Examples of Remitting Party in a sentence
If a Party is responsible for any Tax under Section 2.01 (the “Responsible Party”) and such Tax must be remitted by the other Party (the “Remitting Party”), the Remitting Party shall send the Responsible Party an invoice requesting payment accompanied by a statement describing in reasonable detail the amount owed and the particulars relating thereto.
Unless a provision in this Agreement specifically provides a different time for payment, the Responsible Party shall pay to the Remitting Party any payment it owes to the Remitting Party under this Agreement no later than thirty (30) days before the Remitting Party must remit the Tax to the appropriate Tax Authority.
In making a Determination, the Independent Third Party shall be entitled to use, at the sole cost and expense of the Remitting Party and the Recipient, whatever resources it deems necessary, including accounting and technical services provided by firms chosen by it in its discretion.
Where a determination with respect to a Disputed Item is less than 50% of the amount claimed to be due from the Remitting Party, the Independent Third Party may, in its discretion, allocate to the Recipient more than 50% of the costs and expenses associated with such determination.
The Remitting Party and the Recipient shall be jointly and severally liable to the Independent Third Party for all costs and expenses associated with retaining the Independent Third Party.
The Remitting Party and the Recipient shall provide the Independent Third Party with such information or documentation as the Independent Third Party, in its discretion, deems to be necessary for it to make the Determination requested of it.
Where a determination with respect to a Disputed Item is not less than 80% of the amount claimed to be due from the Remitting Party, the Independent Third Party may, in its discretion, allocate to the Remitting Party more than 50% of the costs and expenses associated with such determination.
As between themselves, except as otherwise provided in this Section 6.2(g), the Remitting Party and the Recipient shall share equally the costs and expenses associated with retaining an Independent Third Party.
Any Determination by the Independent Third Party (as well as any allocation of costs and expenses pursuant to Section 6.2(g)) shall be in writing, shall be delivered to the Remitting Party and the Recipient, and shall be final and binding upon them and enforced as an arbitration award under the United States Arbitration Act, 9 U.S.C. sections 1-16.
If the Remitting Party delivers a Final Notice of Disagreement that satisfies the requirements of Section 6.2(d)(i) to the Recipient, the parties shall, within 10 days after such delivery, jointly select an Independent Third Party to make a Determination with respect to each Disputed Item enumerated in the Final Notice of Disagreement.