ADDITIONAL CONTRACT YEARS Sample Clauses

ADDITIONAL CONTRACT YEARS. Should NESI exercise its option to extend the term of the Agreement in accordance with Section 5.2, the Disposal Amount shall be no less than $8 million for each additional Contract Year except as provided in Section 12. 1. On the second Adjustment Date, June 30, 2001, the Disposal Amount owed for the fourth Contract Year shall be adjusted by (i) dividing 100% of the Consumer Price Index in effect on that date by 100% of the Base Rate; and (ii) multiplying the result by $8 million except as provided in Section 12.1. In the event the net change in the Consumer Price Index is negative, the Disposal Amount for the fourth Contract Year shall be $8 million, except as provided in Section 12. 1. NESI shall pay the Disposal Amount for the fourth Contract Year in twelve equal monthly installments due on or before July 2, 2001, August 1, 2001, September 3, 2001, October 1, 2001, November 1, 2001, December 3, 2001, January 2, 2002, February 1, 2002, March 1, 2002, April 1, 2002, May 1, 2002, and June 3, 2002, respectively, except as provided in Section 12. 1. Should NESI exercise its option to extend the Agreement for a fifth Contract Year, the Disposal Amount for that Contract Year shall be adjusted on the third Adjustment Date, June 30, 2002 by (i) dividing 100% of the Consumer Price Index in effect on that date by 100% of the Base Rate; and (ii) multiplying the result by $8 million. In the event the net change in the Consumer Price Index is negative, then the Disposal Amount for the fifth Contract Year shall be $8 million except as provided in Section 12. 1. NESI shall pay the Disposal Amount for the fifth Contract Year in twelve equal monthly installments due on or before July 1, 2002, August 1, 2002, September 2, 2002, October 1, 2002, November 1, 2002, December 2, 2002, January 1, 2003, February 3, 2003, March 3, 2003, April 1, 2003, May 1, 2003, and June 2, 2003, respectively, except as provided in Section 12.1. Failure to make Payment in Full and on Time under this Section constitutes a breach of this Agreement.
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ADDITIONAL CONTRACT YEARS. Should NESI exercise its option to extend the term of the Agreement in accordance with Section 5.2, then the Prevailing Rate shall be calculated as follows. On the second and third Adjustment Dates, the Prevailing Rate for the fourth and fifth Contract Years, respectively, shall be adjusted by (i) dividing 100% of the Consumer Price Index in effect on the respective Adjustment Date by 100% of the Base Rate; and (ii) multiplying the result by $5.71. If the net change in the Consumer Price Index is negative, then the Prevailing Rate is $5.71.
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Related to ADDITIONAL CONTRACT YEARS

  • Contract Year A twelve (12) month period during the term of the Agreement commencing on the Effective Date and each anniversary thereof.

  • Initial Contract Term The Initial Contract Term shall be for two years. The Initial Contract Term shall begin on October 1, 2021, or on the last date the Contract is signed by all Parties, whichever is later. The Contract shall expire on October 1, 2023, unless terminated earlier in accordance with the Special Contract Conditions or Additional Special Contract Conditions.

  • Renewal Contract Term Upon mutual written agreement, the Parties may renew this Contract, in whole or in part, for a Renewal Term not to exceed the Initial Contract Term, pursuant to the incorporated Special Contract Conditions.

  • Term Contract Quarterly Sales Reports The Contractor shall submit Quarterly Sales Reports in the manner and format required by the Department within 30 calendar days after the close of each State fiscal quarter (the State’s fiscal quarters close on September 30, December 31, March 31, and June 30). The Quarterly Sales Report template can be found here: Quarterly Sales Report Format / Vendor Resources / State Purchasing / Business Operations / Florida Department of Management Services - DMS (▇▇▇▇▇▇▇▇▇.▇▇▇). Initiation and submission of the most recent version of the Quarterly Sales Report posted on the DMS website is the responsibility of the Contractor without prompting or notification from the Department. Sales will be reviewed on a quarterly basis. If no sales are recorded in two consecutive quarters, the Contractor may be placed on probationary status, or the Department may terminate the Term Contract. Failure to provide the Quarterly Sales Report, or other reports requested by the Department, will result in the imposition of financial consequences and may result in the Contractor being found in default and the termination of the Term Contract.

  • Extension of Initial Contract Period 31.1 Subject to clause 13 (Price Adjustment on Extension of the Initial Contract Period), the Authority may, by giving written notice to the Contractor not less than three (3) Month(s) prior to the last day of the Initial Contract Period, extend the Contract for such further period as may be specified in the notice. The provisions of the Contract will apply (subject to any Variation or adjustment to the Contract Price pursuant to clause 13) throughout any such extended period.