TURNOVER DECLARATION Sample Clauses
A Turnover Declaration clause requires a party, typically a borrower or tenant, to regularly report their gross revenue or sales figures to another party, such as a lender or landlord. This clause often applies in commercial leases where rent may be partially based on the tenant's turnover, or in loan agreements where financial performance affects covenants. By mandating transparent and periodic disclosure of turnover, the clause ensures accurate calculation of variable payments and enables the receiving party to monitor financial health, thereby reducing the risk of underreporting and disputes.
TURNOVER DECLARATION. You must notify us, in the agreed form and until expiring of the declaration period, of the turnover - including VAT if applicable - made within the scope of this contract during the preceding reporting period. If the invoices are issued in a currency other than the currency provided for in the Schedule, you will have to convert the amounts into the currency of this contract at the Exchange Rate in force the last working day of the month the invoices are drawn up. In case of non renewal of this contract, you still have to notify the turnover relating to the last reporting period. If you fail to send us a declaration within the allocated time and despite our written reminder or if you fail to declare all the turnover falling within the scope of this contract, cover will cease to apply to the debts not declared, but you will still have to pay us for the corresponding premium. We also reserve all rights to terminate this contract.
TURNOVER DECLARATION. Declaration period: [xx ] days after expiration of the reporting period. Reporting period: [monthly or quarterly bi-annually/annually]