Handling of Cash and Other Payments Sample Clauses
The "Handling of Cash and Other Payments" clause defines the procedures and responsibilities for managing monetary transactions and other forms of payment under the agreement. It typically outlines how payments should be made, received, recorded, and safeguarded, and may specify acceptable payment methods, timing, and documentation requirements. This clause ensures that all parties have clear expectations regarding financial transactions, reducing the risk of disputes or mismanagement of funds.
Handling of Cash and Other Payments. Seller shall promptly deliver to Buyer any cash, checks or other instruments of payment received by Seller after the Effective Time in respect of the Purchased Assets or Assigned Contracts relating to periods after the Effective Time. Likewise, Buyer shall promptly deliver to Seller any cash, checks or other instruments of payment received by Buyer after the Effective Time in respect of the Purchased Assets or Assigned Contracts relating to periods before the Effective Time. If a payment is received by a Party for services or products provided by the Vessels both prior to and after the Effective Time and there is no clear delineation of the amounts attributed to the periods preceding and following the Effective Time, then the Parties shall use reasonable proration techniques to allocate such amounts in a manner such that Seller will receive amounts attributable to the operation of the Vessels prior to the Effective Time and Buyer will receive amounts attributable to the operation of the Vessels after the Effective Time.
Handling of Cash and Other Payments. Seller shall promptly deliver to Buyer any cash, checks or other instruments of payment received by Seller after the Effective Time in respect of the Purchased Assets relating to periods after the Effective Time. If a payment is received by a Party for services or products provided by the Vessels both prior to and after the Effective Time and there is no clear delineation of the amounts attributed to the periods preceding and following the Effective Time, then the Parties shall use reasonable proration techniques to allocate such amounts in a manner such that Seller will receive amounts attributable to the operation of the Vessels prior to the Effective Time and Buyer will receive amounts attributable to the operation of the Vessels after the Effective Time.