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Res 2013-175/Approving a Chapter 380 Economic Development Inventive agreement w/Corvac
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Res 2013-175/Approving a Chapter 380 Economic Development Inventive agreement w/Corvac
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1/22/2015 4:19:32 PM
Creation date
12/5/2013 1:45:52 PM
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City Clerk
City Clerk - Document
Resolutions
City Clerk - Type
Approving
Number
2013-175
Date
11/25/2013
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which the non - compliance occurs. If the City elects to withhold Grant Payments under this <br />section rather than to terminate the Agreement, then, upon a Cure by Corvac, Corvac will be <br />eligible to receive Grant Payments in future years for the remainder of the Term. However, the <br />Grant Payment withheld by the City for any years during which Corvac is not in compliance <br />shall be deemed forfeited by Corvac and the City shall not be liable for later payment of such <br />Grant Payments. For example, if Corvac fails to satisfy its hiring and employment obligations in <br />the year 2017, it will not receive a Grant Payment in 2018. It will, however, be eligible to <br />receive a Grant Payment in 2019 for compliance in 2018. Except as to circumstances arising <br />from an event of force majeure, the Term shall not be extended as a result of any cure period <br />under this section. <br />Section 8.02. Remedies. Upon breach of any obligation under this Agreement, in <br />addition to any other remedies expressly set forth in this Agreement with respect to such breach, <br />the aggrieved party shall have such remedies as are available in law or equity for breach of <br />contract; provided, however, that no party shall be liable to any other party for incidental or <br />consequential damages. Notwithstanding the foregoing, the City, in entering this Agreement <br />does not waive its immunity from suit or any other limitations on its liability, contractual or <br />otherwise, as granted by the Texas Constitution or applicable laws of the State of Texas. <br />Section 8.03. Offset. The City may deduct from any Grant Payments, as an offset, any <br />delinquent and unpaid fees, sums of money or other fees, charges or taxes assessed and owed to <br />or for the benefit of the City. <br />Section 8.04. Force Majeure. An event of force majeure means an event beyond the <br />reasonable control of a party obligated to perform an act or take some action under this <br />Agreement including, but not limited to, acts of God, earthquake, fire, explosion, war, civil <br />
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