If the charterer wishes to cancel any Flight or Flights the subject of this agreement the following rates will be paid forthwidth by the charterer to DAC as agreed compensation:

25% of the Charter Price if cancelled after execution of this agreement;
50% of the Charter Price if cancelled with 7 days prior to STD;
75% of the Charter Price if cancelled 48 prior to STD;
100% of the Charter Price if cancelled within 24 hours of STD;

The Charterer accepts the above cancellation charges to be a reasonable pre-estimate of the losses that DAC shall sustain in the event of cancellation of any flight.