Common use of Termination in Whole Clause in Contracts

Termination in Whole. If Purchaser terminates this Contract in whole, Purchaser shall be liable to Contractor for the firm fixed price amount set forth in the applicable Whole Termination Liability Schedules of Exhibit F Payment Plan and Termination Liability Amounts as applicable on the date of issuance of the Notice of Termination of Convenience (“Whole Termination Claim”), reduced by all amounts already paid by Purchaser to Contractor (“Net Whole Termination Claim”). Contractor shall, within fifteen (15) days of the Notice of Termination for Convenience, provide Purchaser with a calculation of the Net Whole Termination Claim, together with an invoice for payment of any deficiency, if any, which invoice shall be paid in accordance with Article 5. In the event that the Net Whole Termination Claim results in moneys being due to Purchaser, Contractor shall at the time of delivery of its calculation of the Net Whole Termination Claim refund to Purchaser said excess funds. In no event shall the amounts payable by Purchaser pursuant to this Article 21.2.1 exceed the Net Whole Termination Claim.

Appears in 2 contracts

Sources: Space Segment Contract (ICO Global Communications (Holdings) LTD), Space Segment Contract (ICO Global Communications (Holdings) LTD)