Common use of Cancellation by Sponsor Clause in Contracts

Cancellation by Sponsor. If Sponsor desires to cancel this agreement, Sponsor may only do so by giving notice in writing sent to the PPAI with evidence of receipt. If written notice of cancellation is received after April 19, 2019, all paid sponsor fees will be forfeited by Sponsor. If written notice of cancellation is received prior to April 19, 2019, Sponsor will be liable for 50% of the total fees. Please note that the marketing of the sponsorship ceases on the date of the cancellation. This amount is considered to be liquidated and agreed upon damages, for the injuries the PPAI will suffer as a result of Sponsor’s cancellation. This provision for liquidated and agreed upon damages is a bona fide provision and not a penalty. The parties understand that the withdrawal of the sponsorship reserved from availability at a time when other parties would be interested in applying for it, will cause the PPAI to sustain damages. In this situation, the PPAI’s damages will be substantial, but they will not be capable to determine with mathematical precision. Therefore, the provisions for liquidated and agreed upon damages have been incorporated into this Agreement as a valid pre-estimate of these damages. PPAI reserves the right to treat an Sponsor’s downsizing of sponsorship level as cancellation of the sponsorship in question. The canceled sponsorship is subject to the same cancellation provisions noted above.

Cancellation by Sponsor. If Sponsor desires to cancel this agreement, Sponsor may only do so by giving notice in writing sent to the PPAI with evidence of receipt. If written notice of cancellation is received after April 19June 3, 2019, all paid sponsor sponsorship fees will be forfeited by Sponsorthe sponsor. If written notice of cancellation is received prior to April 19June 3, 2019, Sponsor will be liable for 50% of the total sponsor fees. Please note that the marketing of the sponsorship sponsor ceases on the date of the cancellation. This amount is considered to be liquidated and agreed upon damages, for the injuries the PPAI will suffer as a result of Sponsor’s cancellation. This provision for liquidated and agreed upon damages is a bona fide provision and not a penalty. The parties understand that the withdrawal of the sponsorship reserved from availability at a time when other parties would be interested in applying for it, will cause the PPAI to sustain damages. In this situation, the PPAI’s damages will be substantial, but they will not be capable to determine with mathematical precision. Therefore, the provisions for liquidated and agreed upon damages have been incorporated into this Agreement as a valid pre-estimate of these damages. PPAI reserves the right to treat an Sponsor’s downsizing of sponsorship level as cancellation of the sponsorship in question. The canceled sponsorship is subject to the same cancellation provisions noted above.

Cancellation by Sponsor. If Sponsor desires to cancel this agreement, Sponsor may only do so by giving notice in writing sent to the PPAI with evidence of receipt. If written notice of cancellation is received after April 19June 30, 20192022, all paid sponsor fees will be forfeited by Sponsorthe sponsor. If written notice of cancellation is received prior to April 19June 30, 20192022, Sponsor will be liable for 50% of the total fees. Please note that the marketing of the sponsorship ceases on the date of the cancellation. This amount is considered to be liquidated and agreed upon damages, for the injuries the PPAI will suffer as a result of Sponsor’s cancellation. This provision for liquidated and agreed upon damages is a bona fide provision and not a penalty. The parties understand that the withdrawal of the sponsorship reserved from availability at a time when other parties would be interested in applying for it, will cause the PPAI to sustain damages. In this situation, the PPAI’s damages will be substantial, but they will not be capable to determine with mathematical precision. Therefore, the provisions for liquidated and agreed upon damages have been incorporated into this Agreement as a valid pre-estimate of these damages. PPAI reserves the right to treat an Sponsor’s downsizing of sponsorship level as cancellation of the sponsorship in question. The canceled sponsorship is subject to the same cancellation provisions noted above.