AUCTION SERVICE FEE Clause Samples
The Auction Service Fee clause defines the fee charged by the auction service provider for facilitating the auction process. Typically, this fee is calculated as a percentage of the final sale price or as a fixed amount, and it may be payable by the seller, the buyer, or both, depending on the agreement. This clause ensures that all parties are aware of the costs associated with using the auction platform, thereby preventing disputes and clarifying financial obligations.
AUCTION SERVICE FEE. Competitive Supplier shall, for the duration of this ESA, pay the auction service company, AuctionURenergy LLC (“Auction Service Company”), $0.00015 for each kWh delivered, invoiced and paid for by Participating Customers during the Term (“Auction Service Fee”). This provision shall be binding upon the Parties and all permitted assigns and other successors-in-interest of the Parties, subject to the execution of any necessary separate agreement between the Auction Service Company and Competitive Supplier . Payment to the Auction Service Company shall be made monthly by ACH to the account indicated by the Auction Service Company, provided that Competitive Supplier has received payment with respect to the electricity used by the Participating Customers. The Auction Service Fee shall be paid by the last business day of the month based on revenue collected by Competitive Supplier with respect to each Participating Customer during the calendar month two months prior. For example, for full payments received from Participating Customers in January the Auction Service Fee associated with those payments will be paid by the end of March. If Competitive Supplier has paid a past Auction Service Fee in error (or the payment was based on information subsequently determined invalid), it may deduct from or add to future payments due to the Auction Service Company and provide a sufficiently detailed explanation of the error.
AUCTION SERVICE FEE. Competitive Supplier shall, for the duration of this ESA, pay the auction service company, Transparent Energy (“Auction Service Company”), $0.00015 for each kWh delivered, invoiced and paid for by Participating Customers during the Term (“Auction Service Fee”). This provision shall be binding upon the Parties and all permitted assigns and other successors-in-interest of the Parties. Payment to the Auction Service Company shall be made monthly by ACH to the account indicated by the Auction Service Company, provided that Competitive Supplier has received payment with respect to the electricity used by the Participating Customers. The Auction Service Fee shall be paid by the last business day of the month based on revenue collected by Competitive Supplier with respect to each Participating Customer during the calendar month prior. For example, for full payments received from Participating Customers in January the Auction Service Fee associated with those payments will be paid by the end of March. If Competitive Supplier has paid a past Auction Service Fee in error (or the payment was based on information subsequently determined invalid), it may deduct from or add to future payments due to the Auction Service Company and provide a sufficiently detailed explanation of the error.