Debits from the BID Revenue Account. 6.1 The Council may debit directly from the BID Revenue Account:-
(i) the Administrative Expenses; and
(ii) an amount equal to any sums that have fallen due and are payable by the Council under the Funding Agreement so that the Council fully recovers the funding provided under the Funding Agreement; and
(iii) the Council’s reasonable costs in organising and delivering any BID ballot (regardless of when the ballot was held), alteration ballot, re-ballot or renewal ballot (all as defined in the Regulations) and the parties agree that such costs in respect of the BID ballot pursuant to which the BID was set up are [£7,000]
6.2 Notwithstanding the above provision the BID Company shall be responsible for ensuring that all VAT invoices delivered to the BID Company by the Council shall, if not debited from the BID Revenue Account, be paid within 28 days of delivery. The debits from the BID Revenue Account are exclusive of VAT, which shall be added at the prevailing rate as applicable and paid by the BID Company following delivery of a valid VAT invoice.
6.3 Any services delivered to the BID Company by the Council in addition to the Standard Services delivered under the Baseline Agreement shall be the subject of a separate VAT invoice which shall be paid by the BID Company within thirty days of the date of the invoice.
Debits from the BID Revenue Account. The Council shall not debit directly from the BID Revenue Account:- the collection charges the Enforcement Expenses; or any deductions which in the Council's opinion are Bad or Doubtful Debts
Debits from the BID Revenue Account. 5.1 The Council shall not debit directly from the BID Revenue Account:- the collection charges the Enforcement Expenses; or any deductions which in the Council's opinion are Bad or Doubtful Debts
5.2 The Council’s charge for the provision of the Services will be an annual set fee capped at £25,000 (excluding VAT) representing its reasonable and actual administrative costs in providing Services and having effect on the [1 April] of each year for which a BID is in place (provided that the last such payment shall be due on 1 April 2020 in respect of the 2020-21 levy period). Following receipt by the BID Company of a valid VAT invoice showing a breakdown of the costs incurred, the first payment will be due together with VAT thereon on the 1 April 2016, or later by agreement.
5.3 A breakdown of the Council’s Annual charge as outlined in Clause 5.2 is annexed at Schedule 2.
5.4 The Council shall recover the Enforcement Expenses from the liable BID levy payer, in accordance with Clause 8.
5.5 The Council shall not be entitled to recover Enforcement Expenses from the BID Company.
Debits from the BID Revenue Account. 6.1 The Council shall not debit directly from the BID Revenue Account:- costs collected
(i) the Levy Collection Fee;
(ii) the Enforcement Expenses /
6.2 The Council’s charge for the collection and administration of the BID levy will be £10,000. per year and shall be reviewed each year based on all expenses incurred by the Council in the administration, collection and recovery of the BID all of which will be charged to the BID Company.
6.3 Upon the expiry of the twelfth month of the Financial Year (throughout the BID Term) the Council shall provide invoice(s) for the balance of its reasonable administrative expenses and for court costs incurred in carrying out its obligations under this Agreement and the Regulations (the Levy Collection Fee).
6.4 The BID Company shall pay the said invoices within 30 (thirty days) from the date of receipt.
6.5 In the event that the BID Company fails to pay the said invoices within the prescribed time period then notwithstanding Clause 6.1 the Council shall be permitted to recover the invoiced costs directly from the BID Revenue Account or to invoice the BID Company directly in the event the BID Revenue Account contains insufficient funds.
6.6 The Council shall recover the Enforcement Expenses from the liable BID levy payer, in accordance with Clause 8.
6.7 The Council shall not be entitled to recover Enforcement Expenses from the BID Company.
Debits from the BID Revenue Account. 6.1 The Council shall not debit directly from the BID Revenue Account:
6.1.1 the collection charges;
6.1.2 the Enforcement Expenses; or
6.1.3 any deductions which in the Council's opinion are Bad or Doubtful Debts.
6.2 The Council’s charge for the provision of billing and collection services will be an annual set fee as stated in Schedule 2 of this agreement.
Debits from the BID Revenue Account. 5.1 The Council shall not debit directly from the BID Revenue Account:- the collection charges the Enforcement Expenses; or any deductions which in the Council's opinion are Bad or Doubtful Debts
5.2 The Council’s charge for the provision of the Services will be an annual set fee capped at £25,000 (excluding VAT) representing its reasonable and actual administrative costs in providing Services and having effect on the [date] of each year for which a BID is in place. Following receipt by the BID Company of a valid VAT invoice showing a breakdown of the costs incurred, the first payment will be due together with VAT thereon on the [date], or later by agreement.
5.3 [A breakdown of the Council’s Annual charge as outlined in Clause 5.2 is annexed at Schedule 2.]
5.4 The Council shall recover the Enforcement Expenses from the liable BID levy payer, in accordance with Clause 8.
5.5 The Council shall not be entitled to recover Enforcement Expenses from the BID Company.
Debits from the BID Revenue Account. 5.1 The Council shall seek a service charge of no more than 3% of the income collected to cover its costs of collecting the BID Levy. In addition the Council agrees that it shall only debit:
5.1.1 Sums equal to the First Advance Payment, the Second Advance Payment and the Balancing Payment under Clause 8; and
5.1.2 Bad or Doubtful Debts; from the BID Revenue Account and if to the extent the Council is required by the Regulations to debit any further sums from the BID Revenue Account it shall immediately credit an equal sum to the BID Revenue Account.
Debits from the BID Revenue Account. 5.1 The Council shall seek a service charge of £36601 plus VAT per annum from the BID Company to partially cover the costs of collecting the BID Xxxx. This will be debited to the BID Revenue Account. In addition the Council agrees that it shall only debit:
5.1.1 Sums equal to the First Advance Payment, the Second Advance Payment and the Balancing Payment under Clause 8; and
5.1.2 Bad or Doubtful Debts; from the BID Revenue Account and if to the extent the Council is required by the Regulations to debit any further sums from the BID Revenue Account it shall immediately credit an equal sum to the BID Revenue Account.
5.1.3 In year one and year two of the BIDs operation, the County Council will deduct the required repayment of the British BIDs interest free loan used to develop the BID proposal from the BID Revenue Account and transfer the payment to British BIDs. The final sum is to be confirmed by the BID Proposer as noted in the BID prospectus. The current amount to be deducted from the BID Revenue Account and: repaid to the MHCLG loan fund is £22,677.20 in October 2018 £14,766.88 in October 2019, prior to XXX xxxx being transferred to the BID.
Debits from the BID Revenue Account. 6.1 The Council shall debit a service charge of 3.5% of the income collected to cover its costs of collecting the BID Levy. The Council agrees that it shall only debit:
6.1.1 the service charge calculated against the First Payment, the Second Payment and the balancing payment less the Retention.
6.1.2 Bad or Doubtful Debts and
6.1.3 Any other Expenses
Debits from the BID Revenue Account. 6.1 The Council shall debit from the Revenue Account the following:
6.1.1 Bad or Doubtful Debts;
6.1. 2The Council's business rates section will receive £12k annually as a contribution to a half time post within the Business Rates section to process collection. £2k of this will relate to maintenance of the software specific to the levy collection. This contribution is less than the full economic cost of the half-time post and contributes to the Council's support of the BID
