Common use of GST Provisions Clause in Contracts

GST Provisions. (a) Each of the Vendor and the Purchaser represents and warrants to the other that it is duly registered under Part IX of the Excise Tax Act (Canada) and shall continue to be a registrant for GST purposes at the Closing Date. The GST registration number of the Vendor is BN 100054527 RT 0001 and the GST registration number of the Purchaser is BN 88616 5166 RT 0001. Since its registration, the Purchaser has never ceased to be registered and is entitled to produce the election provided by 167(1) of the Excise Tax Act (Canada). (b) The Vendor and the Purchaser undertake at the closing to sign the joint election prescribed by subsection 167(1) of the Excise Tax Act (Canada) and the Purchaser undertakes to file such election in the manner and within the time prescribed therefor. (e) The Purchaser will indemnify and hold harmless the Vendor for all taxes, interest, and penalties which the Vendor may be required to pay should the joint election described above not be available. Each of the Vendor and the Purchaser undertake to notify the other of any notice of assessment as soon as practical following receipt. The Vendor will be under no obligation to contest any notice of assessment received in this respect but will cooperate with the Purchaser should the latter decide to contest such a notice.