Storage Efficiency Clause Samples

The Storage Efficiency clause sets standards or requirements for how efficiently storage resources must be used or managed within a given context, such as data storage or physical inventory. It typically outlines metrics or benchmarks for minimizing wasted space, optimizing capacity, or improving retrieval times, and may require regular reporting or audits to ensure compliance. By establishing clear expectations for storage utilization, this clause helps organizations reduce costs, maximize resource use, and prevent inefficiencies that could hinder operations.
Storage Efficiency. (a) During each Contract Year of the Delivery Term, Seller shall maintain a Storage Efficiency of not less than the applicable guaranteed storage efficiency set forth on Schedule 6.4 (the “Guaranteed Storage Efficiency”). In the event that at the end of any such Contract Year the Storage Efficiency is less than the applicable Guaranteed Storage Efficiency, Seller shall pay to Buyer the Storage Efficiency Liquidated Damages, as calculated pursuant to Schedule 6.4. Such Storage Efficiency Liquidated Damages shall be Buyer’s sole and exclusive remedy for any failure of the Storage Facility to meet the Guaranteed Storage Efficiency. The Parties agree that the damages Buyer would incur due to Seller’s failure to meet the Guaranteed Storage Efficiency would be difficult or impossible to predict with certainty and the Storage Efficiency Liquidated Damages amount is a reasonable approximation of such damages. (b) On or before the tenth (10th) Day after the end of each Contract Year, Seller shall provide to Buyer the calculation of the Storage Efficiency and associated Storage Efficiency Liquidated Damages, if any, for such Contract Year, including all data used by Seller to arrive at its calculations. Seller shall, upon written request, provide to Buyer any supplemental information reasonably required by Buyer to evaluate the calculations. The Storage Efficiency Liquidated Damages, if any, shall be reflected as a credit to Buyer on the Monthly Invoice issued with respect to the last month of the applicable Contract Year. Any disputes regarding the calculation of the Storage Efficiency or Storage Efficiency Liquidated Damages shall be resolved pursuant to Article 18.
View SourceView Similar (19)

Related to Storage Efficiency

  • DELIVERY, STORAGE, AND HANDLING The Contractor shall be responsible to inspect all components on delivery to ensure that no damage occurred during shipping or handling for furnish and installation projects. For equipment only purchases, the ordering entity shall be responsible to inspect all components on delivery. Materials must be stored in original undamaged packaging in such a manner to ensure proper ventilation and drainage, and to protect against damage, weather, vandalism, and theft until ready for installation.

  • Storage The ordering agency is responsible for storage if the contractor delivers within the time required and the agency cannot accept delivery.

  • TOOL STORAGE 1. A company shall provide on all construction jobs in towns and cities, and elsewhere where reasonably necessary and practicable (or if requested buy the employee), a suitable and secure waterproof lock-up solely for the purpose of storing employees’ tools, and on multi-storey and major projects the company shall provide, where possible, a suitable lock-up for employees’ tools within a reasonable distance of the work area of large groups of employees. 2. Where an employee is absent from work because of illness or accident and has advised the company in accordance with Clause 33 – Personal Leave of the award, the company shall ensure that the employee’s tools are securely stored during his/her absence.

  • Storage Tanks If storage tanks storing Hazardous Materials located on the Premises or the Project are used by Tenant or are hereafter placed on the Premises or the Project by Tenant, Tenant shall install, use, monitor, operate, maintain, upgrade and manage such storage tanks, maintain appropriate records, obtain and maintain appropriate insurance, implement reporting procedures, properly close any storage tanks, and take or cause to be taken all other actions necessary or required under applicable state and federal Legal Requirements, as such now exists or may hereafter be adopted or amended in connection with the installation, use, maintenance, management, operation, upgrading and closure of such storage tanks. Notwithstanding anything to the contrary contained herein, Tenant shall have no right to use or install any underground storage tanks at the Project.

  • Pipelines Developer shall have no interest in the pipeline gathering system, which gathering system shall remain the sole property of Operator or its Affiliates and shall be maintained at their sole cost and expense.