Disruption Fallback Clause Samples

A Disruption Fallback clause defines the procedures to follow if a specified disruption occurs, such as a market closure or a failure in a reference system. Typically, this clause outlines alternative methods for determining values, settling transactions, or continuing obligations when the usual process is unavailable. For example, if a financial benchmark is not published on a given day, the clause may specify using the most recent available data or an alternative source. Its core function is to ensure continuity and certainty in contractual performance despite unforeseen disruptions, thereby reducing uncertainty and potential disputes.
Disruption Fallback. Section 7.5(d) of the 2005 Definitions shall not apply to any Transaction. The following Disruption Fallbacks will apply to all Transactions (in the following order): (a) Calculation Agent Determination; and (b) if the party that is not the Calculation Agent disputes the Calculation Agent Determination within three Local Business Days of being notified of it, Negotiated Fallback, provided that, if: (c) Negotiated Fallback does not produce an agreement within the specified period; and (d) the parties do not agree to refer the matter to arbitration under the Arbitration Act 1996, No Fault Termination will apply.
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Related to Disruption Fallback

  • Disruption 41.1 The Contractor shall take reasonable care to ensure that in the performance of its obligations under the Framework Agreement it does not disrupt the operations of the Authority, its employees or any other Contractor employed by the Authority. 41.2 The Contractor shall immediately inform the Authority of any actual or potential industrial action, whether such action be by their own employees or others, which affects or might affect its ability at any time to perform its obligations under the Framework Agreement. 41.3 In the event of industrial action by the Staff, the Contractor shall seek Approval to its proposals to continue to perform its obligations under the Framework Agreement. 41.4 If the Contractor’s proposals referred to in clause 41.3 are considered insufficient or unacceptable by the Authority acting reasonably, then the Authority may by notice terminate the Framework Agreement with immediate effect.

  • H5 Disruption The Contractor shall take reasonable care to ensure that in the performance of its obligations under the Contract it does not disrupt the operations of the Authority, its employees or any other contractor employed by the Authority.

  • Callback Regular employees called back to work on their regular time off shall receive a minimum of two hours overtime pay at the applicable rate.

  • Disruption of Service Customer acknowledges and understands that Voice Service will not be available for use under certain circumstances, including without limitation when the network or facilities are not operating or if normal electrical power to the MTA, ATA or ALG is interrupted and such equipment does not have a functioning backup. Customer also understands and acknowledges that the performance of the battery backup is not guaranteed. If the battery backup does not provide power, Voice Services will not function until normal power is restored. Customer also understands that certain online features of Voice Service, where such features are available, will not be available under certain circumstances, including but not limited to the interruption of the Internet connection.

  • Downtime Each of Zero Hash and ZHLS uses commercially reasonable efforts to provide the Services in a reliable and secure manner. From time to time, interruptions, errors, delays, or other deficiencies in providing the Services may occur due to a variety of factors, some of which are outside of Zero Hash’s and/or ZHLS’ control, and some which may require or result in scheduled maintenance or unscheduled downtime of the Services (collectively, “Downtime”). You understand and acknowledge that part or all of the Services may be unavailable during any such period of Downtime, and you acknowledge that Zero Hash and ZHLS are not liable or responsible to you for any inconvenience or losses to you as a result of Downtime. Following Downtime, you further understand and acknowledge that the prevailing market prices of cryptocurrency may differ significantly from the prices prior to such Downtime.