Common use of COLA/Fee Increases Clause in Contracts

COLA/Fee Increases. After the Initial Term of the Agreement, providing that service mix and volumes remain constant, the fees listed in the Fee and Service Schedule shall be increased (a) by the accumulated change in the National Employment Cost Index for Service Producing Industries (Finance, Insurance, Real Estate) for the preceding years of the contract, as published by the Bureau of Labor Statistics of the United States Department of Labor or (b) to the Transfer Agent's minimum fee then in effect, whichever is greater. Fees will be increased on this basis on each successive contract anniversary thereafter. 1. If the determination that the parties cannot reach agreement on the fee increase is made fewer than 60 days prior to the expiration of the Initial Term or a Renewal Term, then the following Renewal Term shall be stayed and the then-current agreement shall continue month to month until such time as the parties either (a) agree upon the fee for the next Renewal Term or (b) until either of the parties tenders written notice of their intention to terminate to the other party, whereupon the agreement shall terminate sixty (60) days from the date of said notice.