Contract Termination or Expiration Transition Plan. Upon the termination or expiration of this Contract, Insurer shall ensure a smooth transition to any other insurer or contract. Insurer shall provide a transition plan to FHKC for approval within ninety (90) Calendar Days before the termination or expiration date of this Contract. In the event the Contract terminates prior to the expiration date and Insurer is not given more than ninety (90) Calendar Days’ Notice, Insurer shall provide a transition plan by the date specified by FHKC or, if no date is specified, within five (5) Business Days of Insurer’s receipt of the termination Notice. If the transition plan is not subsequently approved by FHKC, Insurer shall submit a revised transition plan within five (5) Business Days from the notification of FHKC’s disapproval. Insurer’s failure to provide a timely transition plan acceptable to FHKC or failure to timely implement such transition plan, in whole or in part, shall be considered an Event of Default and failure to perform. In such event Insurer shall be responsible for Financial Consequences in the amount of $1,000.00 (one thousand dollars) per day, as determined by FHKC. FHKC may also withhold payment to Insurer for nonperformance or unsatisfactory performance of the terms of this Contract. This section survives termination or expiration of this Contract.
