Common use of Repair and Re-performance Clause in Contracts

Repair and Re-performance. In the event of a breach of Section 7.03(2), Section 7.03(3) or Section 15.02(11), Cognizant Group shall correct such breach as soon as reasonably possible commensurate with the nature and effect of such breach, but in no event later than 30 days after notification from NAIC Group, or such other period agreed upon by the Cognizant Service Delivery Executive and NAIC Senior Executive in writing or by electronic mail. Such correction shall be repairing or replacing any applicable Deliverable, such that the corrected Deliverable complies with such representations, warranties and covenants. If the breach is not so corrected in accordance with the foregoing sentence, NAIC Group may: (1) extend the time for Cognizant Group to correct such breach (if correction is commercially practical); (2) receive an appropriate, agreed-upon reduction in the Fees for such Deliverable (which reduction shall be in the form of a credit note, if requested by NAIC Group); or (3) in addition to its other rights and remedies under this Agreement, receive a refund of all Fees for such Deliverable to the extent NAIC Group returns or certifies destruction of the applicable Deliverable. If NAIC Group selects the option set forth in Section 15.03(1), and the breach remains uncorrected at the end of the extended time, NAIC Group shall have the same options. Any repaired or replaced Deliverable, shall be subject to the same representations, warranties, covenants and remedies for a new warranty period that begins on the date correction is completed.