ATTRITION CLAUSE. The parties agree that BoCo Enterprises will suffer a loss in revenues in the event of the Licensee’s failure to utilize all of the meeting/banquet rooms and services agreed to herein. The Licensee therefore agrees to pay for lost revenue. For meeting room rental, the lost revenue will be calculated by multiplying the number of rooms not utilized by the amount of rent agreed to be paid, plus tax. The Licensee will be responsible for paying the amount indicated by that calculation and will be due regardless of BoCo Enterprises ultimate ability to re-sell some or all of the space or services.
ATTRITION CLAUSE. Star Potential Studios has a duty to mitigate on behalf of the Renter. If the dates of cancellation can be re-booked by Star Potential Studios within a month period, the amount of the non-refundable fee deposit will be reduced to
ATTRITION CLAUSE. The parties agree that the Licensor will suffer a loss in revenues in the event of the Licensee’s failure to utilize all of the meeting/banquet rooms and services agreed to herein. The Licensee therefore agrees to pay for lost revenue. For meeting room rental, the lost revenue will be calculated by multiplying the number of rooms not utilized by the amount of rent agreed to be paid, plus tax. The Licensee will be responsible for paying the amount indicated by that calculation and will be due regardless of Licensor’s ultimate ability to re-sell some or all of the space or services. G ROUP’S CANCELLATION Licensee and Licensor have entered into a binding contract. Licensor is committed to providing the rooms and services specified in this Agreement and Licensor has offered special rates and other concessions based upon anticipated revenues for Licensee’s event. The anticipated revenue includes revenue from the total number of meeting/banquet rooms Licensee has requested as well as the revenue received from the food and beverage services requested and any ancillary services such as audio-visual and other charges. If the Licensee decides to cancel this Agreement, and/or food and beverage services, you agree that Licensor will suffer damages. Such damages will result in Licensor’s inability to offer the unused space or services to another Group and/or the cost to Licensor of trying to re-sell this space/services. The exact amount of damages will be difficult to determine. Therefore, Licensee agrees that the following liquidated damages clause is a reasonable effort by the parties to agree in advance on the amount of damages. It is agreed that these amounts will be due regardless of Licensor’s ultimate ability to re-sell some or all of the space or services.
ATTRITION CLAUSE. The parties agree that the Group and the Hotel will share in the loss of revenues suffered by the Hotel in the event of the Group’s failure to utilize all of the rooms and services agreed to herein. The Group therefore agrees to pay a percentage of lost revenue. For sleeping room revenue, the lost revenue will be calculated by multiplying the number of rooms not utilized out of the Group’s block times the average room rate of rooms actually utilized, plus tax. The Group will be responsible for paying the amount indicated by the chart below:
ATTRITION CLAUSE. The hotel reserves the right to reduce the size of the room block at anytime when the opportunity arises for the hotel to confirm a non guaranteed room block. The hotel agrees that the client maintains the first right of refusal to utilize rooms being held by the Hotel. Therefore, the hotel agrees to notify with 24 hours notice in writing in order to advise and obtain written approval from the GROUP who will be responsible to either guarantee said rooms with a required non refundable deposit per room or release the rooms back to the Hotel.
