Net Settlement Payment Clause Samples
The Net Settlement Payment clause defines how parties calculate and exchange a single, consolidated payment to settle all outstanding obligations between them. Instead of making multiple individual payments for each transaction or obligation, the parties determine the net amount owed by offsetting mutual debts and credits, resulting in one final payment from the party with the net liability. This approach streamlines the settlement process, reduces administrative complexity, and minimizes the risk of payment default by ensuring that only the net difference is exchanged.
Net Settlement Payment. The JPT shall determine a net settlement payment to be made from one Party to the other to account for the various payments, if any, calculated to be owed by one Party to the other under: (i) Section 4.5.2(a) [Preclinical Development Costs and Development Costs]; (ii) Section 4.5.2(c)(i) [Post-launch Reimbursement of Operating Expenses]; and/or (iii) Section 4.5.2(c)(ii) [Settlement of Distributable Profits].
Net Settlement Payment. “Net Settlement Payment” shall mean the aggregate of all potential Allocated Amounts to be paid to the Authorized Claimants after deducting: (a) the court-approved attorneys’ fees and costs as described in Section 3.2; and (b) the court-approved service payment to Plaintiff as described in Section 3.3; and (c) the payment to the Claims Administrator as described in Section 2.1; and (d) the employer’s share of payroll taxes as described in Section 3.5 from the Gross Settlement Fund