Common use of Notification and Mitigation Clause in Contracts

Notification and Mitigation. Provider shall notify Customer of any proposed Surcharge to be imposed pursuant to Section 11(a) sufficient to cover the cost of any required capital or expense projects and any ongoing increased operating costs at the respective Terminal. Provider and Customer then shall negotiate in good faith for up to thirty (30) days to mutually determine the effect of the change in law or regulation or new law or regulation, the cost thereof, and how such cost shall be amortized at an interest rate of no more than nine percent (9%), collectively, as a Surcharge, with the understanding that Provider and Customer shall use their reasonable commercial efforts to mitigate the impact of, and comply with, these laws and regulations. Without limiting the foregoing, if expenditures requiring a Surcharge may be avoided or reduced through changes in operations, then the Parties shall negotiate in good faith to set forth the appropriate changes in a Terminal Service Order to evidence the reduction of the amount of a Surcharge while leaving the Parties in the same relative economic position they held before the laws or regulations were changed or enacted.

Notification and Mitigation. Provider shall notify Customer of any proposed Surcharge to be imposed pursuant to Section 11(a5.5(a) sufficient to cover the cost of any required capital or expense projects for such Facility and any ongoing increased operating costs at the respective Terminalcosts. Provider and Customer then shall negotiate in good faith for up to thirty (30) days Days to mutually determine the effect of the change in law or regulation changed or new law or regulationApplicable Laws, the cost thereof, and how such cost shall be amortized as a Surcharge at an interest rate of no more than nine percent (9%), collectively, as a Surcharge, with the understanding that Provider and Customer shall use their reasonable commercial efforts to mitigate the impact of, and comply with, these laws and regulationssuch Applicable Law. Without limiting the foregoing, if expenditures requiring a Surcharge may be avoided or reduced through changes in operations, then the Parties shall negotiate in good faith to set forth the appropriate changes in a Terminal Service Order to evidence the reduction of the amount of a Surcharge while leaving the Parties in the same relative economic position they held before the laws or regulations were changed or enacted.