Liquidated Damages Collection and Related Expenses. If a Member fails to resolve a breach of this Agreement through voluntary compliance measures approved by the Enforcement Committee and performed by such Member on a timely basis, the Member in breach shall pay the liquidated damages amount assessed by the Sector within ten (10) days of the end of the voluntary compliance period described in Section 10.9, above. Liquidated damages amounts not paid when due shall accrue interest at a rate of interest equal to the prime rate of interest announced by Bank of America, or such other bank as the Board may select from time to time, as of the last day of the voluntary compliance period plus twelve percent (12%). If a Member fails to pay the liquidated damages amount assessed by the Enforcement Committee with interest within thirty (30) days of the end of the voluntary compliance period described in Section 10.9, above, the Sector may pursue legal action to collect the liquidated damages. In addition, in connection with Member breaches resulting from an over‐harvest of a Member’s Harvest Share, the Sector (acting through the Enforcement Committee) may take possession of an amount of the Member in breach’s Harvest Share for the overharvested species for the year in which the contract breach occurred and, if necessary, in subsequent years, in a total amount equal to three (3) times the amount of such over‐ harvest, provided that the amount of a Member’s liability to the Sector for over‐harvest shall be reduced proportionately to the extent that the Sector does so. In addition to liquidated damages, the Sector shall be entitled to all fees, costs and expenses, including attorney’s fees, actually incurred by the Sector in connection with any action to collect liquidated damages from a Member in breach of this Agreement, whether or not the Sector prevails in such action.
Liquidated Damages Collection and Related Expenses. If a members fails to resolve a breach of 14 this agreement through voluntary compliance measures approved by the Enforcement Committee 15 and performed by such member on a timely basis, the member in breach shall pay the liquidated 16 damages amount assessed by the sector within ten days of the end of the voluntary compliance 18 rate of interest equal to the prime rate of interest announced by Bank of America, or such other 19 bank as the Board may select from time to time, as of the last day of the voluntary compliance 20 period plus twelve percent (12%). If a member fails to pay the liquidated damages amount 21 assessed by the Enforcement Committee with interest within thirty days of the end of the 22 voluntary compliance period described above, the sector may pursue legal action to collect the 23 liquidated damages. In addition, in connection with member breaches resulting from an 24 overharvest of a member’s harvest share, the sector (acting through the Enforcement Committee) 25 may take possession of an amount of the member in breach’s harvest share for the overharvested 26 species for the year in which the contract breach occurred and, if necessary, in subsequent years, 27 in a total amount equal to three times the amount of such overharvest, provided that the amount of
Liquidated Damages Collection and Related Expenses. If a Member fails to 8 resolve a breach of this Agreement through voluntary compliance measures approved by the Enforcement 9 Committee and performed by such Member on a timely basis, the Member in breach shall pay the 10 liquidated damages amount assessed by the Sector within ten (10) days of the end of the voluntary 11 compliance period described in Section 10.9, above. Liquidated damages amounts not paid when due 12 shall accrue interest at a rate of interest equal to the prime rate of interest announced by Bank of America, 13 or such other bank as the Board may select from time to time, as of the last day of the voluntary 14 compliance period plus twelve percent (12%). If a Member fails to pay the liquidated damages amount 15 assessed by the Enforcement Committee with interest within thirty (30) days of the end of the voluntary 16 compliance period described in Section 10.9, above, the Sector may pursue legal action to collect the 17 liquidated damages. In addition, in connection with Member breaches resulting from an over‐harvest of
Liquidated Damages Collection and Related Expenses. If a Member fails to 20 resolve a breach of this Agreement through voluntary compliance measures approved by the Enforcement 21 Committee and performed by such Member on a timely basis, the Member in breach shall pay the 22 damages amount assessed by the Sector within ten (10) days of the end of the voluntary compliance 24 rate of interest equal to the prime rate of interest announced by Bank of America, or such other bank as 25 the Board may select from time to time, as of the last day of the voluntary compliance period plus twelve 26 percent (12%). If a Member fails to pay the damages amount assessed by the Enforcement Committee 27 with interest within thirty (30) days of the end of the voluntary compliance period described in Section 28 10.10, above, the Sector may pursue legal action to collect the liquidated damages. In addition to 29 damages, the Sector shall be entitled to all fees, costs and expenses, including attorney’s fees, actually 30 incurred by the Sector in connection with any action to collect liquidated damages from a Member in 31 breach of an Agreement, whether or not the Sector prevails in such action.
Liquidated Damages Collection and Related Expenses
