Examples of Default Management Charge in a sentence
The Default Management Charge shall be the higher of: the average Management Charge paid or payable by the Supplier in the previous six (6) month period or, if the MI Default occurred within less than six (6) months from the first day of the first Term, in the whole period preceding the date on which the MI Default occurred; or the sum of five hundred pounds (£500).
If two (2) MI Reports are not provided in any rolling six (6) month period then an MI Default shall be deemed to have occurred and CCS may: charge and the Supplier shall pay a Default Management Charge in respect of the months in which the MI Default occurred and subsequent months in which they continue, calculated in accordance with Paragraph 9.2.1 and/or suspend this LVPS Contract until such time that deficient MI Reports(s) are rectified; and/or terminate this LVPS Contract.