Common use of Calculations and Certificates Clause in Contracts

Calculations and Certificates. (a) In any litigation or arbitration proceedings arising out of or in connection with a Transaction Document, the entries made in the accounts maintained by the Buyers are prima facie evidence of the matters to which they relate. (b) Any certification or determination by the Buyers of a rate or amount under any Transaction Document is, in the absence of manifest error, conclusive evidence of the matters to which it relates. (c) Any Rebate, interest, commission or fee accruing under a Transaction Document will accrue from day to day and is calculated on the basis of the actual number of days elapsed and a year of 360 days or, in any case where the practice in the relevant market differs, in accordance with that market practice.

Appears in 4 contracts

Samples: Memorandum of Agreement (Himalaya Shipping Ltd.), Memorandum of Agreement (Himalaya Shipping Ltd.), Memorandum of Agreement (Himalaya Shipping Ltd.)

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