Common use of Quarterly and Annual Reconciliation Clause in Contracts

Quarterly and Annual Reconciliation. Parties acknowledge that all payments made against Weekly Bills, Provisional Bxxx and Supplementary Bills shall be subject to quarterly reconciliation at the beginning of the following quarter of each Contract Year and annual reconciliation at the end of each Contract Year to take into account Tariff Adjustment Payments, Late Payment Surcharge, or any other reasonable circumstance provided under this Agreement. The Parties, therefore, agree that as soon as all such data in respect of any quarter of a Contract Year or a full Contract Year as the case may be has been finally verified and adjusted, the Corporation and First Party shall jointly sign such reconciliation statement. Within fifteen (15) days of signing of a reconciliation statement, the Corporation or First Party, as the case may be, shall raise a Supplementary Bxxx for the Tariff Adjustment Payments for the relevant quarter/ Contract Year and shall make payment of such Supplementary Bxxx for the Tariff Adjustment Payments for the relevant quarter/Contract Year. Late Payment Surcharge shall be payable in such case from the date on which such payment had been made to the invoicing Party or the date on which any payment was originally due, as may be applicable. Any dispute with regard to the above reconciliation shall be dealt with in accordance with the provisions of Article 21. Initials: __________ Initials: __________ Strictly Confidential Property of BioCrude Technologies, Inc. MSW, Land & Treated Sewage Effluent Concession Agreements

Quarterly and Annual Reconciliation. Parties acknowledge that all payments made against Weekly Bills, Provisional Bxxx and Supplementary Bills shall be subject to quarterly reconciliation at the beginning of the following quarter of each Contract Year and annual reconciliation at the end of each Contract Year to take into account REA, Tariff Adjustment Payments, Tariff Rebate Payments, Late Payment Surcharge, or any other reasonable circumstance provided under this Agreement. The Parties, therefore, agree that as soon as all such data in respect of any quarter of a Contract Year or a full Contract Year as the case may be has been finally verified and adjusted, the Corporation Seller and First Party Procurer shall jointly sign such reconciliation statement. Within fifteen (15) days of signing of a reconciliation statement, the Corporation Seller or First PartyProcurer, as the case may be, shall raise a Supplementary Bxxx for the Tariff Adjustment Payments for the relevant quarter/ Contract Year and shall make payment of such Supplementary Bxxx for the Tariff Adjustment Payments for the relevant quarter/Contract Year. Late Payment Surcharge shall be payable in such case from the date on which such payment had been made to the invoicing Party or the date on which any payment was originally due, as may be applicable. Any dispute with regard to the above reconciliation shall be dealt with in accordance with the provisions of Article 2117. Initials: __________ Initials: __________ Strictly Confidential Property of BioCrude Technologies, Inc. MSW, Land & Treated Sewage Effluent Concession Agreements30 Xxxxx Xxxxxxxx Xxxxxxxxx (XXX)

Quarterly and Annual Reconciliation. Parties acknowledge that all payments made against Weekly Bills, Provisional Bxxx Xxxx and Supplementary Bills shall be subject to quarterly reconciliation at the beginning of the following quarter of each Contract Year and annual reconciliation at the end of each Contract Year to take into account REA, Tariff Adjustment Payments, Tariff Rebate Payments, Late Payment Surcharge, or any other reasonable circumstance provided under this Agreement. The Parties, therefore, agree that as soon as all such data in respect of any quarter of a Contract Year or a full Contract Year as the case may be has been finally verified and adjusted, the Corporation Seller and First Party Procurer shall jointly sign such reconciliation statement. Within fifteen (15) days of signing of a reconciliation statement, the Corporation Seller or First PartyProcurer, as the case may be, shall raise a Supplementary Bxxx Xxxx for the Tariff Adjustment Payments for the relevant quarter/ Contract Year and shall make payment of such Supplementary Bxxx Xxxx for the Tariff Adjustment Payments for the relevant quarter/Contract Year. Late Payment Surcharge shall be payable in such case from the date on which such payment had been made to the invoicing Party or the date on which any payment was originally due, as may be applicable. Any dispute with regard to the above reconciliation shall be dealt with in accordance with the provisions of Article 2117. Initials: __________ Initials: __________ Strictly Confidential Property of BioCrude Technologies, Inc. MSW, Land & Treated Sewage Effluent Concession AgreementsXxxxx Xxxxxxxx Xxxxxxxxx (XXX)

Quarterly and Annual Reconciliation. Parties acknowledge that all payments made against Weekly Monthly Bills, Provisional Bxxx Bill and Supplementary Bills shall be subject to quarterly reconciliation at the beginning of the following quarter of each Contract Year and annual reconciliation at the end of each Contract Year to take into account REA, Tariff Adjustment Payments, Tariff Rebate Payments, Late Payment Surcharge, or any other reasonable circumstance provided under this Agreement. The Parties, therefore, agree that as soon as all such data in respect of any quarter of a Contract Year or a full Contract Year as the case may be has been finally verified and adjusted, the Corporation Seller and First Party the Procurer shall jointly sign such reconciliation statement. Within fifteen (15) days of signing of a reconciliation statement, the Corporation Seller or First PartyXxxxxxxx, as the case may be, shall raise a Supplementary Bxxx Bill for the Tariff Adjustment Payments for the relevant quarter/ Contract Year and shall make payment of such Supplementary Bxxx Bill for the Tariff Adjustment Payments for the relevant quarter/Contract Year. Late Payment Surcharge shall be payable in such a case from the date on which such payment had been made to the invoicing Party or the date on which any payment was originally due, as may be applicable. Any dispute with regard to the above reconciliation shall be dealt with in accordance with the provisions of Article 21. Initials: __________ Initials: __________ Strictly Confidential Property of BioCrude Technologies, Inc. MSW, Land & Treated Sewage Effluent Concession Agreements17.

Quarterly and Annual Reconciliation. Parties acknowledge that all payments made against Weekly Bills, Provisional Bxxx Bill and Supplementary Bills shall be subject to quarterly reconciliation at the beginning of the following quarter of each Contract Year and annual reconciliation at the end of each Contract Year to take into account Tariff Adjustment Payments, Late Payment Surcharge, or any other reasonable circumstance provided under this Agreement. The Parties, therefore, agree that as soon as all such data in respect of any quarter of a Contract Year or a full Contract Year as the case may be has been finally verified and adjusted, the Corporation and First Party shall jointly sign such reconciliation statement. Within fifteen (15) days of signing of a reconciliation statement, the Corporation or First Party, as the case may be, shall raise a Supplementary Bxxx Bill for the Tariff Adjustment Payments for the relevant quarter/ Contract Year and shall make payment of such Supplementary Bxxx Bill for the Tariff Adjustment Payments for the relevant quarter/Contract Year. Late Payment Surcharge shall be payable in such case from the date on which such payment had been made to the invoicing Party or the date on which any payment was originally due, as may be applicable. Any dispute with regard to the above reconciliation shall be dealt with in accordance with the provisions of Article 21. Initials: __________ Initials: __________ Strictly Confidential Property of BioCrude Technologies, Inc. MSW, Land & Treated Sewage Effluent Concession Agreements

Quarterly and Annual Reconciliation. Parties acknowledge that all payments made against Weekly Monthly Bills, Provisional Bxxx Xxxx and Supplementary Bills shall be subject to quarterly reconciliation at the beginning of the following quarter of each Contract Year and annual reconciliation at the end of each Contract Year to take into account REA/SEA, Tariff Adjustment Payments, Tariff Rebate Payments, Late Payment Surcharge, or any other reasonable circumstance provided under this Agreement. The Parties, therefore, agree that as soon as all such data in respect of any quarter of a Contract Year or a full Contract Year as the case may be has been finally verified and adjusted, the Corporation Seller and First Party each Procurer shall jointly sign such reconciliation statement. Within fifteen (15) days of signing of a reconciliation statement, the Corporation Seller or First PartyProcurer, as the case may be, shall raise a Supplementary Bxxx Xxxx for the Tariff Adjustment Payments for the relevant quarter/ Contract Year and shall make payment of such Supplementary Bxxx Xxxx for the Tariff Adjustment Payments for the relevant quarter/Contract Year. Late Payment Surcharge shall be payable in such a case from the date on which such payment had been made to the invoicing Party or the date on which any payment was originally due, as may be applicable. Any dispute with regard to the above reconciliation shall be dealt with in accordance with the provisions of Article 21. Initials: __________ Initials: __________ Strictly Confidential Property of BioCrude Technologies, Inc. MSW, Land & Treated Sewage Effluent Concession Agreements17.

Quarterly and Annual Reconciliation. Parties acknowledge that all payments made against Weekly Monthly Bills, Provisional Bxxx Xxxx and Supplementary Bills shall be subject to quarterly reconciliation at the beginning of the following quarter of each Contract Year and annual reconciliation at the end of each Contract Year to take into account REA, Tariff Adjustment Payments, Tariff Rebate Payments, Late Payment Surcharge, or any other reasonable circumstance provided under this Agreement. The Parties, therefore, agree that as soon as all such data in respect of any quarter of a Contract Year or a full Contract Year as the case may be has been finally verified and adjusted, the Corporation Seller and First Party the Procurer shall jointly sign such reconciliation statement. Within fifteen (15) days of signing of a reconciliation statement, the Corporation Seller or First PartyProcurer, as the case may be, shall raise a Supplementary Bxxx Xxxx for the Tariff Adjustment Payments for the relevant quarter/ Contract Year and shall make payment of such Supplementary Bxxx Xxxx for the Tariff Adjustment Payments for the relevant quarter/Contract Year. Late Payment Surcharge shall be payable in such a case from the date on which such payment had been made to the invoicing Party or the date on which any payment was originally due, as may be applicable. Any dispute with regard to the above reconciliation shall be dealt with in accordance with the provisions of Article 21. Initials: __________ Initials: __________ Strictly Confidential Property of BioCrude Technologies, Inc. MSW, Land & Treated Sewage Effluent Concession Agreements17.