CENTRAL BILLING PARTY Clause Samples
The Central Billing Party clause designates a single entity responsible for managing and processing all billing and payment transactions on behalf of multiple parties involved in an agreement. In practice, this means that instead of each party invoicing and collecting payments separately, the central billing party consolidates all charges, issues invoices, and collects payments from customers or clients. This arrangement streamlines financial administration, reduces duplication of effort, and minimizes the risk of billing errors, ultimately ensuring efficient and accurate financial management among the parties.
CENTRAL BILLING PARTY. 10.2.1. FCR shall act as Central Billing Party under this Agreement.
CENTRAL BILLING PARTY. 6.1 The OPERATING COMMITTEE shall by agreement appoint one PARTY to act as CENTRAL BILLING PARTY for the purpose of this AGREEMENT. Unless and until otherwise decided by the OPERATING COMMITTEE, BRITISH TELECOM shall act as CENTRAL BILLING PARTY for the duration of this AGREEMENT.
6.2 The CENTRAL BILLING PARTY shall be responsible for the submissions of billing, accounting and settlement of all amounts due from the MAINTENANCE AUTHORITIES under this AGREEMENT and for the disbursement and settlement of all amounts due to the OWNERS under this AGREEMENT.
6.3 The CENTRAL BILLING PARTY shall also undertake the necessary liaison with the Central Billing Party appointed under the SCARAB OWNERS AGREEMENT.
6.4 At least two months before the beginning of each FINANCIAL YEAR, the CENTRAL BILLING PARTY will provide an estimate of the cost of carrying out the central billing functions during that FINANCIAL YEAR for the approval of