Common use of TRANSITION REQUIREMENT Clause in Contracts

TRANSITION REQUIREMENT. In the event of failure of the Service Provider to render the Services or in the event of termination of agreement or expiry of term or otherwise, without prejudice to any other right, the Bank at its sole discretion may make alternate arrangement for getting the Services contracted with another vendor. In such case, the Bank shall give prior notice to the existing Service Provider. The existing Service Provider shall continue to provide services as per the terms of contract until a ‘New Service Provider’ completely takes over the work. During the transition phase, the existing Service Provider shall render all reasonable assistance to the new Service Provider within such period prescribed by the Bank, at a cost as mutually agreed between the Parties in writing, for ensuring smooth switch over and continuity of services. The Bank may also require the Service Provider to enter into a Transition & Knowledge Transfer Agreement.

TRANSITION REQUIREMENT. In the event of failure of the Service Provider to render the Services or in the event of termination of agreement or expiry of term or otherwise, without prejudice to any other right, the Bank at its sole discretion may make alternate arrangement for getting the Services contracted with another vendor. In such case, the Bank shall give prior notice to the existing Service Provider. The existing Service Provider shall continue to provide services as per the terms of contract until a ‘'New Service Provider’ ' completely takes over the work. During the transition phase, the existing Service Provider shall render all reasonable assistance to the new Service Provider within such period prescribed by the Bank, at a cost as mutually agreed between the Parties in writing, for ensuring smooth switch over and continuity of services. The Bank may also require the Service Provider to enter into a Transition & Knowledge Transfer Agreement.