Debit Notes Clause Samples
The Debit Notes clause establishes the process by which one party can formally notify the other of amounts owed, typically for adjustments, corrections, or additional charges not covered in the original invoice. In practice, this clause outlines the circumstances under which a debit note may be issued, such as for returned goods, pricing errors, or supplementary services, and specifies the required format and timing for such notices. Its core function is to provide a clear and standardized mechanism for addressing and documenting financial discrepancies, thereby ensuring transparency and facilitating accurate account reconciliation between the parties.
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Debit Notes. (a) If any amounts are due from one Party to the other Party pursuant to this Agreement other than those set forth in a Monthly Fees Invoice, including any amounts paid but not earned or earned but not paid, then the Party to whom such sums are owed shall furnish to the other Party an invoice (each a "Debit Note") therefor setting out, where applicable, the relevant information together with calculations and relevant supporting documents.
(b) Customer shall be entitled to invoice under a Debit Note SPECIFIC TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE REDACTED MATERIAL HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH FIVE ASTERISKS (*****). any disbursements made by Customer for Contractor's or the Vessel's account, including commissions, overheads and handling charges when such disbursements are permitted to be made by Customer under this Agreement;
(i) lay-up savings (including estimated savings);
(ii) Service Failure Compensation; and
(iii) any other amounts to which Customer is entitled or which are payable by Contractor to Customer under this Agreement.
Debit Notes