Objection Report Clause Samples
An Objection Report clause establishes a formal process for parties to raise and document concerns or disagreements regarding specific aspects of a contract or project. Typically, this clause outlines the steps for submitting an objection, the required information to be included, and the timeframe within which objections must be reported. For example, if a party identifies a defect in delivered goods or disagrees with an invoice, they would use the Objection Report process to notify the other party in writing. The core function of this clause is to ensure that issues are promptly and clearly communicated, enabling timely resolution and reducing the risk of disputes escalating due to misunderstandings or lack of documentation.
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Objection Report. As soon as practicable after receipt of Seller’s proposed Final Settlement Statement, but in any case not later than 5:00 p.m., Houston, Texas, time, on the date that is 10 Business Days after receipt of Seller’s proposed Final Settlement Statement (the “Objection Date”), Purchaser may deliver to Seller a detailed written report (an “Objection Report”) containing: (i) those particular items or amounts in Seller’s proposed Final Settlement Statement as to which Purchaser objects; (ii) the reasons, in reasonable detail, for each such objection, together with any supporting documentation available to Purchaser; and (iii) Purchaser’s calculation of the Final Purchase Price. Any particular amounts or items contained in Seller’s proposed Final Settlement Statement that are not specifically objected to by Purchaser in a proper and timely delivered Objection Report shall be deemed accepted by Purchaser and shall be final, binding, and conclusive on all Parties. If Purchaser does not deliver a proper Objection Report by the Objection Date, Seller’s proposed Final Settlement Statement and calculation of the Final Purchase Price shall be deemed final, binding, and conclusive on all Parties.
Objection Report. Not later than 5:00 p.m. Eastern Time on the date that is 10 Business Days after receipt of the proposed Final Settlement Statement under Section 13.1(a) (the “Objection Date”), Purchaser may deliver to Sellers a detailed written report (an “Objection Report”) containing: (i) those particular items or amounts in the proposed Final Settlement Statement as to which Purchaser objects; (ii) the reasons, in reasonable detail, for each such objection, together with any supporting documentation available to Purchaser; and (iii) Purchaser’s calculation of the Final Base Purchase Price. Any particular amounts or items contained in the proposed Final Settlement Statement that are not specifically objected to by Purchaser in a proper and timely delivered Objection Report shall be deemed accepted by Purchaser and shall be final, binding, and conclusive on all Parties. If Purchaser does not deliver an Objection Report by the Objection Date, Sellers’ proposed Final Settlement Statement and calculation of the Final Base Purchase Price shall be deemed final, binding, and conclusive on all Parties.
Objection Report. As soon as practicable after receipt of Seller’s proposed First Closing Final Settlement Statement or Second Closing Final Settlement Statement, as applicable, but in any case not later than 5:00 p.m., Denver, Colorado, time, on the date that is ten (10) Business Days after receipt of Seller’s proposed First Closing Final Settlement Statement or Second Closing Final Settlement Statement, as applicable, (the “Objection Date”), Purchaser may deliver to Seller a detailed written report (an “Objection Report”) containing: (i) those particular items or amounts in Seller’s proposed First Closing Final Settlement Statement or Second Closing Final Settlement Statement, as applicable, as to which Purchaser objects; (ii) the reasons, in reasonable detail, for each such objection, together with any supporting documentation available to Purchaser; and (iii) Purchaser’s calculation of the First Closing Purchase Price or Second Closing Purchase Price, as applicable. Any particular amounts or items contained in Seller’s proposed First Closing Final Settlement Statement or Second Closing Final Settlement Statement, as applicable, that are not specifically objected to by Purchaser in a proper and timely delivered Objection Report shall be deemed accepted by Purchaser and shall be final, binding, and conclusive on all Parties. If Purchaser does not deliver a proper Objection Report by the Objection Date, Seller’s proposed First Closing Final Settlement Statement or Second Closing Final Settlement Statement, as applicable, and calculation of the First Closing Purchase Price or Second Closing Purchase Price, as applicable, shall be deemed final, binding, and conclusive on all Parties.