Common use of CATERING SERVICE Clause in Contracts

CATERING SERVICE. 5.1 The Contractor will maintain a catering service for the customers of The Orchard Theatre and for more general public use, so long as this is commercially viable. 1. The Authority shall pay to the Contractor the following sums which shall be annually adjusted in accordance with the CPI on 1 November each year, initially based on November 2008 (i.e. 109.9): Year 1 £374,115 Year 2 £357,635 Year 3 £346,060 Year 4 £348,664 Years 5 - 10 £352,389p.a. Years 11 – 20 £387,389 p.a. 2. Payment, for each year of this Agreement, shall be made by the Authority in twelve equal instalments, following receipt of invoices. 3. In the event that the Improvement Works detailed in the Twelfth Schedule cost less than £350,000, the annual sums referred to in paragraph 1 above shall be adjusted upwards by one tenth of the difference between £350,000 and the cost of the Improvement Works for each of the first ten years of this Agreement. 4. The Contractor shall pay to the Authority 10% of its net profit before tax achieved in any year of this Agreement, where this is a positive figure, payable in a single payment within six months of the Contractor’s financial year end. The Contractor will supply a copy of audited accounts to the Council within 6 months of its financial year end. This Monitoring Schedule sets out how the Authority will monitor the provision of the Services specified in the Specification Schedule.