Annual Settlement Statement Clause Samples
The Annual Settlement Statement clause requires the preparation and delivery of a comprehensive financial summary at the end of each year, detailing all relevant transactions and adjustments between the parties. Typically, this statement includes reconciliations of payments, expenses, and any other financial obligations that have accrued over the year, ensuring both parties have a clear record of their financial interactions. Its core function is to promote transparency and accuracy in financial dealings, helping to resolve discrepancies and prevent disputes over annual financial obligations.
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Annual Settlement Statement. Within 60 days after the end of each Contract Year, the Manager shall deliver to the Authority an annual settlement statement (the "Annual Settlement Statement") in a mutually agreed upon form, certified as to accuracy and completeness by the Manager, setting forth the actual aggregate Service Fee payable with respect to such Contract Year and a reconciliation of such amount with the amounts actually paid by the Authority pursuant to the Billing Statements with respect to such Contract Year, including, without limitation, all adjustments to the Service Fee made pursuant to Article V hereof and this Article VI, all adjustments made pursuant to subsection 6.8(B) hereof. If any amount is then in dispute, the Annual Settlement Statement shall set forth the Manager's estimate of such amount and a final reconciliation of such amount shall be made in the Billing Statement for the Billing Period immediately following the resolution of such dispute. The Annual Settlement Statement shall also include an accounting of any incentives or disincentives accrued during the applicable Contract Year along with appropriate supporting documentation. The Authority shall have an opportunity to review such accounting prior to payment and shall have access to the Manager's books and records in order to confirm such accounting prior to payment. Such review will be performed within 90 days of receipt of the Annual Settlement Statement.
Annual Settlement Statement. Within sixty (60) days after the end of each Contract Year, the Gas Producer shall deliver to the City an annual settlement statement setting forth the actual aggregate amounts payable hereunder with respect to such Contract Year and a reconciliation of such amount with the amounts actually paid by the City pursuant to the billing statements with respect to such Contract Year (the “Annual Settlement Statement”). In the event of disagreement over any amount, notice shall be given to the other party within sixty (60) days and the Annual Settlement Statement shall set forth the Gas Producer’s estimate of such amount and a final reconciliation of such amount shall be made in the billing statement for the billing period immediately following the resolution of such disagreement. Any overpayment by the City shall be either promptly refunded to the City or credited against the City’s payment obligations for the next month, and any underpayment shall be paid by the City with the City’s next billing statement. In the event that such disagreement cannot be settled by reconciliation, such disagreement shall be resolved pursuant to Article XIII.