Payments Records Sample Clauses
The PAYMENTS; RECORDS clause establishes the obligations of a party to make timely payments and to maintain accurate records related to those payments. Typically, this clause outlines the methods and schedules for payment, as well as the requirement to keep detailed financial records that can be reviewed or audited by the other party upon request. Its core function is to ensure transparency and accountability in financial transactions, reducing the risk of disputes over payment amounts or timing.
Payments Records. (a) Payment will be made upon submission of properly certified training reports. Worksite shall maintain time and attendance records sufficient to support all payments and maintain effective control and accountability over all funds, property and assets covered by the Agreement.
Payments Records and Audit of the License Agreement as previously amended is hereby amended and clarified by replacing subparagraph (a) of said Paragraph 2 Payments, Records and Audit with the following which shall be effective for all Products henceforth:
(a) FTA shall pay VLPI a license fee (the "Fee") o on Old Products as defined in this Amendment and listed under Old Products on "EXHIBIT B MARCH 2004" equal to 2.5 basis points per Calendar Quarter or 10 basis points per year of the average gross total daily assets invested in the Product during each Calendar Quarter. The average gross total daily assets invested in the Product during each Calendar Quarter is referred to as "Average Assets," o on New Products as defined in this amendment and listed under New Products on "EXHIBIT B MARCH 2004" equal to 3.75 basis points per Calendar Quarter or 15 basis points per year of Average Assets.
Payments Records