Audit Premium definition
Audit Premium is defined in Section 4.3.
Examples of Audit Premium in a sentence
The Audit Premium Collateral shall be withheld by the Company from commission payments due the General Agent (pursuant to Section 3.1(b)).
The General Agent shall use reasonable efforts to collect Audit Premium.
With respect to any premium that may remain due from all Policyholders at the end of the Policy period ("Audit Premium"), the General Agent shall determine and bill Audit Premium owed to the Company by all Policyholders withi▇ ▇▇ree (3) months after the end of each Policy period.
Audit Premium may be calculated quarterly and payments of Audit Premium owed by the General Agent to the Company shall be made within 30 days after each calculation.