Savings Shortfall definition
Examples of Savings Shortfall in a sentence
ESCO will make payments for any Savings Shortfall to Customer within thirty (30) days of that year's Guaranteed Savings Reconciliation.
The Annual Reconciliation will be determined in the Annual M&V Report showing whether an Annual Savings Shortfall or an Annual Savings Surplus has been achieved.
Within sixty (60) days following issuance and acceptance by CLIENT of the Annual Performance Report for the corresponding Annual Period, CONTRACTOR shall pay to CLIENT the Savings Shortfall, if any, identified in the Annual Performance Report and shall have fulfilled its obligations under the Performance Guarantee for the applicable Annual Period and the Shortfall Payment being then equal to the Guaranteed Annual Savings for the applicable Annual Period.
For each year during the Guarantee Performance Term where Verified Savings are less than the Guaranteed Savings for the same period, a Savings Shortfall will be reported.
As a mutual goal of the Parties is to maximize Energy Savings, if CONTRACTOR determines it can correct a Savings Shortfall through an operational improvement at no expense or material inconvenience to the CLIENT and without future operational expenses and without compromising lighting performance, then the Parties shall in good faith work to effectuate the operational improvement.
If an Annual Savings Surplus occurs for any one Performance Year of the Guarantee Period, Quandel may, at its discretion, apply the amount of such surplus to set off any subsequent Annual Savings Shortfall during the Guarantee Period.
In addition, in the event of a Savings Shortfall, Ameresco shall have the right but not the obligation, at Ameresco’s sole discretion and expense, to install additional ECM(s) or modifications to mitigate any future Savings Shortfall with the approval of Customer, such approval not to be unreasonably withheld, conditioned or delayed.
Such payment, installation or modification shall be the sole and exclusive remedy of Customer in the event of a Savings Shortfall.
If, in any Guarantee Year, the Annual Savings exceed the Guaranteed Savings for such Guarantee Year, the excess savings will be used first to reimburse Ameresco for any Savings Shortfall payments made in previous years, whether such payment was made in cash or through installation of additional ECMs, with the balance included in the Annual Savings amount for the succeeding Guarantee Year.
Project Savings Shortfall is the amount by which the Annual Guaranteed Project Savings exceeds the Annual Project Savings in any one-year of the Guarantee Term.