BILLING, PAYMENT, AND REPORTING Clause Samples
The "Billing, Payment, and Reporting" clause establishes the procedures and requirements for invoicing, making payments, and providing financial or performance reports between parties. It typically outlines when and how invoices should be submitted, acceptable payment methods and timelines, and the type and frequency of reports that must be delivered, such as monthly financial statements or progress updates. This clause ensures that both parties have a clear understanding of their financial obligations and reporting duties, reducing the risk of disputes over payments or accountability.
BILLING, PAYMENT, AND REPORTING. 11.1 On or before the end of each Month, Gatherer shall render to Owner a statement in substantially the same form attached hereto as Exhibit “A”, for the preceding Month identified as to the Receipt Point(s) and at minimum showing the items listed in Exhibit “A”, including, but not limited to: (a) the total quantity of Gas delivered to the Receipt Point(s) hereunder and the amount due thereon for the Fees and electric power charges; (b) the component and total quantities of NGLs allocated hereunder; (c) the allocated Residue Gas MMBTU volume to be delivered to the Delivery Point(s); (d) information sufficient to explain and support any adjustments made by Gatherer in determining the amount billed or payable; and (e) any other required details as provided in Section 10.3 (a “Statement”). Gatherer shall supply Statements in electronic transmission format suitable to be automatically loaded into Owner’s accounting systems provided that Gatherer shall not be required to incur any costs or expenses in connection with providing Statements in such electronic format. Owner shall pay Gatherer at the addresses shown in Article XVII hereunder no later than the last Day of the Month after the Month of production by wire transfer or ACH wire. If the undisputed amount is not paid when due, interest on any unpaid portion shall accrue at an interest rate equal to two percent (2%) plus the prime rate as quoted in the most recent edition of the Wall Street Journal or at the highest rate permitted by applicable law, whichever is lower, from due date until date paid. If default continues after ninety (90) Days written notice from Gatherer to Owner, the Gatherer may suspend receipt or delivery of Owner’s Gas hereunder without prejudice to any other available remedies at law or in equity. In the event of any good faith dispute as to the amounts payable hereunder (the “Disputed Amount”), the Parties shall work in good faith to agree on such Disputed Amount. If the Parties are unable to agree on payment of the Disputed Amount within thirty (30) Days, then any Party may refer such dispute to a firm of independent public accountants, mutually acceptable to Owner and Gatherer, which firm shall make a final and binding determination as to the Disputed Amount on a timely basis and promptly notify the Parties in writing of its resolution. Such firm handling resolution of the Disputed Amount shall not have the power to modify or amend any term or provision of this Agreement. Owner and ...
BILLING, PAYMENT, AND REPORTING. 9.1 On or before the twentieth (20th) day of each Month after deliveries of Gas commence hereunder, Gatherer shall render to Owner or Owner's representative a statement for the preceding Month identified as to the Point(s) of Receipt and Point of Delivery, showing the daily and total volumes of Gas allocated to delivery hereunder, the amount due therefore and information sufficient to explain and support any adjustments in volumes or amounts made by Gatherer in determining the amount billed. The Owner or Owner's representative shall pay Gatherer at the address shown hereunder on or before the last day of each Month, or if the statement is rendered by Gatherer after the twentieth (20th) day, within ten (10) days after receipt of such statement. If the correct amount is not paid when due, interest on any unpaid portion of the correct amount shall accrue at the lesser of: (i) the highest rate of interest permitted by applicable law, or (ii) fifteen percent (15%) per annum. If any default continues after thirty (30) days' written notice from Gatherer to Owner, Gatherer may suspend receipt of Gas hereunder without prejudice to any other available remedies at law or in equity.
9.2 If any overcharge or undercharge in any form whatsoever shall at any time be found and the ▇▇▇▇ therefore has been paid, Gatherer shall refund any amount of overcharge, and Owner shall pay any amount of undercharge within thirty (30) days after final determination thereof, provided that no retroactive adjustment will be made beyond a period of two (2) years from the date a discrepancy occurs.
9.3 Both parties hereto shall have the night at any and all reasonable times to examine the books and records of the other party to the extent necessary to verify the accuracy of any statement or charge, computation, or demand made pursuant to this Agreement.
BILLING, PAYMENT, AND REPORTING