Standard of Metering Device Accuracy; Resolution of Disputes as to Accuracy Clause Samples

This clause establishes the required accuracy standards for metering devices used to measure quantities, such as energy or commodities, under the agreement. It typically outlines the acceptable margin of error for meters and sets forth procedures for testing and verifying meter accuracy, including steps to resolve disputes if one party believes a meter is inaccurate. By providing a clear process for addressing concerns about measurement accuracy, the clause helps prevent disagreements over quantities delivered or received, ensuring fairness and transparency in transactions.
Standard of Metering Device Accuracy; Resolution of Disputes as to Accuracy. The following steps shall be taken to resolve any disputes regarding the accuracy of the Metering Device: (i) If either Party disputes the accuracy or condition of the Metering Device, such Party shall so advise the other Party in writing within fifteen (15) days after receipt of such information regarding the accuracy or condition of the Metering Device. (ii) Owner shall, within fifteen (15) days after receiving such notice from User, or User shall, within such time after having received such notice from Owner, advise the other Party in writing as to its position concerning the accuracy of such Metering Device and state reasons for taking such position. (iii) If the Parties are unable to resolve the dispute through reasonable negotiations, then either Party may cause the Metering Device to be tested. (iv) If the Metering Device is found to be inaccurate by not more than 2%, any previous recordings of the Metering Device shall be deemed accurate, and the Party disputing the accuracy or condition of the Metering Device under Section 6.3(b) (i) shall bear the cost of inspection and testing of the Metering Device. (v) If the Metering Device is found to be inaccurate by more than 2% or if such Metering Device is for any reason out of service or fails to register, then (a) Owner shall promptly cause any Metering Device found to be inaccurate to be adjusted to correct, to the extent practicable, such inaccuracy, (b) the Parties shall estimate the correct amounts of Electricity delivered during the periods affected by such inaccuracy, service outage or failure to register as provided in Section 6.2, and (c) Owner shall bear the cost of inspection and testing of the Metering Device. If as a result of such adjustment the quantity of Electricity for any period is decreased (such quantity, the “Electricity Deficiency Quantity”), Owner shall reimburse User for the amount paid by User in consideration for the Electricity Deficiency Quantity, and shall bear the cost of inspection and testing of the Metering Device. If as a result of such adjustment the quantity of Electricity for any period is increased (such quantity, the “Electricity Surplus Quantity”), User shall pay for the Electricity Surplus Quantity at the Electricity Price applicable during the applicable Contract Year.
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Related to Standard of Metering Device Accuracy; Resolution of Disputes as to Accuracy

  • Preserve Accuracy of Representations and Warranties Each party hereto will refrain from taking any action which would render any of its representations and warranties contained in this Agreement untrue, inaccurate or misleading as of Closing and the Effective Time. Through Closing, each party will promptly notify the other parties of any lawsuit, claim, audit, investigation, administrative action or other proceeding asserted or commenced against such party that may involve or relate in any way to another party to this Agreement. Each party hereto will promptly notify the other parties of any facts or circumstances that come to its attention and that cause, or through the passage of time may cause, any of a party's representations, warranties or covenants to be untrue or misleading at any time from the date hereof through Closing.

  • Accuracy of Representations and Warranties and Compliance with Obligations The representations and warranties of Purchaser contained in this Agreement shall be true and correct in all material respects at and as of the Closing Date with the same force and effect as though made at and as of that time except: (i) for changes specifically permitted by or disclosed pursuant to this Agreement; and (ii) that those representations and warranties which address matters only as of a particular date shall remain true and correct as of such date. Purchaser shall have performed and complied in all material respects with all of its obligations required by this Agreement to be performed or complied with at or prior to the Closing Date. Purchaser shall have delivered to the Sellers a certificate, dated as of the Closing Date, and signed by an executive officer thereof, certifying that such representations and warranties are true and correct, and that all such obligations have been performed and complied with, in all material respects.

  • Certification of Accuracy of Disclosure Upon commencement of the offering of the Shares under this Agreement (and upon the recommencement of the offering of the Shares under this Agreement following the termination of a suspension of sales hereunder lasting more than 30 Trading Days), and each time that (i) the Registration Statement or Prospectus shall be amended or supplemented, other than by means of Incorporated Documents, (ii) the Company files its Annual Report on Form 10-K under the Exchange Act, (iii) the Company files its quarterly reports on Form 10-Q under the Exchange Act, (iv) the Company files a Current Report on Form 8-K containing amended financial information (other than information that is furnished and not filed), if the Manager reasonably determines that the information in such Form 8-K is material, or (v) the Shares are delivered to the Manager as principal at the Time of Delivery pursuant to a Terms Agreement (such commencement or recommencement date and each such date referred to in (i), (ii), (iii), (iv) and (v) above, a “Representation Date”), unless waived by the Manager, the Company shall furnish or cause to be furnished to the Manager forthwith a certificate dated and delivered on the Representation Date, in form reasonably satisfactory to the Manager to the effect that the statements contained in the certificate referred to in Section 6 of this Agreement which were last furnished to the Manager are true and correct at the Representation Date, as though made at and as of such date (except that such statements shall be deemed to relate to the Registration Statement and the Prospectus as amended and supplemented to such date) or, in lieu of such certificate, a certificate of the same tenor as the certificate referred to in said Section 6, modified as necessary to relate to the Registration Statement and the Prospectus as amended and supplemented to the date of delivery of such certificate.

  • Certification of Accuracy The following parties have reviewed the information above and certify, to the best of their knowledge, that the information they have provided is true and accurate.

  • Data Accuracy The Custodian has no responsibility for, or duty to review, verify or otherwise perform any investigation as to the completeness, accuracy or sufficiency of, any data or information provided by or on behalf of the Client, any persons authorized by the Client, any Third Party Agent, any Market Participant or any Authorized Data Sources, except to the extent the Custodian has agreed in writing to perform reconciliations, variance or tolerance checks or other specific forms of data review under this Agreement.