Savings Guarantee definition
Examples of Savings Guarantee in a sentence
Both parties have a vested interest in meeting the Energy Cost Savings Guarantee of the SOW.
Department shall use its best efforts to notify the QESP or its designated sub-contractors within 24 hours after the Department’s actual knowledge and occurrence of: (i) any malfunction, alteration or modification in the operation of the Equipment or any preexisting energy related equipment that has a material impact upon the Energy Cost Savings Guarantee or (ii) any interruption or alteration to the energy supply to the Project Site(s).
Where Department exercises due diligence in attempting to assess the existence of a malfunction, interruption, or alteration, it shall be deemed to be not at fault in failing to correctly identify such conditions as having a material impact upon the Energy Cost Savings Guarantee.
QESP shall not be liable for providing new versions of software or other enhancements if or unless such new versions or enhancements are necessary to achieve the Energy Cost Savings Guarantee.
The spreadsheet shall clearly identify all financial components of the project including interest rates, current fuel prices, any escalation rates, Energy Cost Savings Guarantee figures, QESP compensation figures, cash-flow projections, and projected net present value of any cumulative positive cash flow benefits to the Department.
At the end of each year, as defined in Schedule A (Energy Cost Savings Guarantee), during the guarantee period and no later than ninety (90) days thereafter, the QESP shall complete and submit the data required in Schedule C (C.4 Annual M&V Reporting Requirements).
The Energy Cost Savings Guarantee is set forth in annual increments for the term of the SOW as specified in Schedule A (Energy Cost Savings Guarantee) and QESP guarantees that it is sufficient to cover any and all annual payments required to be made by the Department as set forth in Schedule J (Compensation to QESP for Annual Services) and Schedule I (Financing Agreement and Payment Schedule).
If Department unreasonably delays in so notifying QESP of a malfunction or emergency, and the malfunction or emergency is not otherwise corrected or remedied, QESP may charge Department for its loss, due to the delay, associated with the Energy Cost Savings Guarantee under this SOW for the particular time period, provided that QESP is able to show the direct causal connection between the delay and the loss.
The QESP shall either grant to the Department or cause the Department to be granted, as applicable, a perpetual, irrevocable royalty-free license for any and all software or other intellectual property rights necessary for the Department to continue to operate, maintain, and repair the Equipment in a manner that will yield Energy Cost Savings Guarantee for the specified SOW term.
State whether Energy Cost Savings Guarantee is expected to be fulfilled for first year.