Update Cost Sample Clauses
The Update Cost clause defines how costs associated with changes or updates to a project, product, or service are handled between the parties. Typically, it outlines the process for calculating, approving, and invoicing additional expenses that arise when modifications are requested after the initial agreement. For example, if a client requests new features or adjustments beyond the original scope, this clause specifies how those extra costs will be determined and paid. Its core function is to ensure transparency and fairness in managing financial implications of changes, preventing disputes over unexpected expenses.
Update Cost. To the extent permitted by an opinion of independent counsel or in reliance on No-Action letters issued by the staff of the Securities and Exchange Commission, the Trust shall bear the expenses associated with updating the Trusts' registration statements and maintaining registration or qualification of the Units and/or a Trust under Federal or state securities laws subsequent to initial registration. Such expenses shall include legal fees, accounting fees, typesetting fees, electronic filing expenses and regulatory filing fees. However, all direct distribution expenses of the Trusts (including the costs of maintaining the secondary market for the Trusts), such as printing and distributing prospectuses, and preparing, printing and distributing any advertisements or sales literature will be paid at no cost to the Trusts. Any payments received by the Sponsor reimbursing it for payments made to update Trusts' registration statements will not exceed the costs incurred by the Sponsors. The Trusts shall further incur expenses associated with all taxes and other governmental charges imposed upon the Bonds or any part of a Trust (no such taxes or charges are being levied or made or, to the knowledge of the Sponsor, contemplated). The above expenses, including the Trustee's fees, when paid by or owing to the Trustee, are secured by a lien on the Trust. In addition, the Trustee is empowered to sell Bonds in order to make funds available to pay all expenses."