Extraordinary Premium Decrease Sample Clauses
Extraordinary Premium Decrease. (a) The Contractor must notify the Contracting Authority if an Extraordinary Premium Decrease takes place during the Operational Phase. The Contractor shall pay the Contracting Authority compensation commencing on the date on which the Extraordinary Premium Decrease occurs. This compensation is equal to 85% of the difference between the premium that the Contractor paid immediately prior to the Extraordinary Premium decrease and the premium that the Contractor paid after the Extraordinary Premium decrease occurred.
(b) If the Contractor demonstrates that an Extraordinary Premium decrease no longer exists then the Contractor is no longer obliged to pay compensation as referred to in paragraph (a) to the Contracting Authority.
(c) The provisions of this Article 14.4 are correspondingly applicable to insurance not mentioned in Schedule 11 (Insurance) which the Contractor purchases under Article 13.1 to replace the insurance referred to in Schedule 11 (Insurance).
Extraordinary Premium Decrease. (a) The Contractor must inform the Contracting Authority of any Extraordinary Premium Decrease that occurs during the Availability Period in regard to an insurance agreement referred to in Schedule 9 (Insurance). The Contractor is liable to the Contracting Authority for compensation as from the date of the Extraordinary Premium Decrease. This compensation is equal to 85% of the difference between the premium that the Contractor paid immediately prior to the Extraordinary Premium Decrease and the premium that the Contractor paid after the Extraordinary Premium Decrease occurred.
(b) If the Contractor demonstrates that an Extraordinary Premium Decrease no longer exists, the Contractor is no longer obliged to pay the Contracting Authority the compensation referred to in Paragraph (a).
(c) The provisions of this Article 14.4 apply by analogy to insurance agreements not referred to in Schedule 9 (Insurance) but which have been arranged by the Contractor under Article 13.4 to replace the insurance agreements referred to in Schedule 9 (Insurance).