Reconciliation and adjustment Sample Clauses
The Reconciliation and Adjustment clause establishes a process for reviewing and correcting financial or operational discrepancies between parties, typically after the completion of a transaction or reporting period. This clause outlines how parties will compare records, identify any differences in amounts owed or delivered, and make necessary adjustments, such as issuing additional payments or credits. Its core function is to ensure accuracy and fairness in the final settlement, preventing disputes by providing a clear mechanism for resolving inconsistencies.
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Reconciliation and adjustment. (a) This clause 7.13 applies if, after the Outturn of all Bulk Wheat of a Season from all Company Facilities, there is a difference between the Client's Outturn Entitlement and the tonnage actually Outturned to the Client.
(b) For all Bulk Wheat, unless otherwise agreed, a Season average price will be calculated based on weighted Season average cash prices posted by the Client and all Other Clients over harvest at all Company Facilities. If cash prices are not posted at particular Company Facilities, or are posted with such irregularity that they do not represent the market price (in the opinion of the Company in its sole discretion), then the Company will use the weighted average (major grade and average freight) estimated silo return (ESR) of three pool providers for the Season of delivery as its financial washout value.
(c) If the actual tonnage Outturned to the Client exceeds the Client’s Outturn Entitlement, the Client must pay the Company for the excess at the average price calculated under clause 7.13(b) (Washout Price).
(d) If the actual tonnage Outturned to the Client is less than the Client’s Outturn Entitlement, the Company may, at its discretion, either replace the physical Bulk Wheat shortfall in the Client’s Outturn Entitlement, or pay the Client for the deficiency in the Outturn Entitlement at the Washout Price.
Reconciliation and adjustment. (a) This clause 7.13 applies if, after the Outturn of all Bulk Wheat of a Service Year from all Viterra Facilities, there is a difference between the Client's Outturn Entitlement and the tonnage actually Outturned to the Client.
(b) If the actual tonnage Outturned to the Client exceeds the Client’s Outturn Entitlement, the Client must pay to Viterra the Excess Outturn Entitlement Amount within 15 days of receiving an invoice for that amount from Viterra.
(c) If the actual tonnage Outturned to the Client is less than the Client’s Outturn Entitlement, Viterra may, at its discretion, either:
(i) replace the physical Bulk Wheat shortfall in the Client’s Outturn Entitlement; or
(ii) pay to the Client the Shortfall Outturn Entitlement Amount.
(d) If the actual tonnage to be Outturned to the Client is less than one tonne of a particular Grade of Grain at any Viterra Facility, Viterra may, at its discretion:
(i) write off the Client’s Outturn Entitlement; and
(ii) not pay to the Client the Shortfall Outturn Entitlement Amount. Viterra does not require the Client’s consent to write off the Client’s Outturn Entitlement under this clause 7.13(d).
Reconciliation and adjustment. (a) This clause 7.13 applies if, after the Outturn of all Bulk Wheat of a Service Year from all Viterra Facilities, there is a difference between the Client's Outturn Entitlement and the tonnage actually Outturned to the Client.
(b) If the actual tonnage Outturned to the Client exceeds the Client’s Outturn Entitlement, the Client must pay to Viterra the Excess Outturn Entitlement Amount within 15 days of receiving an invoice for that amount from Viterra.
(c) If the actual tonnage Outturned to the Client is less than the Client’s Outturn Entitlement, Viterra may, at its discretion, either:
(i) replace the physical Bulk Wheat shortfall in the Client’s Outturn Entitlement; or
(ii) pay to the Client the Shortfall Outturn Entitlement Amount.
Reconciliation and adjustment. (a) This clause 7.13 applies if, after the Outturn of all Bulk Wheat of a Season from all Company Facilities, there is a difference between the Client's Outturn Entitlement and the tonnage actually Outturned to the Client.
(b) For all Bulk Wheat, unless otherwise agreed, a Season average price will be calculated based on weighted Season average cash prices posted by the Client and all Other Clients over harvest at all Company Facilities. If cash prices are not posted at particular Company Facilities, or are posted with such irregularity that they do not represent the market price (in the opinion of the Company in its sole discretion), then the Company will use the weighted average (major grade and average freight) estimated silo return (ESR) of three pool providers for the Season of delivery as its financial washout value.
Reconciliation and adjustment. (a) This clause 7.15 applies if, after the Outturn of all Grain of a Season from all Company Facilities, there is a difference between the Client's Outturn Entitlement and the tonnage actually Outturned to the Client.
(b) For all Grain, unless otherwise agreed, a Fair Market Value will be calculated.
(c) If the actual tonnage Outturned to the Client exceeds the Client’s Outturn Entitlement, the Client must pay the Company for the excess at Fair Market Value.
(d) If the actual tonnage Outturned to the Client is less than the Client’s Outturn Entitlement, the Company may, at its discretion, either replace the physical Grain shortfall in the Client’s Outturn Entitlement, or pay the Client for the deficiency in the Outturn Entitlement at Fair Market Value.
Reconciliation and adjustment. (a) This clause applies if, after the Outturn of all Grain of a Season from all Company Facilities, there is a difference between the Client's Outturn Entitlement and the tonnage actually Outturned to the Client.
(b) For all Grain, unless otherwise agreed, a Season average price will be calculated based on weighted Season average cash prices posted at Port Adelaide as reported by Profarmer. If cash prices are not posted, or are posted with such irregularity that they do not represent the market price (in the opinion of the Company in its sole discretion), then the Company will use the weighted average (major grade and average freight) estimated silo return (ESR) of three pool providers for the Season of delivery as its financial washout value.
(c) If the actual tonnage Outturned to the Client exceeds the Client’s Outturn Entitlement, the Client must either pay the Company for the excess at the average price calculated under clause (b) (Washout Price) or replace the shortfall by using other grades as negotiated and agreed with the Company.
Reconciliation and adjustment. After the close of Manager’s accounting records for each calendar month, Manager shall determine the Manager Fee for such month in accordance with Clause 5.2 and shall make a final determination of the Owner Proceeds. If (a) the Pre-Adjustment Owner Proceeds less the Estimated Manager Fee distributed for such calendar month pursuant to Clause 5.3 exceed (b) the Owner Proceeds less the Manager Fee as such amounts are finally determined for such month, then Manager shall remit the difference to the Owner Bank Account. If (a) the Pre-Adjustment Owner Proceeds less the Estimated Manager Fee distributed for such calendar month pursuant to Clause 5.3 is less than (b) the Owner Proceeds less the Manager Fee as such amounts are finally determined for such month, then Manager shall deduct such amount from the next payments to be made to LAPCO under Clause 5.3 hereof. Payments to be made under this Clause 5.4 shall be made by Manager within ten (10) days after the close of Manager’s accounting records for each calendar month.