Examples of MI Default in a sentence
If two (2) or more MI Failures occur in any rolling three (3) Month period then a "MI Default" shall be deemed to have occurred.
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 commencement date of the first Call-Off Contract, in the whole period preceding the date on which the MI Default occurred; or the sum of five hundred pounds (£500).
The Default Management Charge shall be calculated as the higher of: the average Management Charge paid or payable by the Supplier to the Authority based on any Management Information submitted in the period preceding the date on which the MI Default arose; or the sum of five hundred pounds (£500).
If an MI Default occurs the Authority shall (without prejudice to any other rights or remedies available to it under this Framework Agreement) be entitled to determine the level of Management Charge in accordance with paragraph Error: Reference source not found which the Supplier shall be required to pay to the Authority ("Default Management Charge") and/or to terminate this Framework Agreement.
If: two (2) MI Failures occur in any rolling six (6) Month period; two (2) consecutive MI Failures occur; or then a "MI Default" shall be deemed to have occurred.