UFI definition
Examples of UFI in a sentence
The IRS considers any UFI payment made to Customer to be taxable income to Customer, even if the payment is assigned to a third party.
Any UFI payment determined by Company to be owed to Customer hereunder shall be paid to Customer within thirty (30) days after the Customer System passes the Acceptance Test described under Section 5 above.
Accordingly, Customer shall deliver to Company a properly completed IRS Form W-9 prior to Company’s execution of this Agreement to enable Company to issue an IRS- required Form 1099 for any UFI payment made to Customer.
Any such removal of the Customer System shall constitute a material breach of this Agreement and will subject Customer to the UFI refund obligations set forth in Section 14.5 below.
Accordingly, Customer shall deliver to Company a properly completed IRS Form W-9 prior to Company’s execution of this Agreement to enable Company to issue an IRS-required Form 1099 for any UFI payment made to Customer.