Common use of Buyer Termination Payment Clause in Contracts

Buyer Termination Payment. In the event of termination of an Order for reasons other than a material default, payment made to GEKA shall be as follows. I. If a cancellation schedule has been negotiated in connection with an Order, then the cancellation schedule shall apply for purposes of determining the applicable termination payment to GEKA. II. If a cancellation schedule is not applicable then the termination payment shall be determined as follows: 1. GEKA shall receive payment for the portion of the work produced and services performed as of the effective date of cancellation of the Order; and 2. payment of all unavoidable third-party costs and expenses incurred by GEKA as result of the cancellation of the Order.