Storage Charge definition
Examples of Storage Charge in a sentence
In the event of any Renewal, the Customer shall be invoiced for each Renewal Term not later than thirty (30) days prior to the beginning of such Renewal Term, and the Storage Charges for any such Renewal Term are due on the first day of such Renewal Term; provided, however, that with respect to any Quarter-Year Pallet Storage Charge that the Customer shall be invoiced after the beginning of each Renewal Period.
Collectively, the One-Year Storage Charge(s), the Two-Year Storage Charge(s), the Three-Year Storage Charge(s), the Quarterly Storage Charge(s), and the Monthly Storage Charge(s) are the “Storage Charges.” Except as otherwise expressly provided in this Agreement, all Storage Charge payments are non- refundable.
In the event that the Reliability in a quarter exceeds 1 (one) Forced Closure in the Silo Complex, the Concessionaire shall pay to the Authority Damages equal to 2.5% (two point five per cent) of the Fixed Storage Charge payable for the storage Capacity of the Silo Complex in accordance with the provisions of Clause 15.1 and 15.2 for each such Forced Closure in excess of 1 (one).
For the avoidance of doubt, the Fixed Storage Charge for the second and third Accounting Year shall be a sum equal to 98% (ninety eight per cent) and 96.04% (ninety six point zero four per cent) respectively of the amount quoted by the successful bidder.
The applicable Fixed Storage Charge for the subsequent Accounting Year shall be determined by decreasing the Base unit rate of Fixed Storage Charge for the immediately preceding Accounting Year by 2% (two per cent) thereof.