Common use of Reconciliation and Reporting Clause in Contracts

Reconciliation and Reporting. Planet Payment, through its Merchant Accounting System, will reconcile all Foreign Transactions and perform all Program revenue calculations and calculate and track any Dynamic Currency Conversion xxxx-up and DCC Transaction currency exchange gain or loss. Planet Payment will generate electronic reporting to substantiate all Program revenue calculations, DCC Transaction currency exchange gain/loss, and any miscellaneous fee xxxxxxxx or revenue sharing associated with the Program, as related to sales, Credits, chargebacks and adjustments. Planet Payment will provide Acquirer with payment information files (in the format agreed by the parties, as set forth in the Program Specifications), to enable the Acquirer to distribute the Acquirer Settlement Amount as required. Planet Payment will provide designated Acquirer staff with necessary access to the Planet Payment Merchant Accounting System data which is stored in the Planet Payment MAS via a secure and Account Security System compliant web interface (known as P-Web), in a mutually agreeable manner and scope, which can be modified as agreed by the parties from time to time. Planet Payment’s reporting obligations under this section shall be carried out in accordance with the standard reporting requirements under the Program and as otherwise agreed with Acquirer.