Performance Deductions. If Awardee does not meet the required 97 percent uptime per this Agreement, the following performance deductions will be subtracted from that year’s O&M payment: $1,000 will be deducted for every percentage point, or fraction thereof, that the 97 percent uptime is not met on a per-port basis, per the NEVI Rule. If there is no remaining O&M payment for the deduction to be subtracted from, the amount will be deducted from the remaining withholding. Once a Performance Deduction occurs, those funds cannot be recouped and are permanently subtracted from the Total Obligation.
Appears in 2 contracts
Sources: Standard Agreement Terms and Conditions for a National Electric Vehicle Infrastructure (Nevi) Project, Standard Agreement for Nevi Project