VAT Liability definition
VAT Liability means all liabilities, monetary obligations, losses, damages, punitive damages, consequential damages, costs and expenses (including all reasonable fees, disbursements and expenses of counsel, experts and consultants and costs of investigations, but excluding all such amounts arising in connection with pursuit of indemnification and other damages and remedies concerning the VAT Liability), fines, penalties, sanctions and interest incurred as a result of any claim or demand by any Governmental Authority or any third party, and which relate to payment of VAT by any Obligor.”
Examples of VAT Liability in a sentence
Make any payments arising from, or in connection with, any VAT Liability (i) that was accrued prior to July 1, 2008, (ii) that is past due or (iii) that relates to any activities of Various, Inc.
If such a dispute is raised, then the finally determined version of the VAT Statement shall be used to determine the relevant Notional VAT Liability or Notional VAT Credit (rather than the version of the VAT Statement provided by the Seller).