Common use of Self-Reporting Clause in Contracts

Self-Reporting. Members are required to self-report their Membership Tier and Membership Class each year in accordance with this Agreement and the Bylaws. You represent that you have correctly reported your Membership Tier and Membership Class. Prebid reserves the right to review the accuracy of your Membership Tier and Membership Class at any time for any reason. Yand you agree to provide Prebid with any further information requested in connection with such a review. If Prebid determines that you have incorrectly reported your Membership Tier or selected an inappropriate Membership Class, Prebid will reclassify you accordingly and you will be invoiced for any difference in Membership fees plus, to the fullest extent of the law, a late fee equal to 2% of your outstanding payment, compounded monthly (i.e., every 30 days), until paid in full, from the start of the Membership Year (as defined below) until paid. In instances where payment is 60 days late, the Membership is automatically suspended without notice until paid in full..