Book-Out Sample Clauses
Book-Out. 2.1 In consideration for the Parties’ mutual agreement to book-out the Relevant Cargo and cancel CCL’s delivery and [Buyer]’s acceptance obligations under the SPA in respect of the Relevant Cargo, [EITHER (A) if a fixed price Book-Out: [CCL or Buyer] shall pay USD[●] (US$[●]) to [Buyer or CCL] (the “Book-Out Settlement Amount”);] [OR (B) if an index priced Book Out: the “Book-Out Settlement Amount”, determined in accordance with the following formula, shall be payable either: (i) by [CCL or Buyer] to [Buyer or CCL] if the Book-Out Settlement Amount is a positive amount; or (ii) by [CCL or Buyer] to [Buyer or CCL] if the Book-Out Settlement Amount is a negative amount: Book-Out Settlement Amount (in [USD]) = SPA Notional Amount – (minus) Book Out Notional Amount Where:
Book-Out i. Under no circumstances shall a booking be cancelled by the Service Provider without prior written notice to TBO.
ii. In case of overbooking, the Service Provider shall take all necessary measures to ensure that the end customer’s travel arrangements are not affected.
iii. If the above-mentioned measures prove to be insufficient and that a change of hotel (relocation) becomes necessary, the Service Provider shall endeavour to find suitable alternative arrangements of comparable quality, standard and location. The Service provider shall bear the difference between the cost of the alternative arrangements and the booked arrangements for the hotel and Service Provider shall be liable for and shall reimburse TBO for all costs, expenses, fees or other charges incurred or suffered by TBO as a result of Service Provider’s acts or omissions.