Recovery of Cost. A In the event a Participant violates the terms of this Agreement, the Participant voluntarily terminates this Agreement before any payments have been made, or this Agreement is terminated with cause by NRCS, the NRCS will incur substantial costs in administering this Agreement which may not be possible to quantify with certainty. Therefore, in addition to the refund of payments as set forth in Paragraph 18, the Participant agrees to pay liquidated damages in an amount equal to 10 percent of the total financial assistance obligated to the Participant in this Agreement, at the time of termination. This liquidated damages payment is for recovery of administrative costs and technical services and is not a penalty. B The Participant may be required by the NRCS to refund all or a portion of any assistance earned under the program if the Participant sells or loses control of the land under this Agreement and the new owner or transferee is not eligible for the program, or refuses to assume responsibility under the Agreement.
Appears in 5 contracts
Samples: Water Bank Program Agreement, Water Bank Program Agreement, Water Bank Program Agreement
