1. Project Funding
The purpose of the Project is to accelerate the development, regulatory approval and market entry of the health products described in the Project Description (“Health Products”). Unitaid will disburse funding to the Recipient for implementation of the Project (“Project Funding”) in milestone payments (“Milestone Payments”), which will be made following the achievement of agreed milestones (“Milestones”). The Milestones, Milestone Payments and end dates for achievement of each Milestone are set out in the Milestone Schedule attached to this Agreement. Capitalised terms which are not defined in the text of this Agreement are defined in Section 21 (List of Defined Terms).
Unitaid in its sole discretion will determine whether a Milestone has been achieved based on the means of verification submitted by the Recipient together with any other documentation which may be requested by Unitaid. Unitaid will make best efforts to: (i) communicate its approval or rejection of a Milestone Payment within a reasonable time frame; and (ii) make the Milestone Payment within thirty (30) days from communication of its approval. All Milestone Payments are contingent upon the satisfactory performance by the Recipient of its obligations under this Agreement.
In the event the Recipient fails to meet a Milestone by the end date set out in the Milestone Schedule without Unitaid’s prior written agreement, Unitaid reserves the right to: (i) determine that the Milestone Payment is forfeited; and/or (ii) terminate this Agreement for breach of its terms in accordance with Section 13 (Termination) of this Agreement.