FINANCIAL CONSIDERATIONS G OPERATING EXPENSE Sample Clauses

FINANCIAL CONSIDERATIONS G OPERATING EXPENSE. ‌ A. Management Fee: As compensation for managing and operating the Parking Facilities, the COMMISSION will pay the Operator an annual management fee payable monthly. The monthly management fee shall be based on the annual management fee submitted in the Operator's Proposal for each term year and as prorated for each month in Exhibit B, hereto attached and made part of this agreement. The monthly management fee will be reduced by any charge or liquidated damages stipulated in this Agreement and assessed by the COMMISSION. The COMMISSION will pay the net monthly fee within twenty-one (21) calendar days following receipt of the Monthly Activity Report for the month in which services are rendered. B. Operating Expense Reimbursement Report: By July 1st of each year during the Term of this Agreement, Operator shall submit to the Airport Director a detailed budget for the fiscal year. COMMISSION shall have ninety (90) days to review and approve in writing the authorized budget for the year. The Operator will be authorized to pay all expenses as approved in the Budget connected with the management of the Parking Facilities as called for in this Agreement when due. Expenses in excess of the approved budgeted amount will not be reimbursable without the prior written consent of the Airport Director. The Operator will submit a written report to the COMMISSION by the tenth (10th) day of the month following the month in which services are performed and payments made listing all expenses previously authorized in accordance with Sections C and D of this Article that were incurred and paid in the operation of the Parking Facilities. The COMMISSION will process reimbursements and pay approved expenses within thirty (30) days after the COMMISSION receives the invoice. The COMMISSION reserves the right to dispute and exclude from the payment any expenses that the COMMISSION believes are not authorized under this Agreement. The parties will resolve any disputes in an expedited manner and the COMMISSION will pay an interest rate equal to the highest rate allowed by the Commission on delinquent payments not under dispute once COMMISSION has received written notification of delinquent payment and COMMISSION has not remedied delinquent payment within thirty (30) days of notification.