Examples of F1 Team in a sentence
The Cost Cap Administration shall notify the F1 Team in writing in the event that a formal investigation is to be conducted.
In relation to any request pursuant to Article6.12, an F1 Team must, and must procure that the other members of the F1 Team’s Legal Group Structure shall, facilitate access to such of its premises, individuals, information and documentation as may be reasonably requested by the Cost Cap Administration.
In the event the Cost Cap Adjudication Panel determines that an F1 Team has committed a Non-Submission Breach, the Cost Cap Adjudication Panel shall impose a Constructors' Championship points deduction in accordance with Article9.1(c)(i) and additionally may impose a Financial Penalty and/or any other Material Sporting Penalties.
If the F1 Team accepts the breach and the proposed sanctions the Cost Cap Administration may enter into an accepted breach agreement (an " ABA") with the F1 Team reflecting the acceptance.
The Cost Cap Administration will review the Reporting Documentation submitted by an F1 Team to assess whether that F1 Team has complied with these Financial Regulations.
In the event the Cost Cap Adjudication Panel determines that an F1 Team has committed a Minor Overspend Breach, the Cost Cap Adjudication Panel may impose a Financial Penalty and/or any Minor Sporting Penalties.
Subject to Article4.1(i)(ii), if a Reporting Group Entity incurs a cost for a transaction in a currency other than the F1 Team’s Presentation Currency, the F1 Team may choose to make an adjustment in the calculation of Relevant Costs to reflect the difference between such cost retranslated into the F1 Team’s Presentation Currency using the Applicable Rate, and the value at which those costs were recorded on initial recognition within Total Costs of the Reporting Group.
Without prejudice to Article 9.6, interest shall be payable by the F1 Team to the FIA in respect of any fines not paid by the due date, accruing daily on the principal amount outstanding from the due date until the date of actual payment, at a rate of 2% above the US Federal Reserve System federal funds rate on the relevant due date.
Tyre test days: For each day the F1 Team has participated in Testing in accordance with Article 10.8(e) of the 2023 Sporting Regulations during the Full Year Reporting Period ending on 31 December 2023, and in each subsequent Full Year Reporting Period, the F1 Team must make a downward adjustment in the calculation of Relevant Costs for the relevant Reporting Period equal to the amount communicated by the Cost Cap Administration via a Determination.
In the event that an item of Redundant Inventories written off in a previous Reporting Period pursuant to paragraph (i)(C) of this Article is used in a subsequent Reporting Period, the F1 Team must make an adjustment in the calculation of Relevant Costs for that subsequent Reporting Period to add an amount equal to that written off in the previous Reporting Period.