Common use of Quarterly and Annual Reconciliation Clause in Contracts

Quarterly and Annual Reconciliation. The parties acknowledge that all payments made against the Invoices shall be subject to quarterly reconciliation within ninety (90) Business Days of the end of the quarter of each Contract Year and annual reconciliation within 90 (ninety) Business Days of the end of each Contract Year. 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 BPDB and the Company shall jointly sign such reconciliation statement. Provided that the joint signing of such reconciliation statement shall be conducted in India and Bangladesh on alternate basis or as mutually agreed between the Parties. After signing of a reconciliation statement, the Company shall make appropriate adjustments in the following Invoice, with interest, as applicable. 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 mentioned above.

Quarterly and Annual Reconciliation. The parties acknowledge that all payments made against the Invoices shall be subject to quarterly reconciliation within ninety 30 (90thirty) Business Days of the end of the quarter of each Contract Year and annual reconciliation within 90 30 (ninetythirty) Business Days of the end of each Contract Year. 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 BPDB and the Company shall jointly sign such reconciliation statement. Provided that the joint signing of such reconciliation statement shall be conducted in India and Bangladesh on alternate basis or as mutually agreed between the Parties. After signing of a reconciliation statement, the Company shall make appropriate adjustments in the following Invoice, with interest, as applicable. 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 mentioned above.