the first Contract Year, the schedule for payment of the Fee for the first Contract Year at Schedule 3 Part 1 Schedule 3 and, for each subsequent Contract Year, the schedule for payment of the Fee as is agreed
means, for the first Contract Year, the schedule for payment of the Fee for the first Contract Year at Schedule 3 Part 1 Schedule 3 and, for each subsequent Contract Year, the schedule for payment of the Fee as is agreed by the Parties in writing in accordance with Schedule 3 Part 2;.
Relevant Circumstances
- When fees under a multi-year contract follow a defined annual schedule
- If updates to the schedule require written agreement between the parties
- Where Schedule 3 documents both initial and subsequent year payments