Revenue Processing Clause Samples
The Revenue Processing clause outlines the procedures and requirements for handling, recording, and distributing revenue generated under the agreement. It typically specifies how and when payments are to be collected, the allocation of funds among parties, and the documentation or reporting obligations related to revenue transactions. By establishing clear guidelines for revenue management, this clause helps prevent disputes over financial flows and ensures transparency and accountability in the handling of monetary proceeds.
Revenue Processing. (a) All revenue from the CVS Products sold by, and Pharmacy Services provided by, any Pharmacy shall accrue to CVS. All other revenue from products sold or services performed in any Store, including by any Pharmacy, that are not CVS Products or Pharmacy Services, shall accrue to Target.
(b) Except as explicitly set forth in the Asset Purchase Agreement, each Party shall, at its expense, pay and discharge all license fees and all business, use, sales, gross receipts, income, property or other applicable taxes which may be charged or levied by reason of any act performed in connection with the operation of its business at or in connection with a Store.
(c) Target shall wire funds to CVS in an amount equal to the “Reconciliation Amount” by 3:00 p.m. (Eastern Standard Time) on the second Business Day of the week (e.g., on Tuesday if banks are open on Monday or on Wednesday if banks are closed on Monday or Tuesday) (each such date, a “Reconciliation Date”). The Reconciliation Amount shall equal the aggregate sales (net of returns), including all applicable sales taxes, in connection with the Pharmacy Services processed and collected through the Target POS from Sunday through Saturday of the preceding week (the “Sales Amount”), minus the Applicable Rate multiplied by the Sales Amount and minus any applicable sales taxes remitted on behalf of CVS by Target pursuant to the Sales Tax Agreement. In addition, on each Reconciliation Date, Target shall transmit to CVS via a mutually agreed upon data transfer method, a file containing all transaction level sales data for each sale that comprises the Sales Amount paid on that Reconciliation Date. No more than one time in a twelve-month period, Target may notify CVS in writing of changes to the Applicable Rate, including the underlying rationale and the methodology for calculating any such changes. The new Applicable Rate shall go into effect ten (10) Business Days after CVS’s receipt of such notice.
Revenue Processing. If the Agency will be processing revenue by any means, they will need to ensure that they are complying with IU revenue processing policies and procedures and with the then-current State and Federal regulations regarding data security, which includes compliance with Payment Card Industry Data Security Standards (PCI DSS) and any applicable laws. In addition, if electronic payments (including credit and/or debit card transactions) will be processed on IU premises or through the use of IU accounts or technology resources, the Agency must first be approved to do so by the Office of the Treasurer-Treasury Operations to ensure compliance with PCI DSS. Further, the Agency is required at the time of the Agency Agreement to make one of the following certifications [check one]: Revenue Will be Processed: Revenue, including any credit or debit card transactions, is being processed using IU accounts or technology resources including IU information technology and communication systems. Such revenue processing is in compliance with IU revenue processing policies and procedures. Approval to process credit and/or debit card transactions has been received from the Office of the Treasurer – Treasury Operations and all such credit card transactions are PCI DSS compliant. Revenue Will Not Be Processed: No revenue, including credit or debit card transactions, will be processed using IU accounts or technology resources, including IU information technology and communication systems. Please note that receipt of funds from the Agency into the IU general ledger account via bank wire, ACH, or check does not constitute processing revenue. INFORMATION TECHNOLOGY: IU may establish or provide data networking, access to the Internet, or computer accounts including email for Agency personnel upon request by the External Agency Representative and with approval by the Fiscal Officer and the Office of the Vice President for Information Technology. Such access and/or accounts will require payment of fees as specified in the rates for Information Technology, found at ▇▇▇▇://▇▇▇.▇▇▇▇.▇▇.▇▇▇/page/apjw. Additional networking or technology support needs that are not addressed within the above rate sheet will be charged to and payable by the Agency at a rate established on an individual basis by the Office of the Vice President for Information Technology. The Agency shall name an information technology professional (“IT Professional”) to serve as the functional unit technician, per policy IT-12. T...
Revenue Processing. AEO shall continue to process, consistent with past practices, revenue distributions for all production months through and including the month of Closing.
Revenue Processing. CONTRACTOR shall deposit all transaction revenue directly into COUNTY’S designated bank account, the details of which shall be provided to CONTRACTOR upon execution of the AGREEMENT.
9.1 COUNTY will provide CONRACTOR’s designated staff with access to bank statements. CONTRACTOR’S finance team shall be responsible for reconciling the bank account. CONTRACTOR shall maintain detailed reconciliation reports, which shall be made available to COUNTY upon written request, supporting all funds transfers and distribution of funds.
9.2 CONTRACTOR shall ensure that each and every reservation within the SYSTEM has its own unique identification number. This number shall be printed on the confirmation notice, along with the Customer Service number, which shall be utilized by the customer when calling for changes or cancellations. All changes made shall require the customer to utilize the original reservation number for customer verification purposes.
Revenue Processing. ▇▇▇▇▇▇ Transit is responsible for collecting and processing Sound Transit fare revenue for the operation of ST Express Bus Service. • Farebox or other fare collection equipment will measure cash revenue. This data will be collected by bus number. ▇▇▇▇▇▇ Transit will submit cash fare revenue within 30 days of the close of the month in which service was provided. • Non-electronic fare media (i.e. paper tickets) will be collected and stored with the same degree of security and accuracy as used for ▇▇▇▇▇▇ Transit’s own fare media. ▇▇▇▇▇▇ Transit will submit non-electronic fare media at least quarterly. Sound Transit may conduct an annual audit of farebox and ridership reports to verify accuracy of data reported by ▇▇▇▇▇▇ Transit against separately measured counts performed by Sound Transit. Audits may only be conducted more frequently in the event of an adverse finding or findings in the prior year’s audit. ▇▇▇▇▇▇ Transit will maintain on-board ORCA equipment to ensure data is collected and transmitted to the ORCA clearinghouse. Sound Transit will be liable for any and all taxes due on the fare revenue ▇▇▇▇▇▇ Transit has collected on behalf of Sound Transit.