Subsequent Annual Payments Clause Samples
The "Subsequent Annual Payments" clause defines the schedule and obligations for making recurring payments after the initial payment period in a contract. Typically, this clause outlines when each annual payment is due, the amount or method for calculating the payment, and any conditions that might affect the payment schedule, such as adjustments for inflation or performance milestones. Its core practical function is to ensure both parties have a clear understanding of ongoing financial commitments, thereby reducing the risk of disputes over payment timing or amounts in long-term agreements.
Subsequent Annual Payments. On October 1, 2001 and each October 1 thereafter during the Initial Term, UDC will provide to PPG a proposed Statement of Work setting forth its anticipated requirements for the period from January 1 of the subsequent calendar year through December 31 of such calendar year (each a "Subsequent Period"). For the purposes of this Agreement, the Initial Period and each Subsequent Period are sometimes referred to as "Period."
10.2.1 Following receipt of each proposed Statement of Work, on November 15, 2000 and each November 1 thereafter during the Initial Term, PPG will provide to UDC PPG's written calculation of PPG Estimated Expense for the Subsequent Period covered by the proposed Statement of Work. Within fifteen (15) days of UDC's receipt from PPG of the calculation of PPG Estimated Expenses, UDC shall either approve or reject such calculation of PPG Estimated Expenses by written notice to PPG. If UDC rejects PPG's calculation of PPG Estimated Expenses and provides its written reasons therefor, UDC and PPG, through their President and Vice-President, Specialty Chemicals, respectively, shall work together to establish a mutually acceptable estimate before December 31 of the year prior to which such shares may be earned. Upon the parties' agreement of a mutually acceptable Statement of Work and PPG Estimated Expenses therefor, the Statement of Work shall constitute an agreed-upon Statement of Work for such Subsequent Period. On the first business day immediately following [The confidential material contained herein has been omitted and has been separately filed with the Commission.] of the calendar year to which an agreed-upon Statement of Work relates, UDC will deliver to PPG such number of duly authorized, validly issued fully paid and non-assessable shares of UDC Common Stock as is equal to the quotient of (a) the PPG Estimated Expenses for the period covered by an agreed-upon Statement of Work divided by (b) the Average Price. Notwithstanding the foregoing sentence, for the first annual period beginning on [The confidential material contained herein has been omitted and has been separately filed with the Commission.] following the execution of this Agreement, in addition to delivering the shares of UDC Common Stock provided in the foregoing sentence, which shares shall be deemed to be added to the Initial Period Shares, UDC will execute an amendment to the secured promissory note described in Section 10.1, to increase the principal amount thereof for [Th...
Subsequent Annual Payments. In addition to the Initial Payment, Client shall pay Contractor annually a lump sum payment for the Services to be provided by Contractor for the then upcoming calendar year (the “Annual Payment”). The Annual Payment shall be due on or before April 1st of each calendar year during the Term, beginning in 2026. Client shall pay Contractor the first Annual Payment in the amount of one thousand and forty dollars and zero cents; $1040 on or before April 1, 2026. The Annual Payment shall be payable via immediately available U.S. Dollars.
Subsequent Annual Payments. (A) Buyer shall deliver additional payments ("Annual Payments") as follows, on or before the date due: Date Due Amount Due -------- ---------- January 1, 1998: $40,000 January 1, 1999: $50,000
Subsequent Annual Payments. On October 1, 2000 and each October 1 thereafter during the Initial Term, UDC will provide to PPG a proposed Statement of Work setting forth its anticipated requirements for the period from January 1 of the subsequent calendar year through December 31 of such calendar year (each a "Subsequent Period"). For the purposes of this Agreement, the Initial Period and each Subsequent Period are sometimes referred to as "Period."
10.2.1 Following receipt of each proposed Statement of Work, on November 15, 2000 and each November 1 thereafter during the Initial Term, PPG will provide to UDC PPG's written calculation of PPG Estimated Expense for the Subsequent Period covered by the proposed Statement of Work. Within fifteen (15) days of UDC's receipt from PPG of the calculation of PPG Estimated Expenses, UDC shall either approve or reject such calculation of PPG Estimated Expenses by written notice to PPG. If UDC rejects PPG's calculation of PPG Estimated Expenses and provides its written reasons therefor, UDC and PPG, through their President and Vice-President, Specialty Chemicals, respectively, shall work together to establish a mutually acceptable estimate before December 31 of the year prior to which such shares may be earned. Upon the parties' agreement of a mutually acceptable Statement of Work and PPG Estimated Expenses therefor, the
Subsequent Annual Payments. The Annual Payment shall be paid by the Town to the Library District on or before July 1 of the year before the year being paid for.