Objections to Payments Clause Samples
The "Objections to Payments" clause establishes the right of one party to formally dispute or challenge a payment that is due or has been made under the contract. Typically, this clause outlines the process for raising an objection, such as requiring written notice within a specified timeframe and detailing the grounds on which payments can be contested, like errors in invoicing or non-performance. Its core function is to provide a structured mechanism for resolving payment disputes, thereby protecting parties from incorrect or unjustified financial obligations and promoting transparency in financial transactions.
Objections to Payments. All Royalty payments shall be considered final and in full satisfaction of all obligations of Grantor with respect thereto unless Royalty Holder gives Grantor written notice describing and setting forth a specific objection to the calculation thereof within ninety (90) days after receipt by Royalty Holder of the Quarterly Statement herein provided for. If Royalty Holder objects to a particular Quarterly Statement as herein provided, Royalty Holder shall, for a period of thirty (30) days after Royalty Holder’s receipt of notice of such objection, have the right to have Grantor’s accounts and records relating to calculation of the Quarterly Statement in question audited by a certified public accountant acceptable to Royalty Holder and to Grantor and subject to mutually acceptable confidentiality protection. Grantor shall account for any deficits or excess in the payment made to Royalty Holder pursuant to the Quarterly Statement in question which may be confirmed by such an audit by adjusting the next Quarterly Statement following completion of such audit to account for such deficits or excess. If the variation between the amount of a particular Royalty payment made to Royalty Holder hereunder as calculated by the audit provided for herein exceeds five percent (5%), Grantor shall pay all costs of such audit. If such variation is five percent (5%) or less, Royalty Holder shall pay all costs of such audit. For the purpose of determining the amount of royalties payable hereunder, all figures, accounts, and records used in connection with the calculation of royalties shall be determined in accordance with EXECUTION COPY generally accepted accounting principles and from accounts maintained by Grantor in connection with its operations of the OLA Interest. Failure on the part of Royalty Holder to make a claim on Grantor for adjustment in such 90-day period shall establish the correctness of the particular Quarterly Statement and preclude the filing of exceptions to such Quarterly Statement or making of claims for adjustment to such Quarterly Statement, and in the absence of fraud, Royalty Holder expressly waives any claim or cause of action with respect to such Quarterly Statement.
Objections to Payments. All royalty payments shall be considered final and in full satisfaction of all obligations of Miner with respect thereto unless ANF gives Miner written notice describing and setting forth a specific objection to the calculation thereof within sixty (60) days after receipt by ANF of the quarterly statement herein provided for. If ANF objects to a particular quarterly statement as herein provided, ANF shall, for a period of thirty (30) days after ANF's receipt of notice of such objection, have the right to have Miner's accounts and records relating to calculation of the quarterly statement in question audited by a certified public accountant acceptable to ANF and to Miner. Miner shall account for any deficits or excess in the payment made to ANF pursuant to the quarterly statement in question which may be confirmed by such an audit by adjusting the next quarterly statement following completion of such audit to account for such deficits or excess. If the variation between the amount of a particular royalty payment made to ANF hereunder as calculated by the audit provided for herein exceeds Five Percent (5%), Miner shall pay all costs of such audit. If such variation is Five Percent (5%) or less, ANF shall pay all costs of such audit. For the purpose of determining the amount of royalties payable hereunder all figures, accounts, and records used in connection with the calculation of royalties shall be determined in accordance with generally accepted accounting principles and from accounts maintained by Miner in connection with its operations upon the Mining Properties.
Objections to Payments. Payee, at its sole election and expense, shall have the right to perform, not more frequently than once annually following the close of each calendar year, an audit of Payor's accounts relating to payment of the Production Royalty hereunder by any authorized representative of Payee. Any such inspection shall be for a reasonable length of time during regular business hours, at a mutually convenient time, upon at least five (5) business days prior written notice by Payee. All royalty payments made in any calendar year shall be considered final and in full accord and satisfaction of all obligations of Payor with respect thereto, unless Payee gives written notice describing and setting forth a specific objection to the calculation thereof within six (6) months following the close of the annual audit for that calendar year. Payor shall account for any agreed upon deficit or excess in Production Royalty payments made to Payee by adjusting the next quarterly statement and payment following completion of such audit to account for such excess.
Objections to Payments. Payee, at its sole election and expense, shall have the right to perform, not more frequently than once annually following the close of each calendar year, an audit of Payor's accounts relating to payment of the Production Royalty hereunder by any authorized representative of Payee. Any such inspection shall be for a reasonable length of time during regular business hours, at a mutually convenient time, upon at least five (5) business days prior written notice by Payee. All royalty payments made in any calendar year shall be considered final and in full accord and satisfaction of all obligations of Payor with respect thereto, unless Payee gives written notice describing and setting forth a specific objection to the calculation thereof within six (6) months following the close of the annual audit for that calendar year. Payor shall account for any agreed upon deficit or excess in Production Royalty payments made to Payee by adjusting the next quarterly statement and payment following completion of such audit to account for such excess.