Contractual Year definition

Contractual Year meanss a period of twelve months commencing from the date of issue of LOA/DLOA.

Contractual Year means a period of twelve (12) consecutive months beginning on the Effective Date, or the anniversary of said Effective Date.

Contractual Year means a period of twelve (12) consecutive months according to the Gregorian Calendar from the Effective Date of this Contract or from the anniversary of the Effective Date.

Examples of Contractual Year in a sentence

• The Performance Security will be valid for 15 (fifteen) months for each Contractual Year and the Performance Security shall be extended and adjusted for the next Contractual Year upon receiving the letter from OMC to commence the subsequent Contractual Year’s operation.

• Contractual Year means the period of time starting from the date of the Order Confirmation or its anniversary and ending 12 months later (or, if earlier, on the date of expiry or termination of the Order).

• If the performance of the Service Provider is determined to be unsatisfactory by OMC, the Agreement may be terminated prematurely at the end of the Contractual Year for which performance of the Service Provider is reviewed.

• Upon receiving the letter of acceptance from OMC to commence work for the next contractual year’s operation, the performance security shall be recalculated for the concerned Contractual year as per the formula: Amount = 10% of Annual Contract Value of the relevant Contractual Year The Service Provider shall then provide the Performance Security of the revised amount within 15 (fifteen) days of the start of the relevant Contractual Year.

• On satisfactory result of such review, OMC will issue a letter to the service provider for continuing the work for the subsequent Contractual Year.

More Definitions of Contractual Year

Contractual Year means any period of twelve consecutive months starting from the date of entry into force of the Agreement or from any anniversary date of entry into force of this Agreement.

Contractual Year means each contractual year commencing on the expiry of the Initial Term and each anniversary thereof;

Contractual Year means any rolling period of twelve (12) months commencing on the respective Order Commencement Date and any anniversary thereof, provided that the last such Contractual Year shall be considered to end on the date of termination (howsoever arising) whether or not that date is an anniversary of the Order Commence- ment Date.

Contractual Year means the period commencing on the COMMENCEMENT DATE and ending December 31, 2007 and thereafter any subsequent period of twelve months commencing on January 1 and ending on the following December 31;

Contractual Year means a twelve month period starting from the Effective Date or any one year period starting from any subsequent anniversary of the Effective Date during the effective term of this Agreement;

Contractual Year means the period of 12 months with effect from

Contractual Year means the period from April 1st in any year to March 31st in the next following year;