Common use of True-Up Reports Clause in Contracts

True-Up Reports. The Parties shall record their costs and revenues associated with the performance of this Agreement at the same level of line-item detail as is used for their budgets that are submitted to NERC for approval by NERC and by the Commission. Each Party shall include in its annual true-up report submitted to NERC a separate section showing the Party’s actual and budgeted amounts of costs and revenues associated with performance of this Agreement for the year with explanations of variances.