Common use of Quarterly and Annual Reconciliation Clause in Contracts

Quarterly and Annual Reconciliation. 8.7.1 The Parties acknowledge that all payments made against Monthly Bills, Provisional Bills 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, Late Payment Surcharge, or any other reasonable circumstance provided under this Agreement. 8.7.2 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 Seller and Procurer(s) shall jointly sign such reconciliation statement. Within fifteen (15) days of signing of a reconciliation statement, the Seller or Procurer(s), as the case may be, shall raise a Supplementary Bill for the Tariff adjustment payments for the relevant quarter/ Contract Year and shall make payment of such Supplementary Bill for the Tariff adjustment payments for the relevant quarter/ Contract Year, as may be due as a result of such reconciliation. Late Payment Surcharge/ interest 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 14.

Quarterly and Annual Reconciliation. 8.7.1 The Parties acknowledge that all payments made against Monthly Weekly Bills, Provisional Bills 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 paymentsAdjustment Payments, Tariff RebateRebate Payments, Late Payment Surcharge, or any other reasonable circumstance provided under this Agreement. 8.7.2 . 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 Seller and Procurer(s) Procurer shall jointly sign such reconciliation statement. Within fifteen (15) days of signing of a reconciliation statement, the Seller or Procurer(s)Procurer, as the case may be, shall raise a Supplementary Bill Xxxx for the Tariff adjustment payments Adjustment Payments for the relevant quarter/ Contract Year and shall make payment of such Supplementary Bill Xxxx for the Tariff adjustment payments Adjustment Payments for the relevant quarter/ quarter/Contract Year, as may be due as a result of such reconciliation. Late Payment Surcharge/ interest 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 dispute with regard to the above reconciliation shall be dealt with in accordance with the provisions of Article 14.17. Initials: __________ Initials: __________ Strictly Confidential Property of BioCrude Technologies, Inc. Xxxxx Xxxxxxxx Xxxxxxxxx (XXX)

Quarterly and Annual Reconciliation. 8.7.1 2.10.1 The Parties acknowledge that all payments made against Monthly Bills, Provisional Bills and Supplementary Bills shall be subject to quarterly reconciliation at the beginning and adjustment, if any, within thirty (30) days of the following end of the quarter of each Contract Year and annual reconciliation and adjustment, if any, at the end of each Contract Year within thirty (30) days thereof to take into account REAthe Energy Accounts, Tariff adjustment payments, Tariff Rebate, Late Payment Surcharge, or any other reasonable circumstance provided under this Agreement... 8.7.2 2.10.2 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 Seller Buying Utility and Procurer(s) SECI shall jointly sign such reconciliation statement. Within fifteen (15) days of After signing of a reconciliation statement, the Seller or Procurer(s)SECI shall make appropriate adjustments in the following Monthly Xxxx, with Surcharge/Interest, as the case may be, shall raise a Supplementary Bill applicable. Except for the Tariff adjustment payments for made during the relevant quarter/ Contract Year and shall make payment period from commencement of such Supplementary Bill for supply to commissioning of the Tariff adjustment payments for the relevant quarter/ Contract Yearcumulative awarded capacity/accepted cumulative capacity by SECI, as may be due as a result of such reconciliation. Late Payment Surcharge/ interest 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 1416 of PPA.

Quarterly and Annual Reconciliation. 8.7.1 The Parties acknowledge that all payments made against Monthly Bills, Provisional Bills 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 paymentsAdjustment Payments, Tariff RebateRebate Payments, Late Payment Surcharge, or any other reasonable circumstance provided under this Agreement. 8.7.2 . 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 Seller and Procurer(s) each Procurer shall jointly sign such reconciliation statement. Within fifteen (15) days of signing of a reconciliation statement, the Seller or Procurer(s)Procurer, as the case may be, shall raise a Supplementary Bill Xxxx for the Tariff adjustment payments Adjustment Payments for the relevant quarter/ Contract Year and shall make payment of such Supplementary Bill Xxxx for the Tariff adjustment payments Adjustment Payments for the relevant quarter/ quarter/Contract Year, as may be due as a result of such reconciliation. Late Payment Surcharge/ interest 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 dispute with regard to the above reconciliation shall be dealt with in accordance with the provisions of Article 1417.

Quarterly and Annual Reconciliation. 8.7.1 The Parties acknowledge that all payments made against Monthly Bills, Provisional Bills 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 paymentsAdjustment Payments, Tariff RebateRebate Payments, Late Payment Surcharge, or any other reasonable circumstance provided under this Agreement. 8.7.2 . 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 Seller and Procurer(s) the Procurer shall jointly sign such reconciliation statement. Within fifteen (15) days of signing of a reconciliation statement, the Seller or Procurer(s)Xxxxxxxx, as the case may be, shall raise a Supplementary Bill for the Tariff adjustment payments Adjustment Payments for the relevant quarter/ Contract Year and shall make payment of such Supplementary Bill for the Tariff adjustment payments Adjustment Payments for the relevant quarter/ quarter/Contract Year, as may be due as a result of such reconciliation. Late Payment Surcharge/ interest 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 dispute with regard to the above reconciliation shall be dealt with in accordance with the provisions of Article 1417.

Quarterly and Annual Reconciliation. 8.7.1 2.10.1 The Parties acknowledge that all payments made against Monthly Bills, Provisional Bills and Supplementary Bills shall be subject to quarterly reconciliation at the beginning and adjustment, if any, within thirty (30) days of the following end of the quarter of each Contract Year and annual reconciliation and adjustment, if any, at the end of each Contract Year within thirty (30) days thereof to take into account REAthe Energy Accounts, Tariff adjustment payments, Tariff Rebate, Late Payment Surcharge, or any other reasonable circumstance provided under this Agreement... 8.7.2 2.10.2 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 Seller Buying Utility and Procurer(s) SECI shall jointly sign such reconciliation statement. Within fifteen (15) days of After signing of a reconciliation statement, the Seller or Procurer(s)SECI shall make appropriate adjustments in the following Monthly Bill, with Surcharge/Interest, as the case may be, shall raise a Supplementary Bill applicable. Except for the Tariff adjustment payments for made during the relevant quarter/ Contract Year and shall make payment period from commencement of such Supplementary Bill for supply to commissioning of the Tariff adjustment payments for the relevant quarter/ Contract Yearcumulative awarded capacity/accepted cumulative capacity by SECI, as may be due as a result of such reconciliation. Late Payment Surcharge/ interest 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 1416 of PPA.

Quarterly and Annual Reconciliation. 8.7.1 10.6.1 The Parties acknowledge that all payments made against Monthly Bills, Provisional Bills 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 REAthe Energy Accounts, Tariff adjustment payments, Tariff Rebate, Late Payment Surcharge, or any other reasonable circumstance provided under this Agreement. 8.7.2 10.6.2 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 Seller SPD and Procurer(s) NVVN shall jointly sign such reconciliation statement. Within fifteen (15) days of signing of a reconciliation statement, the Seller SPD or Procurer(s)NVVN, as the case may be, shall raise a Supplementary Bill Xxxx for the Tariff adjustment payments for the relevant quarter/ Contract Year and shall make payment of such Supplementary Bill Xxxx for the Tariff adjustment payments for the relevant quarter/ Contract Year, as may be due as a result of such reconciliation. Late Payment Surcharge/ interest 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 1416.

Quarterly and Annual Reconciliation. 8.7.1 The Parties acknowledge that all payments made against Monthly Bills, Provisional Bills 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, Late Payment Surcharge, or any other reasonable circumstance provided under this Agreement. 8.7.2 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 Seller and Procurer(s) Procurer shall jointly sign such reconciliation statement. Within fifteen (15) days of signing of a reconciliation statement, the Seller or Procurer(s)Procurer, as the case may be, shall raise a Supplementary Bill Xxxx for the Tariff adjustment payments for the relevant quarter/ Contract Year and shall make payment of such Supplementary Bill Xxxx for the Tariff adjustment payments for the relevant quarter/ Contract Year, as may be due as a result of such reconciliation. Late Payment Surcharge/ interest 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 14.

Quarterly and Annual Reconciliation. 8.7.1 ‌ The Parties acknowledge that all payments made against Monthly Bills, Provisional Bills and Supplementary Bills shall be subject to quarterly reconciliation at the beginning within 30 days of the following end of the quarter of each Contract Year and annual reconciliation at the end of each Contract Year within 30 days thereof to take into account REAthe Energy Accounts, Tariff adjustment payments, Tariff Rebate, Late Payment Surcharge, or any other reasonable circumstance provided under this Agreement. 8.7.2 . 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 Procurers and the Seller and Procurer(s) shall jointly sign such reconciliation statement. Within fifteen (15) days of After signing of a reconciliation statementstatement within 15 days, the Seller or Procurer(s)shall make appropriate adjustments in the following Monthly Xxxx, with Surcharge/ Interest, as the case may be, shall raise a Supplementary Bill for the Tariff adjustment payments for the relevant quarter/ Contract Year and shall make payment of such Supplementary Bill for the Tariff adjustment payments for the relevant quarter/ Contract Year, as may be due as a result of such reconciliationapplicable. Late Payment Surcharge/ interest 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 14.Article17. Payment of Supplementary Xxxx‌ Either Party may raise a xxxx on the other Party ("Supplementary Xxxx") for payment on account of:

Quarterly and Annual Reconciliation. 8.7.1 The Parties acknowledge that all payments made against Monthly Bills, Provisional Bills 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 paymentsAdjustment Payments, Tariff RebateRebate Payments, Late Payment Surcharge, or any other reasonable circumstance provided under this Agreement. 8.7.2 . 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 Seller and Procurer(s) the Procurer shall jointly sign such reconciliation statement. Within fifteen (15) days of signing of a reconciliation statement, the Seller or Procurer(s)Procurer, as the case may be, shall raise a Supplementary Bill Xxxx for the Tariff adjustment payments Adjustment Payments for the relevant quarter/ Contract Year and shall make payment of such Supplementary Bill Xxxx for the Tariff adjustment payments Adjustment Payments for the relevant quarter/ quarter/Contract Year, as may be due as a result of such reconciliation. Late Payment Surcharge/ interest 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 dispute with regard to the above reconciliation shall be dealt with in accordance with the provisions of Article 1417.