OPTION by default Clause Samples

The "OPTION by default" clause establishes that a particular option or set of options will automatically apply unless the parties expressly agree otherwise. In practice, this means that if the contract presents multiple alternatives or choices, the specified default option will govern the relationship unless another is selected in writing. This clause ensures clarity and prevents disputes by providing a predetermined fallback, thereby streamlining decision-making and reducing ambiguity in contractual obligations.
OPTION by default. The depreciation costs of equipment, infrastructure or other assets (new or second-hand) as recorded in the beneficiary’s accounts are eligible, if they were purchased in accordance with Article 10 and written off in accordance with international accounting standards and the beneficiary’s usual accounting practices. The costs of renting or leasing equipment, infrastructure or other assets (including related duties, taxes and charges such as non-deductible value added tax (VAT) paid by the beneficiary) are also eligible, if they do not exceed the depreciation costs of similar equipment, infrastructure or assets and do not include any financing fees. The costs of equipment, infrastructure or other assets contributed in-kind against payment are eligible, if they do not exceed the depreciation costs of similar equipment, infrastructure or assets, do not include any financing fees and if the conditions in Article 11 are met. [OPTION (alternative to option above) to be used if foreseen in the work programme15: The cost of purchasing equipment, infrastructure or other assets (new or second-hand) (as recorded in the beneficiary’s accounts) are eligible if the equipment, infrastructure or other assets was purchased in accordance with Article 10. The costs of renting or leasing equipment, infrastructure or other assets (including related duties, taxes and charges such as non-deductible value added tax (VAT) paid by the beneficiary) are also eligible, if they do not exceed the depreciation costs of similar equipment, infrastructure or assets and do not include any financing fees. The costs of equipment, infrastructure or other assets contributed in-kind against payment are eligible, if they do not exceed the depreciation costs of similar equipment, infrastructure or assets, do not include any financing fees and if the conditions in Article 11 are met.] [OPTION (in addition to one of the two options above) for trans-national and virtual access to research infrastructure: As an exception, the beneficiaries must not declare such costs (i.e. costs of renting, leasing, purchasing depreciable equipment, infrastructure and other assets) for providing trans-national or virtual access to research infrastructure (see Article 16).] 15 To be used as an exception, only if justified by the nature of the action and the context of the use of the equipment or assets, if provided for in the work programme. 1. Equipment costs: Types of costs — Cost form — Conditions for eligibility — C...
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OPTION by default. In this case, the expert must not take part in any detailed panel discussion (or electronic forum) of the proposal involving the legal entity concerned or in any hearings concerning the proposal. In exceptional duly justified cases, experts in the circumstances described above may also participate in the consensus group for the proposal in question, provided valid reasons are given. The contracting party or relevant service will inform the other experts in the group of the affiliation of the expert concerned.]
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OPTION by default. If a conflict becomes apparent during the monitoring of the action, the expert must inform immediately the contracting party or relevant service. If a conflict is confirmed, the expert must stop monitoring the action. If necessary, the expert will be replaced]
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OPTION by default. In addition to the fees specified in Article 4, the contracting party will pay accommodation allowances in accordance with Commission Decision C(2007) 5858.]
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OPTION by default. In addition to the fees specified in Article 4, the contracting party will pay daily allowances in accordance with Commission Decision C(2007) 5858.]
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OPTION by default. If a conflict of interest is reported by the expert or established by the contracting party or relevant service, the expert must not monitor the action]
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OPTION by default. In addition to the fees specified in Article 4, the contracting party will pay accommodation allowances in accordance with Commission Decision C(2007) 5858.] [OPTION for members of the ERC Scientific Council: In addition to the fees specified in Article 4, the contracting party will pay increased accommodation allowances in accordance with Commission Decision C(2007) 5858 for plenary meetings and other meetings of the Scientific Council.]
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OPTION by default. If a conflict of interest is reported by the expert or established by the contracting party or relevant service during the monitoring of the evaluation session(s), the expert must stop monitoring the evaluation session(s). If necessary, the expert will be replaced]
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OPTION by default. In addition to the fees specified in Article 4, the contracting party will pay daily allowances in accordance with Commission Decision C(2007) 5858.] [OPTION for members of the ERC Scientific Council: In addition to the fees specified in Article 4, the contracting party will pay increased daily allowances in accordance with Commission Decision C(2007) 5858 for plenary meetings and other meetings of the Scientific Council.]
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Related to OPTION by default

  • Termination by Default If the Bank is in default (as defined in Section 3(x)(1) of the Federal Deposit Insurance Act (12 U.S.C. Section 1813(x)(1)), all obligations under this Agreement shall terminate as of the date of default, but any vested rights of the Executive shall not be affected.

  • SUSPENSION & TERMINATION FOR DEFAULT Enterprise Services may suspend Contractor’s operations under this Contract immediately by written cure notice of any default. Suspension shall continue until the default is remedied to Enterprise Services’ reasonable satisfaction; Provided, however, that, if after thirty (30) calendar days from such a suspension notice, Contractor remains in default, Enterprise Services may terminate Contractor’s rights under this Contract. All of Contractor’s obligations to Enterprise Services and Purchasers survive termination of Contractor’s rights under this Contract, until such obligations have been fulfilled.

  • Termination of Default An Event of Default shall be deemed to have been terminated upon the earliest to occur of: 13.7.1. The date the Representative and the Company enter into a settlement of all claims; or 13.7.2. If an Acceleration has not been authorized by the Holders, the date the Company has paid (i) to the Holders, all payments due through such date; and (ii) to the Representative, all the fees and expenses described in section 12.3.2(f); or 13.7.3. If an Acceleration has been authorized by the Holders, the date the Company has paid (i) to the Holders all payments due through such date; and (ii) to the Representative, all the expenses described in section 12.3.2(f); but only if a Majority agrees to annul the demand for Acceleration.

  • TERMINATION BY MPS MPS further reserves the right to terminate this Contract at any time for any reason by giving Contractor written notice by Registered or Certified Mail of such termination. MPS will attempt to give Contractor 20 days’ notice, but reserves the right to give immediate notice. In the event of said termination, Contractor shall reduce its activities hereunder, as mutually agreed to, upon receipt of said notice. Upon said termination, Contractor shall be paid for all services rendered through the date of termination, including any retainage. This section also applies should the Milwaukee Board of School Directors fail to appropriate additional monies required for the completion of the Contract.

  • Termination by Us We may terminate this Contract with 30 days’ written notice as follows: 1. For Non-payment of Premiums. Premiums are to be paid by the Subscriber to Us on each Premium due date. While each Premium is due by the due date, there is a grace period for each Premium payment. If the Premium payment is not received by the end of the grace period, coverage will terminate as follows: • If the Subscriber fails to pay the required Premium within a 30-day grace period, this Contract will terminate retroactively back to the last day Premiums were paid. The Subscriber will be responsible for paying any claims submitted during the grace period if this Contract terminates. 2. Fraud or Intentional Misrepresentation of Material Fact. If the Subscriber has performed an act that constitutes fraud or made an intentional misrepresentation of material fact in writing on his or her enrollment application, or in order to obtain coverage for a service, this Contract will terminate immediately upon a written notice to the Subscriber from Us. If termination is a result of the Subscriber’s action, coverage will terminate for the Subscriber and any Dependents. If termination is a result of the Dependent’s action, coverage will terminate for the Dependent. 3. If the Subscriber no longer lives, or resides in Our Service Area.