Annual Accounting Adjustment Sample Clauses

Annual Accounting Adjustment. No later than November 25th of each year, SMG shall prepare and submit to CITY a statement showing the total gross receipts for the prior AGREEMENT year by category and the Concession Fee paid for the year, broken down by the four categories in SECTION 10.A. If the Greek MAG and ▇▇▇▇▇▇▇▇ MAG sums paid by SMG for said year total less than the applicable, respective percentage fee total owing to the CITY, as noted in SECTION 10.A, SMG shall remit to CITY the under payment amount(s) with the annual statement postmarked no later than November 25th. E. If CITY pays any sum or incurs any obligations or expense which SMG has agreed to pay or reimburse CITY for, or if CITY is required or elects to pay any sum or to incur any obligations or expense by reason of the failure, neglect, or refusal of SMG to perform or fulfill any one or more of the conditions, covenants, or agreements contained in the AGREEMENT, or as a result of an act or omission of SMG contrary to said conditions, covenants, and agreements, SMG agrees to pay to CITY the sum so paid or the expense so incurred, including all interest, costs (including CITY’S 15% administrative overhead cost), damages, and penalties. This amount shall be added to the monthly payment thereafter due hereunder, and each and every part of the same shall be and become additional payment, recoverable by CITY in the same manner and with like remedies as if it were originally a part of the basic concession fee payment set forth in SECTION 10 hereof. RAP reserves the right to increase any and all administrative fees at the time of exercising any option to renew the AGREEMENT. F. For all purposes under this Section, and in any suit, action, or proceeding of any kind between the parties hereto, any receipt showing the payment of any sum by CITY for any work done or material furnished shall be prima facie evidence against SMG that the amount of such payment was necessary and reasonable. Should CITY elect to use its own personnel in making any repairs, replacements, and/or alterations chargeable to SMG, and charge SMG with the cost of same, receipts and timesheets will be used to establish the charges, which shall be presumed to be reasonable in absence of contrary proof submitted by SMG.