Common use of Reconciliation of MAG and Percentage Gross Receipts Fee Clause in Contracts

Reconciliation of MAG and Percentage Gross Receipts Fee. Within ninety (90) Days following the end of each Contract Year, the Contractor shall determine, based upon the total Percentage Gross Receipts Fee for the Contract Year, whether the MAG or the Percentage of Gross Receipts Fee for that year is greater. The Contractor shall then determine whether the actual monthly payments of MAG and Percentage Gross Receipts Fee equal the amount owed by the Contractor for that Contract Year. If the Contractor has underpaid, it shall submit the balance in accordance with Section 5.03 B. If there has been an overpayment, the Contractor shall report said overpayment in the Annual Certified Statement and said overpayment will be handled in accordance with Section 5.03 herein.