Liquidated Damages to JBE for Failure to Meet Maintenance and Support Services Requirements. The parties agree that Contractor’s failure to meet the Maintenance and Support requirements under this Agreement will cause the JBE to incur substantial economic and reputational harm. In such cases, the losses and amounts may be impossible to compute and ascertain with certainty. Therefore, liquidated damages represent a fair, reasonable and appropriate estimate thereof. Accordingly, in addition to other available remedies, the Contractor agrees that liquidated damages may be assessed and recovered by the JBE against Contractor for such failure(s) and without the JBE being required to present any evidence of the amount or character of actual damages sustained by reason thereof. Contractor shall be liable to the JBE for payment of liquidated damages in the amounts set forth in this Agreement. Such liquidated damages are intended to represent estimated actual damages and are not intended as a penalty, and Contractor shall pay them to JBE without limiting the JBE’s other contractual rights and remedies provided in this Agreement. In the event Contractor fails to meet the Maintenance and Support requirements of this Agreement, Contractor shall pay to the JBE the amounts set forth in Exhibit 7 (Maintenance and Support Services).
Appears in 4 contracts
Samples: Master Agreement, Master Agreement, Master Agreement
