Common use of PERFORMANCE CONTRACT Clause in Contracts

PERFORMANCE CONTRACT. 15.1 The core railway and the KVR will enter into a Performance Contract wherein the terms and conditions of issues like; car and locomotive availability, interchange times and locations, the provision of wrecking equipment, employees on Company business, relief, etc. shall be specified. The parties shall not unilaterally change any of the terms and conditions agreed upon. 15.2 The Performance Contract will include key performance indicators which if not met will result in penalties being assessed to either party. 15.3 Initiatives advanced by the core railway/KVR which have an adverse effect on the performance and viability of the core railway/KVR will result in the review/renegotiation of the core railway/KVR Performance Contract. In the event of a dispute between these two parties, the matter will be resolved by the core railway/KVR Advisory Board. If a resolution is not achieved, the issue will be advanced to third party arbitration as mutually agreed between the parties.

PERFORMANCE CONTRACT. ‌ 15.1 The core railway and the KVR will enter into a Performance Contract wherein the terms and conditions of issues like; car and locomotive availability, interchange times and locations, the provision of wrecking equipment, employees on Company business, relief, etc. shall be specified. The parties shall not unilaterally change any of the terms and conditions agreed upon. 15.2 The Performance Contract will include key performance indicators which if not met will result in penalties being assessed to either party. 15.3 Initiatives advanced by the core railway/KVR which have an adverse effect on the performance and viability of the core railway/KVR will result in the review/renegotiation of the core railway/KVR Performance Contract. In the event of a dispute between these two parties, the matter will be resolved by the core railway/KVR Advisory Board. If a resolution is not achieved, the issue will be advanced to third party arbitration as mutually agreed between the parties.