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, the price shall be set by Seller upon written notice to Buyer. (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 Seller shall use reasonable efforts to advise the Buyer from time to time of any changes to relevant third party postings. Failure to advise Buyer of changes to third party posting shall not relieve the Buyer of its obligation to pay the price for Product determined herein by reference to the changed posting.