Common use of Early Termination Payment Clause in Contracts

Early Termination Payment. 9.1. If the Agreement is terminated under clause 7.2.1, the Contractor shall make an early termination payment to JOGMEC of ten percent [10%] of the amount of Service Fees as specified in clause 3.1, adjusted for any Services already properly provided by the Contractor before the date of termination (“Early Termination Payment”) within thirty [30] days of the date of termination. 9.2. If the Contractor does not pay the Early Termination Payment on time, the Contractor shall pay interest of five percent [5%] per annum on the Early Termination Payment, calculated pro rata on a daily basis. Such interest shall accrue from the day after the final date by which payment of the Early Termination Payment is due until the day on which payment of the Early Termination Payment is actually completed.

Early Termination Payment. 9.1. If the Agreement is terminated under clause 7.2.1, the Contractor shall make an early termination payment to JOGMEC of ten percent [10%] of the amount of Service Fees Fee as specified in clause 3.1, adjusted for any Services already properly provided by the Contractor before the date of termination (“Early Termination Payment”) within thirty [30] days of the date of termination. 9.2. If the Contractor does not pay the Early Termination Payment on time, the Contractor shall pay interest of five percent [5%] per annum on the Early Termination Payment, calculated pro rata on a daily basis. Such interest shall accrue from the day after the final date by which payment of the Early Termination Payment is due until the day on which payment of the Early Termination Payment is actually completed.