TQRDC Sample Clauses
The TQRDC clause is designed to allocate responsibility and risk for costs associated with Time, Quality, Risk, Delivery, and Cost in a contractual relationship. In practice, this clause sets out specific metrics or standards for each of these five areas, and may include mechanisms for penalties, incentives, or adjustments if the agreed-upon benchmarks are not met. By clearly defining expectations and consequences in these key performance areas, the TQRDC clause helps ensure that both parties are aligned on priorities and that any deviations are managed transparently, ultimately reducing disputes and promoting successful project outcomes.
POPULAR SAMPLE Copied 7 times
TQRDC. From time to time during the Term, JDSU and Supplier shall, when JDSU requests, meet (by telephone, videoconference or in person) (each a Business and Price Review Meeting) to discuss Supplier’s performance, Prices and other issues relating to this Agreement, including but not limited to, Supplier’s performance with regard to technology, quality, responsiveness, delivery and costs (collectively TQRDC). At every such meeting, Product Prices shall be reviewed for reductions, and the parties shall agree on the appropriate Price reductions and the manner and the timing of their implementation, on a fair and reasonable basis. The parties shall also set Price reduction targets for each of the next two (2) calendar quarters based on forecasted volumes and other factors affecting Price including without limitation those listed in Section 9.2, and identify actions and corresponding responsibilities of the parties required to achieve the said target Price reductions. If, following such a meeting, despite good faith negotiation between the parties, Supplier, by its own actions or inaction, has failed to comply with previously agreed targets with respect to Supplier TQRDC, then such failure shall be a material breach of this Agreement and JDSU may, terminate this Agreement pursuant to Section 22.2 and/or cancel all outstanding Purchase Orders and Releases for such Products, without any penalty, cost, or liability, notwithstanding any other provision of this Agreement. Supplier shall also promptly notify JDSU as soon as it becomes aware that any of Supplier’s material requirements or obligations under this Agreement is not being met. Within five (5) business days of the date that Supplier becomes aware of such failure, Supplier shall deliver to JDSU a Corrective Action Plan (CAP) detailing the process and timing by which Supplier will correct any failure to meet an applicable TQRDC requirement. If JDSU is not reasonably satisfied with the corrective action proposed in the CAP, or if Supplier fails to provide a CAP within the time required, then JDSU may treat such failure as a material breach of this Agreement and may, terminate this Agreement pursuant to Section 22.2 and/or cancel all outstanding Purchase Orders and Releases for impacted Products, without any penalty, cost, or liability, notwithstanding any other provision of this Agreement.