Common use of Reference Price Clause in Contracts

Reference Price. (a) Notwithstanding any term or provision of this Agreement to the contrary, if at any time during the term of this Agreement any reference price, whether posted or otherwise, or reference price publication, referred to in this Agreement should cease to exist, either permanently or temporarily, for whatever reason, then parties shall promptly meet together to agree upon a replacement reference price publication, as the case may be, and failing such Agreement within five business days after the parties first meet, either party may terminate this Agreement upon thirty-days prior written notice to the other party. (b) Where the price of Product is based upon the posted price of one of the parties, such party shall give notice in writing to the other party of any change in such posted price, and such change in posted price shall be effective at 12:00 hours, on the day following service of the notice. (c) Where the price of Product is based upon third party posted prices, the Buyer shall use reasonable efforts to advise the Seller from time to time of any changes to relevant third party postings. Failure to advise the Seller of changes to third party posting shall not relieve the Seller of its obligation to deliver Product determined herein by reference to the changed posting.

Reference Price. (a) Notwithstanding any term or provision of this Agreement to the contrary, if at any time during the term of this Agreement any reference price, whether posted or otherwise, or reference price publication, referred to in this Agreement should cease to exist, either permanently or temporarily, for whatever reason, then parties shall promptly meet together to agree upon a replacement reference price publication, as the case may be, and failing such Agreement agreement within five business days after the parties first meet, either party may terminate this Agreement upon thirty-days prior written notice to the other partymatter shall be resolved by the parties by them equally bearing the impact of the price change. (b) Where the price of Product is based upon the posted price of one of the parties, such party shall give notice in writing to the other party of any change in such posted price, and such change in posted price shall be effective at 12:00 hours, on the day following service of the notice. (c) Where the price of Product is based upon third party posted prices, the Buyer Seller shall use reasonable efforts to advise the Seller Buyer from time to time of any changes to relevant third party postings. Failure to advise the Seller Buyer of changes to third party posting shall not relieve the Seller Buyer of its obligation to deliver pay the price for Product determined herein by reference to the changed posting.