Common use of Definition of Gross Fees Clause in Contracts

Definition of Gross Fees. For the purposes of the ARP rating, Gross Fees means all professional fees of the insured firm for the latest complete financial year including remuneration, retained commission, and income of any sort whatsoever of the insured firm and notarial fees where a solicitor notary operates a notarial practice in conjunction with a solicitor‘s practice, but excluding only: (a) interest; (b) the reimbursement of disbursements; (c) any amount charged in respect of value added tax; (d) remuneration derived from any office excluded from the definition of private practice by these Rules; (e) dividends; (f) rents received by the insured firm; (g) income and capital profits from reserved funds established or other investments made by the Where the insured firm has been in existence for less than 12 months, the Gross Fees for ARP rating purposes shall be the insured firm‟s best estimate of the Gross Fees likely to be received during its first 12 months of trading. However, where the expiry date of the indemnity period precedes the completion date of the first 12 months of trading, the Gross Fees for ARP rating purposes shall be the insured firm‟s best estimate of the Gross Fees likely to be received during the period commencing with the starting date of the practice and ending with the expiry date of the indemnity period. In the event that the estimated amount of Gross Fees differs from the actual amount of Gross Fees for the relevant period, the ARP premium shall be adjusted by reference to the actual amount of Gross Fees.

Definition of Gross Fees. For the purposes of the ARP rating, Gross Fees means all professional fees of the insured firm for the latest complete financial year including remuneration, retained commission, and income of any sort whatsoever of the insured firm and notarial fees where a solicitor notary operates a notarial practice in conjunction with a solicitor‘s solicitor’s practice, but excluding only: (a) interest; (b) the reimbursement of disbursements; (c) any amount charged in respect of value added tax; (d) remuneration derived from any office excluded from the definition of private practice by these Rules; (e) dividends; (f) rents received by the insured firm; (g) income and capital profits from reserved funds established or other investments made by the Where the insured firm has been in existence for less than 12 months, the Gross Fees for ARP rating purposes shall be the insured firm‟s firm’s best estimate of the Gross Fees likely to be received during its first 12 months of trading. However, where the expiry date of the indemnity period precedes the completion date of the first 12 months of trading, the Gross Fees for ARP rating purposes shall be the insured firm‟s firm’s best estimate of the Gross Fees likely to be received during the period commencing with the starting date of the practice and ending with the expiry date of the indemnity period. In the event that the estimated amount of Gross Fees differs from the actual amount of Gross Fees for the relevant period, the ARP premium shall be adjusted by reference to the actual amount of Gross Fees.