Calculations and Accounts Clause Samples
The "Calculations and Accounts" clause defines the procedures and responsibilities for determining, recording, and reconciling financial figures relevant to the agreement. It typically outlines how amounts such as payments, fees, or adjustments are to be calculated, who is responsible for maintaining accurate records, and the process for reviewing or disputing these calculations. By establishing clear methods and accountability for financial matters, this clause helps prevent misunderstandings and disputes over monetary obligations between the parties.
Calculations and Accounts. 18.1 A certificate or determination of the Agent in writing as to any amount owed to it under this Agreement or in connection therewith shall, in the absence of manifest error, be conclusive and binding on the Borrower.
18.2 Each Bank shall maintain, in accordance with its usual practice, accounts evidencing the amounts from time to time advanced by, and owing to, it under this Agreement.
Calculations and Accounts