Common use of Adjustment notes Clause in Contracts

Adjustment notes. 22.7 If in relation to a taxable supply under or in connection with this Agreement an adjustment event occurs that gives rise to an adjustment, then the GST Amount will be adjusted accordingly and, where necessary, a payment will be made to reflect the change in the GST Amount (by the recipient to the supply in respect of an increase in the GST Amount and by the supplier to the recipient in respect of a decrease in the GST Amount). If a payment is required, it will be made within 10 Business Days of the issue of an adjustment note by the payee who must issue an adjustment note immediately upon becoming aware of the adjustment event concerned. 22.8 Notwithstanding any other provision of this Agreement, any amount payable under or in connection with this Agreement, which is calculated by reference to a cost, expense, or amount paid or incurred by a party to this Agreement, will be reduced by an amount equal to any input tax credit to which that party is entitled in respect of that cost, expense or amount. 22.9 Any amount on account of GST payable by NSW Health to the Organisation under this clause 22 will be limited to the amount of an input tax credit to which NSW Health is entitled in respect of the relevant supply which NSW Health acquires. 22.10 If a party is a member of a GST group, references to GST for which the party is liable and to input tax credits to which the party is entitled include GST for which the representative member of the GST group is liable and input tax credits to which the representative member is entitled. 22.11 Where a word or phrase is defined under GST Law, it has the same meaning in this Agreement.

Adjustment notes. 22.7 24.7 If in relation to a taxable supply under or in connection with this Agreement an adjustment event occurs that gives rise to an adjustment, then the GST Amount will be adjusted accordingly and, where necessary, a payment will be made to reflect the change in the GST Amount (by the recipient to the supply in respect of an increase in the GST Amount and by the supplier to the recipient in respect of a decrease in the GST Amount). If a payment is required, it will be made within 10 Business Days of the issue of an adjustment note by the payee who must issue an adjustment note immediately upon becoming aware of the adjustment event concerned. 22.8 24.8 Notwithstanding any other provision of this Agreement, any amount payable under or in connection with this Agreement, which is calculated by reference to a cost, expense, or amount paid or incurred by a party to this Agreement, will be reduced by an amount equal to any input tax credit to which that party is entitled in respect of that cost, expense or amount. 22.9 24.9 Any amount on account of GST payable by NSW Health to the Organisation under this clause 22 24 will be limited to the amount of an input tax credit to which NSW Health is entitled in respect of the relevant supply which NSW Health acquires. 22.10 24.10 If a party is a member of a GST group, references to GST for which the party is liable and to input tax credits to which the party is entitled include GST for which the representative member of the GST group is liable and input tax credits to which the representative member is entitled. 22.11 24.11 Where a word or phrase is defined under GST Law, it has the same meaning in this Agreement.