Annual Settle-Up Sample Clauses
The Annual Settle-Up clause establishes a process for reconciling estimated payments or charges made throughout the year with the actual amounts owed once the year concludes. Typically, parties will compare the total of interim payments or provisional charges against the final calculated figures, and any discrepancies are resolved by issuing a refund or requiring an additional payment. This clause ensures that both parties are fairly compensated or billed based on actual usage or costs, thereby preventing overpayment or underpayment and promoting financial accuracy in ongoing agreements.
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Annual Settle-Up. If, as of the last day of each calendar year during the Term of this Agreement, there is a Net Loss, as defined below, for that calendar year, Vendor shall pay the amount of that Net Loss to Customer. Provided, however, the amount Vendor is obligated to pay Customer for a given calendar year shall be reduced by the amount of Net Gains, as defined below, from prior calendar years during the Term of this Agreement to the extent such Net Gains were not credited against Net Losses from prior periods. Such payment will be due and payable on the immediately following February 1.
Annual Settle-Up. If, as of the last day of each calendar year during the Term of this Agreement, there is a Net Loss, as defined below, for that calendar year, Administrator shall pay the amount of that Net Loss to Customer. Provided, however, the amount Administrator is obligated to pay Customer for a given calendar year shall be reduced by the amount of Net Gains, as defined below, from prior calendar years during the Term of this Agreement to the extent such Net Gains were not credited against Net Losses from prior periods. Such payment will be due and payable on February 1.
Annual Settle-Up. The Trinity River Authority’s treatment charge is a volumetric rate based on its prospective cost for treating wastewater and is a direct pass-through cost to CUSTOMER based on CUSTOMER’S monthly flow adjusted for inflow and infiltration. After the close of the TRA’s fiscal year, a “trued-up” rate will be provided to ARLINGTON. ARLINGTON shall apply the difference between the “trued-up” rate and the budgeted rate to the corresponding billed volumes for CUSTOMER to ascertain whether CUSTOMER should receive a credit or an additional charge for treatment services. ARLINGTON shall prorate the credit or charge to CUSTOMER over the remaining billing months of the current fiscal year. The Trinity River Authority treatment charge is a direct pass-through to CUSTOMER.