Payment Terms – Repositioning

1. SERVICE FEE FOR THE USE OF VHUB

1.1 The Owner shall assume a vHub service fee for each repositioning transaction, such fee being specified on the vHub Owner profile page.

1.2 In the event the Service Provider deactivates the Repositioning Services after the scheduled Deactivation date, the Owner shall assume an additional vHub service fee of $1.75 per excess day, or such other amount as may be agreed to by vHub.

 

2. BILLING FOR REPOSITIONING SERVICES

Upon Deactivation of the Repositioning Services by the Service Provider, vHub will bill the Owner by charging the Repositioning Service fees (including the applicable vHub service fees and applicable taxes) and process the payment by withdrawing funds from the Owner’s bank account.

 

3. CANCELLATION

3.1 If either party cancels a Service Offer with at least twenty-four (24) hours notice prior to the scheduled Activation date, no cancellation fees or penalty will be charged to such party.

3.2 If either party cancels a Service Offer with less than twenty-four (24) hours notice prior to the scheduled Activation date, the other party shall refer to the applicable indemnification clause set forth in Section 9 of the Master Repositioning Agreement.

 

4. EARLY OR LATE ACTIVATION FEES

4.1 Activating the Repositioning Services

If the Service Provider activates its Repositioning Services before the scheduled Activation date, no early activation fees will be charged to the Service Provider, except that the Service Provider shall complete the Repositioning Services within the number of days set forth in the Service Offer. If the Service Provider activates the Repositioning Services after the scheduled Activation date, no late activation fees will be charged to the Service Provider, except that the Service Provider shall complete the Repositioning Services prior to or on the scheduled Deactivation date.

4.2 Deactivating the Repositioning Services

If the Service Provider deactivates the Repositioning Services prior to the scheduled Deactivation date, the Owner will be billed 100% of the Repositioning Service fees (including the applicable vHub service fees). If the Service Provider deactivates the Repositioning Services after the scheduled Deactivation date, (i) an excess daily penalty at a rate specified by the Owner in the Service Offer will be charged to the Service Provider to reduce the Repositioning Service fees paid to the Service Provider and (ii) vHub will charge a penalty to the Service Provider equal to 10% of the excess daily penalty charged by the Owner, or such other rate as may be agreed to by vHub.

 

5. PAYMENT OF THE REPOSITIONING SERVICES

On the first day of each month, vHub will issue to the Service Provider a statement of income earned on each Repositioning Service offered during the previous month and will transfer to the Service Provider the amount due for such monthly income on the first business day following the 15th day of the month by bank transfer. For Service Providers who are residents of Canada only: the Service Provider agrees to designate vHub as agent for the payment of taxes through Form FP-2506, which must be duly signed by vHub and the Service Provider.

 

6. ENTIRE AGREEMENT AND CONFLICT BETWEEN PROVISIONS

The titles of the articles of these Payment Terms have been inserted for convenience and shall not limit or define in any way the scope of the articles of this document and shall not affect the interpretation thereof. If any provision hereof is deemed invalid or unenforceable, the remaining provisions shall remain valid and continue to have full effect as if the said invalid or unenforceable provision was never a part hereof. In the event that any of the payment terms and conditions contained herein conflict with any of the terms and conditions of use of vHub relating to Repositioning Services (the “vHub Terms and Conditions”), the latter shall apply and shall prevail. All defined terms not otherwise defined herein shall have the meaning attributed to them in the vHub Terms and Conditions.

UPCOMING WEBINAR

Navigating the repositioning landscape

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