Market Costs definition
Examples of Market Costs in a sentence
Miscellaneous Charges means taxes, any and all Assessments, surcharges and Residual Market Costs for which Customer is liable to Hartford under the insurance program, whether they have been included within the defined costs under this Agreement or not included because they cannot be quantified accurately as of the Effective Date of this Agreement.
Residual Market Costs are included in the premium and shall not be calculated by the terms of this Agreement.
Where the Market Costs are less than 95 per cent or more than 105 per cent of the Latest Service Element, or a Benchmarking Exercise cannot be carried out, the Parties will endeavour to agree any change to the Unitary Charge or if no agreement is reached by 3 (three) months and ten (10) Business Days from the Market Testing Review Date, the Authority will, at its discretion, either refer the matter to the Dispute Resolution Procedure or require PPP Co. to undertake Market Testing.
The Contractor shall not be required to undertake Market Testing on any Market Testing Review Date unless any Benchmarking Exercise carried out pursuant to clause Benchmarking indicates that there is a cost difference between the element within the Financial Model as the costs of providing the Service in question and Market Costs (as defined in clause Benchmarking) of more than five per cent or the parties cannot agree an adjustment to the Unitary Charge following a Benchmarking Exercise.
Where the Market Costs are less or more than 95-105% of the element within the Financial Model or a Benchmarking Exercise cannot be carried out, the parties shall endeavour to agree any change to the Base Unitary Charge or if no agreement is reached by the Market Testing Review Date, the Contractor shall undertake Market Testing.