Common use of Reporting Failures Clause in Contracts

Reporting Failures. In the event that at any time after the Effective Date Seller (a) fails to provide information expressly required by this Agreement to be reported to NYSERDA, or (b) fails to provide information reasonably requested by NYSERDA in connection with the matters contemplated by this Agreement, in either case within the time period required by this Agreement or otherwise reasonably required by NYSERDA and, following written notice of such failure, Seller does not cure the failure within a reasonable time period, NYSERDA shall be permitted to draw from Seller’s Contract Security (or, if elected by Seller or if no Contract Security is in place, Seller shall pay NYSERDA) an amount equal to $5010,000 per uncured failure to provide information; provided that the amount shall increase to $10020,000 per uncured failure after the first three times this provision is triggered. The payments contemplated in this Section 6.07 for reporting failures are designed to help 10 NYSERDA Bulk Energy Storage Incentive Program Manual, May 2020, ▇▇▇▇▇://▇▇▇.▇▇▇▇▇▇▇.▇▇.▇▇▇/- /media/Files/Programs/Energy-Storage/bulk-program-manual.pdf. compensate NYSERDA for, among other things, the damages that result from the failure to timely submit information to NYSERDA and do not constitute a penalty payment. Seller may request a 15-day extension to any of its reporting deadlines to account for reporting delays outside of Seller’s control. Seller’s first such extension request will be deemed automatically approved, and subsequent requests will be approved or denied in NYSERDA’s sole discretion.