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 no extra cost to the Bank, for ensuring smooth switch over and continuity of services. If existing vendor is breach of this obligation, they shall be liable for paying a penalty of Rs. on demand to the Bank, which may be settled from the payment of invoices for the contracted period. The Bank may also require the Service Provider to enter into a Transition & Knowledge Transfer Agreement as mentioned in Annexure J

TRANSITION REQUIREMENT. In the event of failure of the Service Provider to render the Services or in the event of termination of agreement 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 the Agreement until a ‘New Service Provider’ completely takes over the work. During the transition phase, the existing Service Provider shall render all reasonable assistance assistances to the new Service Provider within such period prescribed by the Bank, at no extra cost to the Bank, for ensuring smooth switch over and continuity of services. If existing vendor is breach Services, provided where transition services are required by the Bank or New Service Provider beyond the term of this obligationAgreement, they reasons for which are not attributable to Service Provider, payment shall be liable for paying a penalty of Rs. on demand made to the Bank, which may be settled from the payment of invoices for the contracted period. The Bank may also require the Service Provider to enter into a Transition & Knowledge Transfer Agreement for such additional period on the same rates and payment terms as mentioned specified in Annexure Jthis 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 no extra cost to the Bank, for ensuring smooth switch over and continuity of services. If existing vendor is breach of this obligation, they shall be liable for paying a penalty of RsRs . on demand to the Bank, which may be settled from the payment of invoices for the contracted period. The Bank may also require the Service Provider to enter into a Transition & Knowledge Transfer Agreement as mentioned in Annexure J