Franchise Fee; Audit Clause Samples

The 'Franchise Fee; Audit' clause establishes the franchisee's obligation to pay a specified fee to the franchisor, typically based on a percentage of gross sales or a fixed amount, and grants the franchisor the right to audit the franchisee's financial records. In practice, this means the franchisor can periodically review sales reports, bank statements, and other relevant documents to verify the accuracy of reported sales and corresponding fee payments. This clause ensures transparency and accuracy in fee calculation, helping to prevent underreporting and resolve disputes over financial obligations.
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Franchise Fee; Audit. The County shall have the right to conduct a Franchise Fee review or audit of Comcast’s records reasonably related to the sources, amounts and computation of Gross Revenues. Any such review or audit shall occur within thirty-six (36) months from the date the County receives such payment, after which period any such payment shall be considered final. Within thirty (30) days of a written request, Comcast shall provide the County with copies of financial records related to the Franchise Fee review or audit. (a) In the event of an alleged underpayment, the County shall provide Comcast with a written statement indicating the basis for the alleged underpayment. If the Franchise Fee review or audit reveals that there have been no underpayments, the County shall provide written notice to Comcast indicating that no underpayments were found and that the Franchise Fee review or audit is closed. Comcast shall have thirty (30) days from the receipt of a statement regarding an alleged underpayment to provide the County with any written objection to the results of any Franchise Fee review or audit, including any substantiating documentation. Based on this exchange of information, the County shall make a final determination of the underpayment(s), if any, within thirty (30) days of Comcast’s objection and shall provide Comcast with written notice of the determination. If Comcast disputes the City’s final determination, it may submit the dispute to mediation or arbitration within thirty (30) days of receiving the City’s written notice of determination. In the event an agreement is not reached at mediation, arbitration, or otherwise, either party may bring an action to have the disputed amount determined by a court of law. (b) Any Franchise Fee payment due to the County as a result of the Franchise Fee review or audit shall be paid to the County by Comcast within sixty (60) days from the date the County notifies Comcast of its final determination, or if the matter is submitted to mediation or arbitration, or being determined by a court of law, within sixty (60) days from the final disposition of such action. If the Franchise Fee review or audit shows that Franchise Fees have been underpaid, then Comcast shall pay the underpaid amount plus interest from the due date in the amount of the then current bank prime rate of interest as published in The Wall Street Journal on the underpayment amount. If Franchise Fees have been underpaid by five percent (5%) or more, then Comcast s...
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Franchise Fee; Audit. 5.2.1 Upon reasonable prior written notice, during normal business hours, at Grantee’s principal business office in the Seattle area, the Franchising Authority shall have the right to inspect the Grantee’s financial records used to calculate the franchise fees; provided, however, that any such inspection shall take place within three (3) years from the date the Franchising Authority receives such payment, after which period any such payment shall be considered final. 5.2.2 Upon the completion of any such audit by the Franchising Authority, the Franchising Authority shall provide to the Grantee a final report setting forth the Franchising Authority’s findings in detail, including any and all substantiating documentation. In the event of an alleged underpayment, the Grantee shall have thirty (30) days from the receipt of the report to provide the Franchising Authority with a written response agreeing to or refuting the results of the audit, including any substantiating documentation. Based on these reports and responses, the parties shall agree upon a “Finally Settled Amount.” For purposes of this Section (5.2), the term “Finally Settled Amount(s)” shall mean the agreed upon underpayment, if any, to the Franchising Authority by the Grantee as a result of any such audit. If the parties cannot agree on a “Finally Settled Amount,” either party may bring an action to have the disputed amount determined by a court of law. 5.2.3 Any “Finally Settled Amount(s)” due to the Franchising Authority as a result of such audit shall be paid to the Franchising Authority by the Grantee within forty-five (45) days from the date the parties agree upon the “Finally Settled Amount” plus interest at one percent (1%) above the prime rate (as the prime rate is listed in The Wall Street Journal) from the date the payment was originally due. Once the parties agree upon a “Finally Settled Amount” and such amount plus interest is paid by the Grantee, the Franchising Authority shall have no further rights to audit or challenge the payment for that period. The Franchising Authority shall bear the expense of its audit of the Grantee’s books and records unless there is an underpayment exceeding ten percent (10%) in a calendar year, in which case Grantee shall pay for the cost of the audit up to a maximum of $10,000. In the event of the “Finally Settled Amount(s)” being an overpayment by Grantee, the Franchising Authority shall have the option of reimbursing Grantee within forty-five (45) d...
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Franchise Fee; Audit. During the term of this Agreement, JMZ agrees to pay the City a franchise fee of five percent (5%) of Gross Revenues (“Franchise Fee”). “Gross Revenues” means revenues derived from recurring services to JMZ’s fiber optic customers provided within the City Limits of Neodesha, Kansas (no franchise fee is due when the point of service is outside the City limits of Neodesha; mailing address alone does not determine City residency). Gross revenues shall be reduced by bad debt expenses. Uncollectable and late charges shall not be included within gross revenue. JMZ shall pay its franchise fee on the 15th day of the second month following the month in which the gross revenue is received. JMZ agrees to keep accurate books for the purpose of determining the franchise fee, and no more than once per year, the City may, at the cost of the City and during regular business hours on thirty
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Franchise Fee; Audit a. A franchise fee will not be imposed at this time. Franchisors reserve the option of imposing a franchise fee in the future. If a franchise fee should be imposed it shall not exceed 3% of gross revenues. b. If and when a franchise fee should be imposed, it would be based upon the applicable percentage of the gross revenues for the previous quarter derived from water utility or supply operations. Without limitation, this includes all charges to customers for any reason. At the option of SERVICES, franchise fees may be separately set forth on customer ▇▇▇▇▇▇▇▇. c. If and when a franchise fee should be imposed, the TOWN and the County shall be permitted to examine SERVICES's books, records and accounts to verify accuracy of franchise fee payments. Such inspections to be conducted at reasonable times and hours.
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Franchise Fee; Audit. During the term of this Agreement, JMZ agrees to pay the City a franchise fee each month for each JMZ fiber optic Customer who receives services within the City limits of Osage City, Kansas (no franchise fee is due when the point of service is outside the City limits of Osage City; mailing address alone does not determine City residency); the franchise fee shall be 5% of gross sales receipts as specified by current Osage City ordinance. The franchise fee will be based on who is shown on JMZ books as a City resident fiber optic Customer on the last day of each calendar month, with no pro-rate for a partial month Customer or adjustment for uncollectable accounts, and shall be paid to the City by the 15th day of the second month thereafter. Any payment not timely paid shall accrue interest at ten percent (10%) per annum until paid. JMZ agrees to keep accurate books for the purpose of determining the franchise fee, and no more than once per year, the City may, at the cost of the City and during regular business hours on thirty (30) days notice, inspect JMZ's books relative to calculation of the franchise fees, but only to the extent necessary to confirm the accuracy of payments due. The City agrees to hold in confidence any non-public information it learns from JMZ to the fullest extent permitted by ▇▇▇. L7 Access to the Facilities. The City shall allow JMZ reasonable access to each of the Facilities in the City ROW or City owned property for purposes of installation, repair, maintenance or removal of Facilities. If any such maintenance activities have the potential to result in an interruption of any City services at the Facility, JMZ shall provide the City with a minimum of three (3) days prior notice of such maintenance activities. Such maintenance activities shall, to the extent feasible, be done with minimal impairment, interruption, or interference to City services. JMZ shall allow a representative of the City to observe any repair, maintenance or removal work performed at the Facilities.
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Franchise Fee; Audit. During the term of this Agreement, JMZ agrees to pay the City a franchise fee each month for each JMZ fiber optic Customer who receives services within the City limits of Paola, Kansas (no franchise fee is due when the point of service is outside the City limits of Paola; mailing address alone does not determine City residency); during the first year the franchise fee is $1.50 (one dollar and fifty cents), and during the second year and each year thereafter the franchise fee is $2.50 (two dollars and fifty cents). The franchise fee will be based on who is shown on JMZ books as a City resident fiber optic Customer on the last day of each calendar month, with no pro-rate for a partial month Customer or adjustment for uncollectable accounts, and shall be paid to the City by the 15th day of the second month thereafter. Any payment not timely paid shall accrue interest at ten percent (10%) per annum until paid. JMZ agrees to keep accurate books for the purpose of determining the franchise fee, and no more than once per year, the City may, at the cost of the City and during regular business hours on thirty (30) days notice, inspect JMZ’s books relative to calculation of the franchise fees, but only to the extent necessary to confirm the accuracy of payments due. The City agrees to hold in confidence any non-public information it learns from JMZ to the fullest extent permitted by Law.
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Related to Franchise Fee; Audit

  • Franchise Fee ‌ (1) For the term of this Contract, the Concessioner shall pay to the Director for the privileges granted under this Contract a franchise fee equal to [Franchise Fee alpha number] percent ([Franchise Fee numeric number]%) of the Concessioner's gross receipts for the preceding year or portion of a year. (2) Neither the Concessioner nor the Director shall have a right to an adjustment of the fees except as provided below. The Concessioner has no right to waiver of the fee under any circumstances.

  • Franchise Fees As compensation for the Franchise granted to the Company, the City shall receive payment of a total annual fee of three (3) percent of gross receipts per year from the Company's sale of electricity to electric-consuming entities inside the City's corporate limits; provided, however, that such fee shall be payable by the Company only if and to the extent the Company is authorized by the Kentucky Public Service Commission (or its successor) to pass through such fee to the entities served by it inside the City's corporate limits; and provided further, the City shall provide the Company a list, in electronic format, of all electric-consuming entities within the City limits that are to be served by the Company, which list shall be updated annually.

  • Franchise Agreement The Parties acknowledge and agree that the transactions contemplated by this Agreement are contingent upon Lessee JV obtaining approval for a new franchise agreement for the operation of the Hotel under a hotel brand owned by Franchisor (the “New Franchise Agreement”), which New Franchise Agreement (including the PIP required thereunder) shall be in form and substance in all respects acceptable to and approved by Lessee JV. Prior to or immediately following the Effective Date, Lessee JV shall submit its application and application fee to Franchisor for approval of Lessee JV as its new franchisee at the Hotel (“Franchise Approval”) pursuant a New Franchise Agreement. Hersha Owner and Hersha Lessee agree to reasonably cooperate with and assist Lessee JV in its pursuit of Franchise Approval, at no material cost to Hersha Owner or Hersha Lessee. Franchise Approval shall be a condition to Hersha Owner’s and Hersha Lessee’s obligation to close and Owner JV’s and Lessee JV’s obligation to close. Owner JV and Lessee JV shall use diligent good faith efforts to obtain Franchise Approval no later than fifteen (15) days prior to the Closing Date, and Owner JV and Lessee JV shall provide Hersha Owner and Lessee Owner with written notice immediately upon obtaining Franchise Approval. In connection with such Franchise Approval, it shall be a condition to Hersha Owner’s obligation to close that the existing license agreement between Hersha Lessee and Franchisor (the “Existing Franchise Agreement”) shall have been terminated without material cost to Hersha Owner or Hersha Lessee, and Hersha Owner, Hersha Lessee and any guarantors or co-obligors shall have been expressly released from any further obligations or liability thereunder. Hersha Owner and Hersha Lessee shall have the right at all times to contact Franchisor in order to confirm that Lessee JV is complying with its obligations under this Agreement and the status of the negotiations of the New Franchise Agreement.

  • Development Fee A fee for the packaging of a Property or Mortgage, including the negotiation and approval of plans, and any assistance in obtaining zoning and necessary variances and financing for a specific Property, either initially or at a later date.