Outrigger Reef Waikiki Beach Resort

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CANCELLATION OPTION The parties agree in the event the contracted event does not take place at the hotel, hotel would suffer damages that would be difficult to determine. Such damages would include, but not be limited to, losses of revenue from sleeping rooms, food and beverage events and other revenues generated by group events. Therefore, if Group elects to cancel this agreement for any reason other than a termination for cause, group agrees to provide written notice to the hotel accompanied by a liquidated damage payment as indicated in the following scale: A. Group Cancellation from time of signing to 90 days prior to arrival will be assessed a 25% of the guarantee room revenue. B. Group Cancellation from time of signing to 60 days prior to arrival will be assessed a 50% of the guarantee room revenue. C. Group Cancellation from time of signing to 30 days prior to arrival will be assessed a 75% of the guarantee room revenue. D. Cancellation within 29 days of arrival will be assessed a 90% of the guarantee room revenue. The option to cancel is agreed by the parties to constitute the exercise of a contractual option and not a default. The parties further agree that the amounts set forth above are reasonable estimates of the damages that would be incurred by hotel and include consideration of the possibility of the hotel’s ability to mitigate its losses through resale. Payment must accompany notice of cancellation in order to constitute a valid exercise of the cancellation option at the agreed amount of damages.