Franchise Payment definition
Examples of Franchise Payment in a sentence
The Secretary of State shall notify the Franchisee, no less than seven days prior to the end of each Reporting Period, of the amount of the Franchise Payment payable in respect of that Reporting Period.
If either the Franchisee or the Authority disputes the amount of a Franchise Payment, the dispute shall, unless the Franchisee and the Authority otherwise agree, be resolved in accordance with the provisions of paragraph 2 of Schedule 19 of the Franchise Agreement.
The Monthly Franchise Fee Payment is due on the last calendar day of the month for services rendered during the prior month, unless such day is a weekend or holiday, then the Monthly Franchise Payment is due the next Business Day.
Following that determination, any amounts so withheld by the Secretary of State shall become payable (without interest) on the next day on which a Franchise Payment becomes payable under Schedule 8, being a day which falls no less than seven days after such determination or, if there is no such day, 14 days after the date of such determination.
Any such dispute shall not affect the obligation of either party to pay a Franchise Payment notified in accordance with this paragraph 2.