Performance Penalties and Incentives Sample Clauses
The Performance Penalties and Incentives clause establishes a system of rewards and penalties based on the achievement or failure to meet specified performance standards in a contract. Typically, this clause outlines measurable criteria such as deadlines, quality benchmarks, or cost targets, and details the financial bonuses for exceeding expectations or the penalties for underperformance. Its core function is to motivate parties to meet or surpass contractual obligations, thereby aligning interests and reducing the risk of delays or subpar results.
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Performance Penalties and Incentives. (a) In addition to the remedies set forth in Section 8.9 above, * * * * *
(c) AURUM TECHNOLOGY INC. CORE DATA PROCESSING SERVICES SCHEDULE EXHIBIT 1 Beginning on the Commencement Date, Aurum will operate the below modules at the Data Center, and accept data and other input from Customer. Aurum will make daily, monthly, and other reports and output, including specially requested reports, available to Customer at the Data Center for delivery or transmit them to Customer, subject to Customer's timely delivery or transmission of data and other input to the Data Center for processing. Aurum will provide the Services in accordance with Exhibit 1 provided to Customer by Aurum upon commencement of the Services, which may be updated by Aurum from time to time. Aurum will not be responsible for the loss of any input or output during transit. Effective on the Commencement Date, Aurum shall provide the following modules for Customer in a service bureau environment:
(a) Base System Product Product Product Name Vendor Code Central Information File ITI CIS Demand Deposit Accounting System ITI DDA Savings Accounting System ITI SAV Certificate of Deposit Accounting System ITI COD Loan Accounting System ITI LAS General Ledger Accounting System ITI FMS Item Entry System ITI IES Accounts Payable System ITI APS Asset Liability Management Module ITI ALM ATM File Transfer Module ITI AFT Automated Credit Reporting System ITI CRM Bond Accounting System ITI BAS Bulk Filing Module ITI BFM Check Reconciliation System ITI CRS Data Communications File Transfer Module ITI DFT Express Exception Item System ITI EIM Fixed Assets System ITI FAS Paperless Item Module (ACH) ITI PIM Retirement Account Reporting System ITI RRM Security Control Module ITI SCM Premier Navigator ITI NAV Delinquent Child Support - All ITI DCS Transaction Management System ITI TMS ADDENDUM TO AURUM TECHNOLOGY INC. INFORMATION TECHNOLOGY SERVICES AGREEMENT CORE DATA PROCESSING SERVICES SCHEDULE The following provisions of this Addendum are incorporated into the Core Data Processing Services Schedule ("Agreement") and expressly supersede such terms and conditions to the extent they are inconsistent with them.
1. All references herein to Pricing Attachment shall mean that certain ATTACHMENT 1 DATED SEPTEMBER 28, 2006 ("Attachment 1").
2. Section 6 (Additional Services) is hereby amended to reflect Customer's election to purchase the Services described below, which shall also be added to the modules listed in Exhibit 1 ...
Performance Penalties and Incentives. (a) In addition to the remedies set forth in Section 11.3 above, for every [***] that Fidelity fails to meet the Performance Standards in Sections 11.1 or 11.2 over a [***] average, Fidelity agrees to credit Customer with an amount equal to [***].
(b) Conversely, Customer agrees that Fidelity shall accrue incentive credits for exceeding the Performance Standards. For every [***] that Fidelity exceeds the Performance Standards in section 11.1 or 11.2 over a [***] average, Fidelity shall accrue a credit in the amount equal to [***], which accrued incentive credit shall be applied only against future penalties which Fidelity may be required to pay Customer for failure to meet Performance Standards.
(c) Incentives shall not be computed for exceeding Performance Standards for on-time delivery of Customer’s output set forth in Section 11.1 or on-line up-time set forth in Section 11.2 until Fidelity’s performance exceeds a [***] rolling average of [***]. [***] Represents material which has been redacted and filed separately with the Commission pursuant to a request for confidential treatment pursuant to Rule 406 of the Securities Act of 1933, as amended FIDELITY INFORMATION SERVICES, INC. SOFTWARE LICENSE SCHEDULE COMMENCEMENT DATE The Commencement Date is the date that the Software identified in this Schedule is delivered to Customer, which in no event shall occur earlier than the Commencement Date as provided in the Core Service Bureau Processing Schedule. This Schedule together with any attachments and/or exhibits hereto, the General Terms and Conditions to be signed concurrently with this Schedule (“General Terms”), and any written modifications thereto signed and agreed to by Fidelity Information Services, Inc. (“Fidelity”) and Placer Sierra Bank (“Customer”) from time to time hereafter shall be referred to as the “Software License Agreement” or “Agreement”.