Common use of Consideration, Budget and Accounting Clause in Contracts

Consideration, Budget and Accounting. 5.1 The LOC agrees to pay Triathlon Canada a Sanctioning fee of $1250 per multi-sport discipline plus the $15.00/athlete fee and Technical Official on-site costs. The $15.00/athlete will be directly deposited to Triathlon Canada during athlete registration through the NTRS. 5.2 As per the Hosting Policy the LOC will have sound fiscal and human resource management, including financial statements that adhere to generally accepted accounting principles, annual reports, and other appropriate management and internal control framework that includes among other things, administrative and financial policies such as segregation of duties, purchasing and contracting, cheque signing and staffing and asset management. 5.3 If applicable, all public funds received by Triathlon Canada in association with the Event, including any contributions from Sport Canada, will be payable to the LOC for the management and organization of the Event and governed by the terms of the Contribution Agreement(s). Triathlon Canada reserves the right to hold-back a portion of this funding to ensure all costs associated with the Technical Official Program and the Canadian Anti-Doping program costs are covered. 5.4 Should public funding be provided, Triathlon Canada, in partnership with the LOC, will approve all aspects of the event budget and approve all expenditures. 5.5 The LOC may be required to submit to Triathlon Canada Audited Financial Statements, consisting of the organizations Statement of Financial Position or Balance Sheet, Statement of Operation or Income Statement, Statement of Retained Earnings or Statement if Changes in Net Assets, Statement of Cash Flows (when applicable) as well as the Notes. 5.6 Triathlon Canada reserves the right to audit or cause to have the audited the accounts and records of the Recipient for a period of up to five years after the end of an Agreement to ensure compliance with the terms and obligations of the Agreement. 5.7 All expenses incurred as a result of the Event will be the sole responsibility of the LOC. For further clarification, Triathlon Canada will not be responsible in any way for any monies, losses, or expenses incurred by the LOC, unless otherwise stated herein. 5.8 The LOC acknowledges that no employee, agent or representative of Triathlon Canada has made any oral, written or visual representation or projection of actual or potential sales, earnings or net or gross profits. The LOC represents that it understands the risks of operating the Event and is able to bear such risks. The LOC acknowledges the success of the Event will depend primarily on the LOC’s own efforts and abilities. 5.9 Triathlon Canada guarantees no registration or participation by an individual or club in the Event; and moreover, it guarantees no number of registrations. 5.10 The LOC will open a separate and independent bank account for the Event. 5.11 The LOC will maintain full and accurate accounting and records of all LOC receipts, disbursements, revenues and expenses with regard to the Event. 5.12 Should public funding be provided, the LOC will notify Triathlon Canada of any potential expenses which may be greater than the approved Budget. The LOC will be solely responsible for any cost overruns incurred by the LOC. 5.13 The LOC may be required to submit to Triathlon Canada an accurate Statement of Revenue and Expenditures that will include all receipts and invoices within forty-five (45) days following the completion of the Event. 5.14 Subject to Triathlon Canada receipt of the Statement of Revenue and Expenditures and upon satisfactory verification of its accuracy, Triathlon Canada will forward to the LOC, within ten (10) days from the date of verification, the balance of monies owed to the LOC including any holdback funds, if any. If there are any discrepancies with the Statements, Triathlon Canada will notify the LOC who will act accordingly. 5.15 To ensure that all Parties to this Agreement are kept informed of the Event’s financial situation, the LOC may be required to provide Triathlon Canada with detailed income and expense statements made in the previous calendar months for the Event on the fifteenth day of each month thereafter until the commencement and completion of the Event. 0.00 Xxxxxxxxx Xxxxxx may appoint, at Triathlon Canada’s discretion, a representative to inspect any sections of the books and accounts in relation to the Event at Triathlon Canada’s expense.

Consideration, Budget and Accounting. 5.1 The LOC agrees to pay Triathlon Canada a Sanctioning fee of $1250 per multi-sport discipline 500 plus the $15.0010.00/athlete fee and Technical Official on-site costs. The $15.0010.00/athlete will be directly deposited to Triathlon Canada during the athlete registration through the NTRS. 5.2 As per the Hosting Policy the LOC will have sound fiscal and human resource management, including financial statements that adhere to generally accepted accounting principles, annual reports, and other appropriate management and internal control framework that includes among other things, administrative and financial policies such as segregation of duties, purchasing and contracting, cheque signing and staffing and asset management. 5.3 If applicable, all public funds received by Triathlon Canada in association with the Event, including any contributions from Sport Canada, will be payable to the LOC for the management and organization of the Event and governed by the terms of the Contribution Agreement(s). Triathlon Canada reserves the right to hold-back a portion of this funding to ensure all costs associated with the Technical Official Program and the Canadian Anti-Doping program costs are covered. 5.4 Should public funding be provided, Triathlon Canada, in partnership with the LOC, will approve all aspects of the event budget and approve all expenditures. 5.5 The LOC may be required to submit to Triathlon Canada Audited Financial Statements, consisting of the organizations Statement of Financial Position or Balance Sheet, Statement of Operation or Income Statement, Statement of Retained Earnings or Statement if Changes in Net Assets, Statement of Cash Flows (when applicable) as well as the Notes. 5.6 Triathlon Canada reserves the right to audit or cause to have the audited the accounts and records of the Recipient for a period of up to five years after the end of an Agreement to ensure compliance with the terms and obligations of the Agreement. 5.7 All expenses incurred as a result of the Event will be the sole responsibility of the LOC. For further clarification, Triathlon Canada will not be responsible in any way for any monies, losses, or expenses incurred by the LOC, unless otherwise stated herein. 5.8 The LOC acknowledges that no employee, agent or representative of Triathlon Canada has made any oral, written or visual representation or projection of actual or potential sales, earnings or net or gross profits. The LOC represents that it understands the risks of operating the Event and is able to bear such risks. The LOC acknowledges the success of the Event will depend primarily on the LOC’s own efforts and abilities. 5.9 Triathlon Canada guarantees no registration or participation by an individual or club in the Event; and moreover, it guarantees no number of registrations. 5.10 The LOC will open a separate and independent bank account for the Event. 5.11 The LOC will maintain full and accurate accounting and records of all LOC receipts, disbursements, revenues and expenses with regard to the Event. 5.12 Should public funding be provided, the LOC will notify Triathlon Canada of any in regards to potential expenses which may be greater than the approved Budget. The LOC will be solely responsible for any cost overruns incurred by the LOC. 5.13 The LOC may be required to submit to Triathlon Canada an accurate Statement of Revenue and Expenditures that will include all receipts and invoices within forty-five (45) days following the completion of the Event. 5.14 Subject to Triathlon Canada receipt of the Statement of Revenue and Expenditures and upon satisfactory verification of its accuracy, Triathlon Canada will forward to the LOC, within ten (10) days from the date of verification, the balance of monies owed to the LOC including any holdback funds, if any. If there are any discrepancies with the Statements, Triathlon Canada will notify the LOC who will act accordingly. 5.15 To In order to ensure that all Parties to this Agreement are kept informed of the Event’s financial situation, the LOC may be required to provide Triathlon Canada with detailed income and expense statements made in the previous calendar months for the Event on the fifteenth day of each month thereafter until the commencement and completion of the Event. 0.00 Xxxxxxxxx Xxxxxx may appoint, at Triathlon Canada’s discretion, a representative to inspect any sections of the books and accounts in relation to the Event at Triathlon Canada’s expense.

Consideration, Budget and Accounting. 5.1 ‌ 4.6.1 The LOC agrees to pay Triathlon Canada a Sanctioning Sanction fee of $1250 per multi-sport discipline plus the $15.00/athlete fee <SANCTION FEE FOR EVENT LEVEL> and <PER ATHLETE FEE> as well as Technical Official on-site costs. The $15.00/athlete <PER ATHLETE FEE> fee will be directly deposited to Triathlon Canada during the athlete registration through the NTRS. 5.2 4.6.2 As per the Hosting Policy the LOC will have sound fiscal and human resource management, including financial statements that adhere to generally accepted accounting principles, annual reports, and other appropriate management and internal control framework that includes among other things, administrative and financial policies such as segregation of duties, purchasing and contracting, cheque signing and staffing and asset management. 5.3 If applicable, all 4.6.3 All public funds received by Triathlon Canada in association with the Event, including any contributions from Sport Canada, will be payable to the LOC for the management and organization of the Event and governed by the terms of the Contribution Agreement(s). Triathlon Canada reserves the right to hold-back a portion of this funding to ensure all costs associated with the Technical Official Program and the Canadian Anti-Anti- Doping program costs are covered. 5.4 Should public funding be provided, Triathlon Canada, in 4.6.4 In partnership with the LOC, Triathlon Canada will approve all aspects of the event budget and approve all expenditures. 5.5 4.6.5 The LOC may will be required to submit to Triathlon Canada Audited Financial Statements, consisting of the organizations Statement of Financial Position or Balance Sheet, Statement of Operation or Income Statement, Statement of Retained Earnings or Statement if Changes in Net Assets, Statement of Cash Flows (when applicable) as well as the Notes. 5.6 4.6.6 Triathlon Canada reserves the right to audit or cause to have the audited the accounts and records of the Recipient for a period of up to five years after the end of an Agreement to ensure compliance with the terms and obligations of the Agreement. 5.7 4.6.7 All expenses incurred as a result of the Event will be the sole responsibility of the LOC. For further clarification, Triathlon Canada will not be responsible in any way for any monies, losses, or expenses incurred by the LOC, unless otherwise stated herein. 5.8 4.6.8 The LOC acknowledges that no employee, agent or representative of Triathlon Canada has made any oral, written or visual representation or projection of actual or potential sales, earnings or net or gross profits. The LOC represents that it understands the risks of operating the Event and is able to bear such risks. The LOC acknowledges the success of the Event will depend primarily on the LOC’s own efforts and abilities. 5.9 4.6.9 Triathlon Canada guarantees no registration or participation by an individual or club in the Event; and moreover, it guarantees no number of registrations. 5.10 4.6.10 The LOC will open a separate and independent bank account for the EventEvent OR have clearly separated financial statements specific to the EVENT. 5.11 4.6.11 The LOC will maintain full and accurate accounting and records of all LOC receipts, disbursements, revenues and expenses with regard to the Event. 5.12 Should public funding be provided, the 4.6.12 The LOC will notify Triathlon Canada of any potential expenses which may be greater than the approved Budget. The LOC will be solely responsible for any cost overruns incurred by the LOC. 5.13 4.6.13 The LOC may be required to will submit to Triathlon Canada an accurate Statement of Revenue and Expenditures that will include all receipts and invoices within forty-five (45) days following the completion of the Event. 5.14 Subject to Triathlon Canada receipt of the Statement of Revenue and Expenditures and upon satisfactory verification of its accuracy, Triathlon Canada will forward to the LOC, within ten (10) days from the date of verification, the balance of monies owed to the LOC including any holdback funds, if any. If there are any discrepancies with the Statements, Triathlon Canada will notify the LOC who will act accordingly. 5.15 To ensure that all Parties to this Agreement are kept informed of the Event’s financial situation, the LOC may be required to provide Triathlon Canada with detailed income and expense statements made in the previous calendar months for the Event on the fifteenth day of each month thereafter until the commencement and completion of the Event. 0.00 Xxxxxxxxx Xxxxxx may appoint, at Triathlon Canada’s discretion, a representative to inspect any sections of the books and accounts in relation to the Event at Triathlon Canada’s expense.

Consideration, Budget and Accounting. 5.1 The LOC agrees to pay Triathlon Canada a Sanctioning fee of $1250 per multi-sport discipline 1,500 plus the $15.00/athlete fee and Technical Official on-site costs. The $15.00/athlete will be directly deposited to Triathlon Canada during the athlete registration through the NTRS. 5.2 As per the Hosting Policy the LOC will have sound fiscal and human resource management, including financial statements that adhere to generally accepted accounting principles, annual reports, and other appropriate management and internal control framework that includes among other things, administrative and financial policies such as segregation of duties, purchasing and contracting, cheque signing and staffing and asset management. 5.3 If applicable, all public funds received by Triathlon Canada in association with the Event, including any contributions from Sport Canada, will be payable to the LOC for the management and organization of the Event and governed by the terms of the Contribution Agreement(s). Triathlon Canada reserves the right to hold-back a portion of this funding to ensure all costs associated with the Technical Official Program and the Canadian Anti-Doping program costs are covered. 5.4 Should public funding be provided, Triathlon Canada, in partnership with the LOC, will approve all aspects of the event budget and approve all expenditures. 5.5 The LOC may be required to submit to Triathlon Canada Audited Financial Statements, consisting of the organizations Statement of Financial Position or Balance Sheet, Statement of Operation or Income Statement, Statement of Retained Earnings or Statement if Changes in Net Assets, Statement of Cash Flows (when applicable) as well as the Notes. 5.6 Triathlon Canada reserves the right to audit or cause to have the audited the accounts and records of the Recipient for a period of up to five years after the end of an Agreement to ensure compliance with the terms and obligations of the Agreement. 5.7 All expenses incurred as a result of the Event will be the sole responsibility of the LOC. For further clarification, Triathlon Canada will not be responsible in any way for any monies, losses, or expenses incurred by the LOC, unless otherwise stated herein. 5.8 The LOC acknowledges that no employee, agent or representative of Triathlon Canada has made any oral, written or visual representation or projection of actual or potential sales, earnings or net or gross profits. The LOC represents that it understands the risks of operating the Event and is able to bear such risks. The LOC acknowledges the success of the Event will depend primarily on the LOC’s own efforts and abilities. 5.9 Triathlon Canada guarantees no registration or participation by an individual or club in the Event; and moreover, it guarantees no number of registrations. 5.10 The LOC will open a separate and independent bank account for the Event. 5.11 The LOC will maintain full and accurate accounting and records of all LOC receipts, disbursements, revenues and expenses with regard to the Event. 5.12 Should public funding be provided, the LOC will notify Triathlon Canada of any in regards to potential expenses which may be greater than the approved Budget. The LOC will be solely responsible for any cost overruns incurred by the LOC. 5.13 The LOC may be required to submit to Triathlon Canada an accurate Statement of Revenue and Expenditures that will include all receipts and invoices within forty-five (45) days following the completion of the Event. 5.14 Subject to Triathlon Canada receipt of the Statement of Revenue and Expenditures and upon satisfactory verification of its accuracy, Triathlon Canada will forward to the LOC, within ten (10) days from the date of verification, the balance of monies owed to the LOC including any holdback funds, if any. If there are any discrepancies with the Statements, Triathlon Canada will notify the LOC who will act accordingly. 5.15 To ensure that all Parties to this Agreement are kept informed of the Event’s financial situation, the LOC may be required to provide Triathlon Canada with detailed income and expense statements made in the previous calendar months for the Event on the fifteenth day of each month thereafter until the commencement and completion of the Event. 0.00 Xxxxxxxxx Xxxxxx may appoint, at Triathlon Canada’s discretion, a representative to inspect any sections of the books and accounts in relation to the Event at Triathlon Canada’s expense.

Consideration, Budget and Accounting. 5.1 4.6.1 The LOC agrees to pay Triathlon Canada a Sanctioning Sanction fee of $1250 per multi-sport discipline plus the $15.00/athlete fee <SANCTIONING FEE> and <PER ATHLETE FEE> as well as Technical Official on-site costs. The $15.00/athlete <PER ATHLETE FEE> fee will be directly deposited to Triathlon Canada during the athlete registration through the NTRS. 5.2 4.6.2 As per the Hosting Policy the LOC will have sound fiscal and human resource management, including financial statements that adhere to generally accepted accounting principles, annual reports, and other appropriate management and internal control framework that includes among other things, administrative and financial policies such as segregation of duties, purchasing and contracting, cheque signing and staffing and asset management. 5.3 If applicable, all 4.6.3 All public funds received by Triathlon Canada in association with the Event, including any contributions from Sport Canada, will be payable to the LOC for the management and organization of the Event and governed by the terms of the Contribution Agreement(s). Triathlon Canada reserves the right to hold-back a portion of this funding to ensure all costs associated with the Technical Official Program and the Canadian Anti-Anti- Doping program costs are covered. 5.4 Should public funding be provided, Triathlon Canada, in 4.6.4 In partnership with the LOC, Triathlon Canada will approve all aspects of the event budget and approve all expenditures. 5.5 4.6.5 The LOC may will be required to submit to Triathlon Canada Audited Financial Statements, consisting of the organizations Statement of Financial Position or Balance Sheet, Statement of Operation or Income Statement, Statement of Retained Earnings or Statement if Changes in Net Assets, Statement of Cash Flows (when applicable) as well as the Notes. 5.6 4.6.6 Triathlon Canada reserves the right to audit or cause to have the audited the accounts and records of the Recipient for a period of up to five years after the end of an Agreement to ensure compliance with the terms and obligations of the Agreement. 5.7 4.6.7 All expenses incurred as a result of the Event will be the sole responsibility of the LOC. For further clarification, Triathlon Canada will not be responsible in any way for any monies, losses, or expenses incurred by the LOC, unless otherwise stated herein. 5.8 4.6.8 The LOC acknowledges that no employee, agent or representative of Triathlon Canada has made any oral, written or visual representation or projection of actual or potential sales, earnings or net or gross profits. The LOC represents that it understands the risks of operating the Event and is able to bear such risks. The LOC acknowledges the success of the Event will depend primarily on the LOC’s own efforts and abilities. 5.9 4.6.9 Triathlon Canada guarantees no registration or participation by an individual or club in the Event; and moreover, it guarantees no number of registrations. 5.10 4.6.10 The LOC will open a separate and independent bank account for the Event. 5.11 4.6.11 The LOC will maintain full and accurate accounting and records of all LOC receipts, disbursements, revenues and expenses with regard to the Event. 5.12 Should public funding be provided, the 4.6.12 The LOC will notify Triathlon Canada of any potential expenses which may be greater than the approved Budget. The LOC will be solely responsible for any cost overruns incurred by the LOC. 5.13 4.6.13 The LOC may be required to will submit to Triathlon Canada an accurate Statement of Revenue and Expenditures that will include all receipts and invoices within forty-five (45) days following the completion of the Event. 5.14 Subject to Triathlon Canada receipt of the Statement of Revenue and Expenditures and upon satisfactory verification of its accuracy, Triathlon Canada will forward to the LOC, within ten (10) days from the date of verification, the balance of monies owed to the LOC including any holdback funds, if any. If there are any discrepancies with the Statements, Triathlon Canada will notify the LOC who will act accordingly. 5.15 To ensure that all Parties to this Agreement are kept informed of the Event’s financial situation, the LOC may be required to provide Triathlon Canada with detailed income and expense statements made in the previous calendar months for the Event on the fifteenth day of each month thereafter until the commencement and completion of the Event. 0.00 Xxxxxxxxx Xxxxxx may appoint, at Triathlon Canada’s discretion, a representative to inspect any sections of the books and accounts in relation to the Event at Triathlon Canada’s expense.