Budget - Treatment of Value. In-Kind 38 8.11 Reduction in Payment 38 8.12 Insurance 40 9 TELEVISION AND RADIO BROADCASTING OF THE FIS CHAMPIONSHIPS 40
Budget - Treatment of Value. In-Kind (XXX) The Rights Holder may, on written request by the LOC or upon the Rights Holder’s proposal - subject to LOC’s approval, not to be unreasonably withheld - supply Value- In-Kind to the LOC, in which case the value of the Value-In-Kind shall be deemed to be the market value (excluding Value Added Tax) of such goods or services that the LOC would have been required to pay at arm's length. The market value of such goods or services shall be as agreed in writing between the Rights Holder and the LOC, and acknowledged by FIS. Where the Rights Holder enters into any agreement and/or other arrangement with a third party for the provision of Value-In-Kind in relation to the FIS Championships, then the value of such Value-In-Kind, shall be set off against the penultimate and, to the extent necessary, the last instalment of the consideration payable from the Rights Holder to FIS and from FIS further to the LOC for the FIS Championships.
Budget - Treatment of Value. In-Kind (XXX) FIS may, on written request by the LOC, supply Value-In-Kind to the LOC, in which case the value of the Value-In-Kind shall be deemed to be the market value (excluding Value Added Tax) of such goods or services that the LOC would have been required to pay at arm's length. The market value of such goods or services shall be as agreed in writing between FIS and the LOC. Where FIS enters into any agreement and/or other arrangement with a third party for the provision of Value-In-Kind in relation to the FIS Championships, then the value of such Value-In-Kind, shall be set off against the penultimate and, to the extent necessary, the last instalment of the consideration payable from FIS to the LOC for the FIS Championships. The Party benefiting from Value-in-Kind (whether FIS or the LOC) shall be responsible to insure any services and/or products supplied as Value-in-Kind according to this Clause 8.10). If both Parties benefit, the Parties will share any related insurance costs and will determine in good faith who will act as contact person and will be responsible for administrative issues. LOC will provide as soon as possible a list indicating LOC’s required items which may be linked to potential VIK provided by FIS.
