Common use of Review and Adjustment Clause in Contracts

Review and Adjustment. Each Contractor shall make payments currently to the City, as provided in this agreement, on the basis of the Value of the Oil Allocated to such Contractor determined on the basis of posted prices as set forth in subparagraph (1) or subparagraph (2) of the first full paragraph of Section 9(b) hereof, whichever shall be higher. At any time within nine (9) months after the end of each calendar year (or any fiscal year agreed upon between any Contractor and the City) during the term of this agreement, the City shall review and, if necessary adjust, the Value of Oil Allocated to each Contractor during such year on the basis of all available relevant and reliable information, for the purpose of determining whether any Contractor is required to account for any further Value of Oil Allocated to such Contractor under the terms of subparagraph (3) of said first full paragraph of Section 9(b) hereof, or under the provisions of Section 9(c) hereof. Any Contractor or the State, may require the City to make a review and, if necessary an adjustment, on the basis of all available relevant and reliable information, at any time within nine (9) months after the end of any such calendar (or fiscal) year of the Value of Oil Allocated to Contractors during such year and the proper application of the provisions of this Article 9. Each Contractor and the City shall pay or repay to the party entitled thereto any amount of amounts necessary to make the adjustments herein provided. The payment or repayment shall be made no later than the first month of the second calendar (or fiscal) year following the calendar (or fiscal) year for which the timely adjustment is made. After making any payment required by the City pursuant hereto to which any Contractor objects, or after the City’s refusal to make any adjustment which any Contractor requests, such Contractor may, after ninety (90) days’ notice to the City, bring an action against the City before a judge or judges of a court of competent jurisdiction for an adjudication on the basis of all reliable information then available pertaining to the matter at issue, for the recovery of all or any part of any amount paid pursuant to any adjustment hereunder, or for the recovery of any amount as to which the City has refused to make such an adjustment.

Review and Adjustment. Each The Contractor shall make payments currently to the CityState, as provided in this agreement, on the basis of the Value value of the Oil Allocated to such Contractor the Contract Lands determined on the basis of posted prices as set forth in subparagraph (1) or subparagraph (2) of the first full paragraph of Section 9(bsection 7(b) hereof, whichever shall be higher. At any time within nine (9) months after the end of each calendar year (or any fiscal year agreed upon between any Contractor the contractor and the CityState) during the term of this agreement, the City State shall review and, if necessary adjust, the Value value of Oil Allocated to each Contractor the Contract Lands during such year on the basis of all available relevant and reliable information, for the purpose of determining whether any the Contractor is required to account for any further Value value of Oil Allocated to such Contractor the Contract Lands under the terms of subparagraph subparagraphs (3) or (4) of said first full paragraph of Section 9(bsection 7(b) hereof, or under the provisions of Section 9(csection 7(c) hereof. Any The Contractor or the State, may require the City State to make a review and, if necessary an adjustment, on the basis of all available relevant and reliable information, at any time within nine (9) months moths after the end of any such calendar (or fiscal) year of the Value value of Oil Allocated to Contractors the Contract Lands during such year and the proper application of the provisions of this Article 97. Each The Contractor and the City shall pay or repay to the party entitled thereto State any amount of or amounts necessary to make the adjustments herein provided. The payment or repayment shall be made no later than the first month of the second calendar (or fiscal) year following the calendar (or fiscal) year for which the timely adjustment is made. After making any payment required by the City State pursuant hereto to which any the Contractor objects, or after the CityState’s refusal to make any adjustment which any the Contractor requests, such the Contractor may, after ninety (90) days’ notice to the CityState, bring an action against the City State before a judge or judges of a court of competent jurisdiction for an adjudication on the basis of all reliable information then available pertaining to the matter at issue, for the recovery of all or any part of any amount paid pursuant to any adjustment hereunder, or for the recovery of any amount as to which the City State has refused to make such an adjustment.

Review and Adjustment. Each Contractor shall make payments currently to the City, as provided in this agreement, on the basis of the Value of the Oil Allocated to such Contractor determined on the basis of posted prices as set forth in subparagraph (1) or subparagraph (2) of the first full paragraph of Section 9(b) hereof, whichever shall be higher. At any time within nine (9) months after the end of each calendar year (or any fiscal year agreed upon between any Contractor and the City) during the term of this agreement, the City shall review and, if necessary adjust, the Value of Oil Allocated to each Contractor during such year on the basis of all available relevant and reliable information, for the purpose of determining whether any Contractor is required to account for any further Value of Oil Allocated to such Contractor under the terms of subparagraph (3) or (4) of said first full paragraph of Section 9(b) hereof, or under the provisions of Section 9(c) hereof. Any Contractor or the State, may require the City to make a review and, if necessary an adjustment, on the basis of all available relevant and reliable information, at any time within nine (9) months after the end of any such calendar (or fiscal) year of the Value of Oil Allocated to Contractors during such year and the proper application of the provisions of this Article 9. Each Contractor and the City shall pay or repay to the party entitled thereto any amount of or amounts necessary to make the adjustments herein provided. The payment or repayment shall be made no later than the first month of the second calendar (or fiscal) year following the calendar (or fiscal) year for which the timely adjustment is made. After making any payment required by the City pursuant hereto to which any Contractor objects, or after the City’s refusal to make any adjustment which any Contractor requests, such Contractor may, after ninety (90) days’ notice to the City, bring an action against the City before a judge or judges of a court of competent jurisdiction for an adjudication on the basis of all reliable information then available pertaining to the matter at issue, for the recovery of all or any part of any amount paid pursuant to any adjustment hereunder, or for the recovery of any amount as to which the City has refused to make such an adjustment.