Amount of Performance Stipulated Damages Sample Clauses

The 'Amount of Performance Stipulated Damages' clause defines the specific monetary amount that a party must pay if they fail to fulfill their contractual obligations. This clause typically sets a predetermined sum, agreed upon by both parties at the outset, which becomes payable as compensation for non-performance or breach. For example, if a contractor does not complete a project by the agreed deadline, the stipulated damages amount would be owed to the client. The core function of this clause is to provide certainty and avoid disputes over damages by clearly establishing the financial consequences of non-performance in advance.
Amount of Performance Stipulated Damages. (a) TSP acknowledges and agrees that because of the unique nature of the Project, and the fact that performance of the TCS in conformance with the Guaranteed Performance Requirements is essential to the Joint Board’s ability to collect toll revenue to enable the State’s Parties to continue to finance, construct, operate and maintain and improve their respective highway systems, it is not possible to ascertain and determine the actual Losses, including lost toll revenues, which would accrue to the Joint Board and the public from such failures. Therefore, commencing upon the applicable Revenue Service Date for each Bridge , TSP shall pay to the Joint Board an amount determined as follows (the “Performance Stipulated Damages”) as deemed compensation to the Joint Board for lost toll revenues from failure to meet the Guaranteed Performance Requirements. (b) With respect to any failure to meet the Performance Requirements set forth in TR Items PR-002, PR-003, PR-005, PR-006, PR-007, PR-008 and PR-014, the parties hereby agree that the Performance Stipulated Damages payable for lost toll revenues shall be calculated based upon a comparison of the number of transactions identified by the TCS during the period of failure to meet the Guaranteed Performance Requirements and the number of transactions identified by the TCS during a comparable prior period determined by the Joint Board; provided, however, that if the Project does not have at least six months of operating history from which to compare, Performance Stipulated Damages shall be determined by reference to the traffic and revenue study estimates for the period of time in question and may also consider available live traffic data from the Digital Video Audit System and other subsystems for such period. For example, if, during the period in which the System fails to meet the Guaranteed Performance Requirements, the TCS identifies 100 transactions, and during a comparable prior period the TCS identifies 1000 transactions, the Stipulated Damages for the failure to meet the Guaranteed Performance Requirements for the period in question would be the value of the difference in the number of transactions, i.e., an amount equal to 900 multiplied by the toll rate(s) applicable to such transactions. (c) In no event shall the foregoing calculation ever be a negative number or result in TSP being entitled to additional payment from the Joint Board. TSP understands and agrees that any Performance Stipulated Damages payabl...
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Related to Amount of Performance Stipulated Damages

  • Availability of Performance Order If, and to the extent that, a breach of this contract has been caused by a Relevant Force Majeure Event, the Non-affected Party shall not be entitled to a Performance Order except to secure performance by the Affected Party of its obligations under this Clause 17.

  • Grant of Performance Shares Pursuant to the provisions of (i) the Plan, (ii) the individual Award Agreement governing the grant, and (iii) these Terms and Conditions, the Employee may be entitled to receive Performance Shares. Each Performance Share that becomes payable shall entitle the Employee to receive from the Company one share of the Company's common stock (“Common Stock”) upon the expiration of the Incentive Period, as defined in Section 2, except as provided in Section 13. The actual number of Performance Shares an Employee will receive will be calculated in the manner described in these Terms and Conditions, including Exhibit A, and may be different than the Target Number of Performance Shares set forth in the Award Agreement.

  • Timing of Payment of Performance When the payment of any obligation or the performance of any covenant, duty or obligation is stated to be due or performance required on a day which is not a Business Day, the date of such payment (other than as described in the definition of Interest Period) or performance shall extend to the immediately succeeding Business Day.

  • Suspension of Performance Disbursement Into Court If at any time, there shall exist any dispute between the Company and the Investor(s) with respect to holding or disposition of any portion of the Escrow Funds or any other obligations of Escrow Agent hereunder, or if at any time Escrow Agent is unable to determine, to Escrow Agent's sole satisfaction, the proper disposition of any portion of the Escrow Funds or Escrow Agent's proper actions with respect to its obligations hereunder, or if the parties have not within thirty (30) days of the furnishing by Escrow Agent of a notice of resignation pursuant to Section 9 hereof, appointed a successor Escrow Agent to act hereunder, then Escrow Agent may, in its sole discretion, take either or both of the following actions: a. suspend the performance of any of its obligations (including without limitation any disbursement obligations) under this Escrow Agreement until such dispute or uncertainty shall be resolved to the sole satisfaction of Escrow Agent or until a successor Escrow Agent shall be appointed (as the case may be); provided however, Escrow Agent shall continue to invest the Escrow Funds in accordance with Section 8 hereof; and/or b. petition (by means of an interpleader action or any other appropriate method) any court of competent jurisdiction in any venue convenient to Escrow Agent, for instructions with respect to such dispute or uncertainty, and to the extent required by law, pay into such court, for holding and disposition in accordance with the instructions of such court, all funds held by it in the Escrow Funds, after deduction and payment to Escrow Agent of all fees and expenses (including court costs and attorneys' fees) payable to, incurred by, or expected to be incurred by Escrow Agent in connection with performance of its duties and the exercise of its rights hereunder. c. Escrow Agent shall have no liability to the Company, the Investor(s), or any person with respect to any such suspension of performance or disbursement into court, specifically including any liability or claimed liability that may arise, or be alleged to have arisen, out of or as a result of any delay in the disbursement of funds held in the Escrow Funds or any delay in with respect to any other action required or requested of Escrow Agent.

  • Grant of Performance Share Units The Company hereby grants to the Participant the Target Number of PSUs Granted, effective as of the Date of Award and subject to the terms and conditions of the Plan and this Award Agreement. Each PSU represents the unsecured right to receive a number of Shares, if any, in accordance with the terms and conditions of this Award Agreement. The Participant shall not be required to pay any additional consideration for the issuance of the Shares, if any, upon settlement of the PSUs.