DEFAULT MANAGEMENT CHARGE Sample Clauses
The Default Management Charge clause defines the fee or charge that will be applied if a party fails to meet its obligations under the agreement, such as missing payments or breaching terms. Typically, this charge is calculated as a percentage of the outstanding amount or as a fixed fee, and it is automatically triggered upon the occurrence of a default event. The core function of this clause is to compensate the non-defaulting party for the administrative costs and risks associated with managing defaults, thereby encouraging timely compliance and deterring breaches.
DEFAULT MANAGEMENT CHARGE. 6.1 If:
6.1.1 Two (2) MI Failures occur in any rolling six (6) Month period;
6.1.2 Two (2) consecutive MI Failures occur; then a "MI Default" shall be deemed to have occurred.
6.2 If an MI Default occurs the Authority shall (without prejudice to any other rights or remedies available to it under this Framework Agreement) be entitled to determine the level of Management Charge in accordance with paragraph6.3, which the Supplier shall be required to pay to the Authority ("Default Management Charge") and/or to terminate this Framework Agreement.
6.3 The Default Management Charge shall be calculated as the higher of:
6.3.1 the average Management Charge paid or payable by the Supplier to the Authority based on any Management Information submitted in the six (6) Month period preceding the date on which the MI Default occurred or, if the MI Default occurred within less than six (6) Months from the commencement date of the first Call Off Agreement, in the whole period preceding the date on which the MI Default occurred; or
6.3.2 the sum of five hundred pounds (£500).
6.4 If an MI Default occurs, the Authority shall be entitled to invoice the Supplier the Default Management Charge (less any Management Charge which the Supplier has already paid to the Authority in accordance with Clause 17 for any Months in which the Default Management Charge is payable) calculated in accordance with paragraph 6.3 above:
6.4.1 in arrears for those Months in which an MI Failure occurred; and
6.4.2 on an ongoing Monthly basis, until all and any MI Failures have been rectified to the reasonable satisfaction of the Authority.
6.5 For the avoidance of doubt the Parties agree that:
6.5.1 the Default Management Charge shall be payable as though it was the Management Charge due in accordance with the provisions of Clause 17 of this Framework Agreement; and
6.5.2 any rights or remedies available to Authority under this Framework Agreement in respect of the payment of the Management Charge shall be available to the Authority also in respect of the payment of the Default Management Charge.
6.6 If the Supplier provides sufficient Management Information to rectify any MI Failures to the satisfaction of the Authority and the Management Information demonstrates that:
6.6.1 the Supplier has overpaid the Management Charges as a result of the application of the Default Management Charge then the Supplier shall be entitled to a refund of the overpayment, net of any Admin Fees where applicable; or
6.6....
DEFAULT MANAGEMENT CHARGE. 6.1 If:
6.1.1 Three (3) MI Failures occur in any rolling six (6) Month period;
6.1.2 Three (3) consecutive MI Failures occur; then a "MI Default" shall be deemed to have occurred.
6.2 If a MI Default occurs the Authority shall (without prejudice to any other rights or remedies available to it under this Framework Agreement) be entitled to determine the level of Management Charge in accordance with paragraph 6.3 below, which the Supplier shall be required to pay to the Authority ("Default Management Charge").
6.3 The Default Management Charge shall be calculated as the higher of:
6.3.1 the average Management Charge paid or payable by the Supplier to the Authority based on any Management Information submitted in the six (6) Month period preceding the date on which the MI Default arose; or
6.3.2 the sum of five hundred pounds (£500).
6.4 If an MI Default occurs, the Authority shall be entitled to invoice the Supplier the Default Management Charge calculated in accordance with paragraph 6.3 above:
6.4.1 in arrears for those Months in which a MI Failure occurred; and
6.4.2 on an on-going Monthly basis,
6.4.3 until all and any MI Failures have been rectified to the reasonable satisfaction of the Authority.
6.5 For the avoidance of doubt the Parties agree that the Default Management Charge shall be payable as though it were the Management Charge due in accordance with the provisions of Clause 16 of this Framework Agreement.
6.6 If the Supplier provides sufficient Management Information to rectify any MI Failures to the satisfaction of the Authority and the Management Information demonstrates that:
6.6.1 the Supplier has overpaid the Management Charges as a result of the application of the Default Management Charge then the Supplier shall be entitled to a refund of the overpayment, net of any Admin Fees where applicable; or
DEFAULT MANAGEMENT CHARGE. 6.1.1 Three (3) MI Failures occur in any rolling six (6) Month period;
6.1.2 Three (3) consecutive MI Failures occur; then a "MI Default" shall be deemed to have occurred.
DEFAULT MANAGEMENT CHARGE. 6.1 If:
6.1.1 Two (2) MI Failures occur in any rolling six (6) Month period;
6.1.2 Two (2) consecutive MI Failures occur; then a "MI Default" shall be deemed to have occurred.
6.2 If an MI Default occurs the Authority shall (without prejudice to any other rights or remedies available to it under this Framework Agreement) be entitled to determine the level of Management Charge in accordance with paragraph 6.3, which the Supplier shall be required to pay to the Authority ("Default Management Charge") and/or to terminate this Framework Agreement.
6.3 The Default Management Charge shall be calculated as the higher of:
6.3.1 the average Management Charge paid or payable by the Supplier to the Authority based on any Management Information submitted in the six
DEFAULT MANAGEMENT CHARGE. If: Two (2) MI Failures occur in any rolling six (6) Month period; or
DEFAULT MANAGEMENT CHARGE. 6.1 If:
6.1.1 Two (2) MI Failures occur in any rolling six (6) Month period;
6.1.2 Two (2) consecutive MI Failures occur; then a "MI Default" shall be deemed to have occurred.
6.2 If an MI Default occurs the Authority shall (without prejudice to any other rights or remedies available to it under this Framework Agreement) be entitled to determine the level of Management Charge in accordance with paragraph 6.3, which the Supplier shall be required to pay to the Authority ("Default Management Charge") and/or to terminate this Framework Agreement.
6.3 The Default Management Charge shall be calculated as the higher of:
6.3.1 the average Management Charge paid or payable by the Supplier to the Authority based on any Management Information submitted in the six (6) Month period preceding the date on which the MI Default occurred or, if the MI Default occurred within less than six (6) Months from the commencement date of the first Call Off Agreement, in the whole period preceding the date on which the MI Default occurred; or
6.3.2 the sum of five hundred pounds (£500).
DEFAULT MANAGEMENT CHARGE. If: three (3) MI Failures occur in any rolling six (6) Month period;
DEFAULT MANAGEMENT CHARGE. 6.1 If:
6.1.1 Two (2) MI Failures occur in any rolling six (6) Month period;
6.1.2 Two (2) consecutive MI Failures occur; then a "MI Default" shall be deemed to have occurred.
6.2 If an MI Default occurs the Authority shall (without prejudice to any other rights or remedies available to it under this Framework Agreement) be entitled to determine the level of Management Charge in accordance with paragraph 6.3, which the Supplier shall be required to pay to the Authority ("Default Management Charge") and/or to terminate this Framework Agreement.