Preliminary Fee definition
Examples of Preliminary Fee in a sentence
A preliminary fee due from the Owner to the Manager for the coming year (the "Preliminary Fee") shall then be calculated.
Each of the quarterly amounts shall equal 25 % of the Preliminary Fee for the relevant year.
In the event the sum of the actual Operating Costs attributable to the Customers and Pass-Through Costs for any quarter deviates significantly from the budgeted Operating Costs attributable to the Customers and Pass-Through Costs for that quarter, the Parties may agree on a corresponding adjustment of the subsequent quarterly payment of the Preliminary Fee.
The Preliminary Fee, the allocation of the budgeted Operating Costs between the Manager’s Customers, and the budget on which it is based, shall be presented to the Board no later than 1 December each year.
If the final Management Fee is less than the Preliminary Fee, the difference shall be paid as a “Negative Settlement Payment” by the Manager to the Company.
If the final Management Fee exceeds the Preliminary Fee, the difference shall be paid as a “Positive Settlement Payment” by the Company to the Manager.
The Preliminary Fee shall be paid by the Company to the Manager in advance on a quarterly basis, on 1 January, 1 April, 1 July and 1 October.
If the Management Fee is less than the total Preliminary Fee paid by the Owner throughout the year, the difference shall be paid as a "Negative Settlement Payment" by the Manager to the Owner.
In addition, we have also provided the Preliminary Fee Schedule of sub-consultants.
The Preliminary Fee and the calculation thereof, as well as the budget on which the Preliminary Fee is based, shall be presented to the Owner each year.