Common use of Adjustment Statements Clause in Contracts

Adjustment Statements. If Condition B3.3 (adjustment to prior results) applies in respect of all or part of a Period, then the CVL IM shall promptly issue to the Train Operator a statement showing the necessary adjustments (if any) to statements already issued and Performance Sums already paid in respect of the Period, and any such adjusting statement shall be treated as if it were a statement under paragraph 11.1 and, subject to paragraph 12.2, an adjusting payment shall be payable within 28 days of the CVL IM's statement. Except to the extent that it has, within two Working Days of receipt, notified the CVL IM in accordance with paragraph 15 that it disputes the contents of a statement under paragraphs 6.1 or 6.2, the Train Operator shall be deemed to have agreed the contents of that statement. Any notification of a dispute shall specify the reasons for that dispute. The parties shall attempt to resolve disputes notified in accordance with paragraph 6.4(a) as follows: within the next two clear Working Days after notification of any dispute, nominated representatives of the parties shall attempt to resolve that dispute; and if agreement has not been reached after two clear Working Days, representatives authorised by a more senior level of management of the parties shall use all reasonable endeavours to negotiate a resolution of the dispute. Negotiations under paragraph 6.4(b)(ii) shall continue, if necessary, until a date no earlier than five clear Working Days after the end of the Period in which the event giving rise to the dispute referred to in paragraph 6.4(a) occurred.

Adjustment Statements. If Condition B3.3 (adjustment to prior results) applies in respect of all or part of a Period, then the CVL IM Network Rail shall promptly issue to the Train Operator a statement showing the necessary adjustments (if any) to statements already issued and Performance Sums already paid in respect of the Period, and any such adjusting statement shall be treated as if it were a statement under paragraph 11.1 and, subject to paragraph 12.2, an adjusting payment shall be payable within 28 days of the CVL IM's Network Rail’s statement. Except to the extent that it has, within two Working Days of receipt, notified the CVL IM Network Rail in accordance with paragraph 15 that it disputes the contents of a statement under paragraphs 6.1 or 6.2, the Train Operator shall be deemed to have agreed the contents of that statement. Any notification of a dispute shall specify the reasons for that dispute. The parties shall attempt to resolve disputes notified in accordance with paragraph 6.4(a) as follows: within the next two clear Working Days after notification of any dispute, nominated representatives of the parties shall attempt to resolve that dispute; and if agreement has not been reached after two clear Working Days, representatives authorised by a more senior level of management of the parties shall use all reasonable endeavours to negotiate a resolution of the dispute. Negotiations under paragraph 6.4(b)(ii) shall continue, if necessary, until a date no earlier than five clear Working Days after the end of the Period in which the event giving rise to the dispute referred to in paragraph 6.4(a) occurred.