CONTRACT TERMINATION FEES Sample Clauses

CONTRACT TERMINATION FEES. In the event the Contract terminates in advance without a statement of cause after the expiration of the period stipulated in the preceding clause, the Bank must pay ALTEC the amount of investment made in association with this Contract and not yet depreciated, within the 30 consecutive days following the termination date and according to the month in which said termination takes place, as an indemnification for damages appraised by agreement of the parties. CLAUSE 21: ASSISTANCE IN THE EVENT OF THE CONTRACT’S TERMINATION Whatever the cause, reason, or motive for the termination of this Contract, even if it is for the Bank’s default on its obligations or at its will without statement of cause, ALTEC shall be obligated to provide the services the Bank instructs it to, insofar as they are prescribed in this Contract, and to perform an orderly transfer of the data, source programs, services, functions, and operations prescribed in this Contract to the Bank or the supplier(s) designated by the Bank, or with the Bank itself in their absence, upon the following terms: • The Bank must be up to date in payment of the fee, price, or values of this Contract, as well as penalty interest on arrears, if any. • The provision of services and the transfer shall be carried out during the period stipulated in the transition plan drawn up by agreement of the parties prior to the effective date of termination, which may not exceed 6 months, renewable a single time for another 6 six months, and shall include at least the key personnel and services needed to establish and ensure operational continuity to the Bank’s satisfaction at the facilities and with the supplier designated by the Bank, or with the Bank itself in the latter’s absence. • The monthly charges generated by application of the provisions of this clause may not exceed the monthly charge for the last month of the Contract’s currency for equivalent resources used or services provided. Nevertheless, if the Contract’s termination was caused by a fact attributable to ALTEC, the latter must bear the cost of the transfer of services to the Bank or to the suppliers it indicates. • If the Contract terminates due to the Bank’s default on its obligation to make timely payment of the charges for the Services, to be entitled to this aid or cooperation, the Bank must have paid the Advanced Termination of Contract Charges, and shall in addition pay an advance equivalent to the budgeted value of the additional resources and expens...