Common use of Operating Period Termination Clause in Contracts

Operating Period Termination. Upon an Operating Period Termination, the Province shall by notice to the Contractor elect to pay to the Contractor either a Termination Payment under Section 18.5 or a Termination Payment under Section 18.6. If the Province fails to make such election by notice to the Contractor within 10 Business Days after an Operating Period Termination, then the Province shall be irrevocably deemed to have elected to make a Termination Payment under Section 18.6. If the Province elects to pay a Termination Payment under Section 18.5, the Province shall as soon as practicable thereafter (but in any event within 90 days) solicit expressions of interest in order to assess whether there are likely to be two suitable bidders (in which context, “suitable” shall be determined having regard to a bidder’s relevant practical experience, appropriate qualifications, technical competence and resources available to it, including financial resources and subcontracts, all having regard to the obligations to be performed under this Agreement). If the Province fails to elicit within such 90 day period at least two bona fide expressions of interest from suitable potential bidders, it shall immediately re-elect to pay a Termination Payment under Section 18.6. Between the time of the Operating Period Termination and the making of the Termination Payment, the Province shall make advance payments to the Contractor against the Termination Payment in accordance with and subject to the following:

Operating Period Termination. Upon an Operating Period Termination, the Province shall by notice to the Contractor elect to pay to the Contractor either a Termination Payment under Section 18.5 or a Termination Payment under Section 18.6. If the Province fails to make such election by notice to the Contractor within 10 Business Days after an Operating Period Termination, then the Province shall be irrevocably deemed to have elected to make a Termination Payment under Section 18.6. If the Province elects to pay a Termination Payment under Section 18.5, the Province shall as soon as practicable thereafter (but in any event within 90 days) solicit expressions of interest in order to assess whether there are likely to be two suitable bidders (in which context, “suitable” shall be determined having regard to a bidder’s relevant practical experience, appropriate qualifications, technical competence and resources available to it, including financial resources and subcontracts, all having regard to the obligations to be performed under this Agreement). If the Province fails to elicit within such 90 day period at least two bona fide expressions of interest from suitable potential bidders, it shall immediately re-elect to pay a Termination Payment under Section 18.6. Between the time of the Operating Period Termination and the making of the Termination Payment, the Province shall make advance payments to the Contractor against the Termination Payment in accordance with and subject to the following: