Service Fee Credits Clause Samples
The Service Fee Credits clause establishes a mechanism for compensating a client when the service provider fails to meet agreed-upon performance standards. Typically, if the provider does not deliver services at the required level, the client becomes entitled to receive credits—often in the form of a reduction in future service fees or account credits. This clause ensures accountability by incentivizing the provider to maintain service quality and offers the client a form of remedy without resorting to more severe contractual penalties.
Service Fee Credits. Except as otherwise provided in this KPI Document, BlackRock shall be entitled to a Service Fee Credit applied against the Monthly Applicable Fees when Computershare fails to meet any 1 (or more) of the KPI Components set forth in the Red Zone detailed as follows: Number of continuous Months the same KPI Component set forth in the Red Zone has not been met Credit of Monthly fees (per KPI Component in Red Zone) 1 $0 2 $1,500 3 or more $2,500
a. A service fee credit owed by Computershare under Section D(1) of this KPI Document is referred to herein as a “Service Fee Credit”.
b. Computershare’s obligation to pay any Service Fee Credits shall be determined, and if owed, calculated, with respect to individual Months. With respect to any Month, if Computershare shall owe a Service Fee Credit amount pursuant to the terms of this KPI Document, such Service Fee Credit(s) shall be included on the Subsequent Invoice.
Service Fee Credits. Except as otherwise provided in this KPI Document, BlackRock shall be entitled to a Service Fee Credit applied against the Monthly Applicable Fees when Computershare fails to meet any 1 (or more) of the KPI Components set forth in the Red Zone detailed as follows: 1 $0 2 $1,500 3 or more $2,500
a. A service fee credit owed by Computershare under Section D(1) of this KPI Document is referred to herein as a “Service Fee Credit”.
b. Computershare’s obligation to pay any Service Fee Credits shall be determined, and if owed, calculated, with respect to individual Months. With respect to any Month, if Computershare shall owe a Service Fee Credit amount pursuant to the terms of this KPI Document, such Service Fee Credit(s) shall be included on the Subsequent Invoice.
Service Fee Credits. The KPI Document sets forth provisions applicable to the determination and assessment of Service Fee Credits. Service Fee Credits shall not be an exclusive remedy for any loss incurred as a result of Breach Conduct (which may be claimable as damages pursuant to the terms of this Agreement), but are intended to be a form of recompense to the Fund for failure by BNYM to deliver the Services in a proper, timely and consistent manner, in view of the key significance that the Service Levels have to the Fund. The application of Service Fee Credits shall be without prejudice to any rights of the Fund under this Agreement including the right of the Fund to terminate this Agreement or to claim damages from BNYM as a result of any matter constituting Breach Conduct that contributes to circumstances that cause Service Fee Credits to be owed by BNYM.
Service Fee Credits. First Horizon will receive credit towards Fees and for the following items: