Prorated Payments Clause Samples
A Prorated Payments clause defines how payments are calculated and distributed when a service, subscription, or obligation does not cover a full billing period. Typically, this means that if a contract starts or ends partway through a month, the payment due is adjusted proportionally to reflect only the days or portion of the service actually provided. This clause ensures fairness by preventing overpayment or underpayment, thereby aligning payment obligations with the actual duration of service rendered.
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Prorated Payments. Should any payment required by this Lease be due for a period less than a full week, month, quarter, year or other installment period (e.g., a payment due in the middle of a month), the amount due shall be prorated on a per diem basis calculated on the number of days in the applicable installment period.
Prorated Payments. Any amounts payable to the Managing Member for serving as Managing Member for periods of less than a full calendar month shall be prorated for the period in which the Managing Member served based on the actual number of days elapsed.
Prorated Payments. For the year in which the Appointment Date occurs, the Executive’s Base Salary and Annual Bonus shall be prorated as between amounts determined for his service as CEO and his service as Executive Chairman, based on the portion of such year served in each such capacity.
Prorated Payments. If the Rent Commencement Date is other than the first day of a calendar month or if this Lease terminates on a day other than the last day of a calendar month, then the installments of Rent for that month or months shall be prorated on a daily basis and shall be paid in advance.
Prorated Payments. If the Completion Date or Expiration Date occur on a date other than the first day or last day of a calendar month, respectively, monthly payments with respect to such months shall be prorated on the basis of the number of days in each such month which are included in the Term.
Prorated Payments. The following payments relating to the Purchased Assets will be pro rated as of the Closing Date, with Seller liable to the extent such payments relate to operations of the Business for the period up to and including the Closing Date and Purchaser liable to the extent such payments relate to operation of the Business for the period subsequent to the Closing Date.
2.5.1 Rents, additional rents, and other items payable by Seller under any lease to be assigned to or assumed by Purchaser pursuant to the terms of this Agreement including, without limitation, the Lease, or payments on any lease on any equipment or machinery transferred to Purchaser pursuant to the terms of this Agreement.
2.5.2 The amount of rents, and charges for sewer, water, fuel, telephone, electricity and other utilities; provided that, if practicable, meter readings will be taken at the Closing Date and the respective obligations of the parties determined in accordance with such readings.
2.5.3 All personal property and real estate taxes shall be fully and finally prorated as set forth above using estimates for taxes based on the mill levies and valuations for the year prior to the year in which the Closing Date shall occur.
2.5.4 If any item described in this Section 2.5 cannot be prorated, adjusted or determined as of the Closing Date, then it shall be separately prorated, adjusted, determined and paid by the responsible party as soon as practicable following the Closing Date.