Common use of Failure to Meet Service Level Standards Clause in Contracts

Failure to Meet Service Level Standards. Time is of the essence in meeting the Service Level Standards. If Vendor does not meet a Service Level Standard, in addition to any other remedy allowed by law, Vendor shall issue the applicable Financial Consequence under Section 5 of this Agreement. The Financial Consequences will be issued on Vendor’s next invoice to Citizens for the Services. The Financial Consequences are intended only to cover the diminished value of a Service that is delivered to Citizens. The acceptance of a Financial Consequence does not waive Citizens’ right to pursue other remedial actions or claims under this Agreement. To the extent the underlying acts or omissions constitute an event of default under another Section of this Agreement, Citizens may declare an event of default under that section. Notwithstanding the issuance of a Financial Consequence, Vendor will use its best efforts to minimize the impact or duration of any outage, interruption or degradation of Service. In no case shall Citizens be required to notify Vendor that a Financial Consequence is due as a condition of payment of the same.