Verification of Gross Revenue Sample Clauses

Verification of Gross Revenue. 24.9.1 The Authority may, in order to satisfy itself that the Concessionaire is reporting its Gross Revenue in an honest and faithful manner, depute its representatives to the Hotel and the offices of the Concessionaire, and undertake such other measures and actions as it may deem necessary to ascertain the actual Revenues. 24.9.2 If the verification of Revenues pursuant to this Clause 24.9 demonstrates that the Gross Revenue is more than the amount reported by the Concessionaire, the Authority shall, for the purpose of determining the average daily Revenues, be entitled to undertake sampling of Revenue receipts of a continuous period of 15 (fifteen) days. The Parties hereto agree that if the average daily Revenue exceeds the average daily Revenue reported by the Concessionaire during the preceding 2 (two) months by 5% (five per cent) thereof, the difference between such daily Revenue and daily Gross Revenue shall be multiplied by 60 (sixty) and the product thereof shall be paid as Damages by the Concessionaire to the Authority, and in the event of any Dispute relating to such sampling, the Dispute Resolution Procedure in Article 39 shall apply. For avoidance of doubt it is agreed that seasonal variations in Revenue shall be determined by the Independent Expert on the basis of past trends and other relevant information and due weightage shall be assigned to such variations in computing the Gross Revenue under Clause 24.9.
Sample 1
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Verification of Gross Revenue. 27.5.1 The Authority may, in order to satisfy itself that the Concessionaire is reporting its Gross Revenue honestly and faithfully, depute its representatives to the MMLP, centralised controls of automatic revenue collection system and the offices of the Concessionaire/its representative / sublicensee/lessee and undertake such other measures and actions as it may deem necessary, to ascertain the actual revenue. 27.5.2 If the verification of Gross Revenue pursuant to this Clause 27.5 demonstrates that the Gross Revenue is more than the amount reported by the Concessionaire or its sub-licensees / lessees, the Concessionaire shall pay Damages, to the Authority, at the rate equal to [30 (thirty) times] the difference in daily Gross Revenue determined by the Authority or its representative.
Sample 1
Verification of Gross Revenue. The Authority may, in order to satisfy itself that the Concessionaire is reporting its Gross Revenue in an honest and faithful manner, depute its representatives to the Resort and the offices of the Concessionaire, and undertake such other measures and actions as it may deem necessary to ascertain the actual Revenues.
Sample 1

Related to Verification of Gross Revenue

  • Contractor Sales Reporting Vendor Management Fee Contractor Reports Master Contract Sales Reporting. Contractor shall report total Master Contract sales quarterly to Enterprise Services, as set forth below. Master Contract Sales Reporting System. Contractor shall report quarterly Master Contract sales in Enterprise Services’ Master Contract Sales Reporting System. Enterprise Services will provide Contractor with a login password and a vendor number. The password and vendor number will be provided to the Sales Reporting Representative(s) listed on Contractor’s Bidder Profile. Data. Each sales report must identify every authorized Purchaser by name as it is known to Enterprise Services and its total combined sales amount invoiced during the reporting period (i.e., sales of an entire agency or political subdivision, not its individual subsections). The “Miscellaneous” option may be used only with prior approval by Enterprise Services. Upon request, Contractor shall provide contact information for all authorized purchasers specified herein during the term of the Master Contract. If there are no Master Contract sales during the reporting period, Contractor must report zero sales. Due dates for Master Contract Sales Reporting. Quarterly Master Contract Sales Reports must be submitted electronically by the following deadlines for all sales invoiced during the applicable calendar quarter: March 31: April 30 June 30: July 31 September 30: October 31 December 31: January 31 Vendor Management Fee. Contractor shall pay to Enterprise Services a vendor management fee (“VMF”) of 1.50 percent on the purchase price for all Master Contract sales (the purchase price is the total invoice price less applicable sales tax). The sum owed by Contractor to Enterprise Services as a result of the VMF is calculated as follows: Amount owed to Enterprise Services = Total Master Contract sales invoiced (not including sales tax) x .0150. The VMF must be rolled into Contractor’s current pricing. The VMF must not be shown as a separate line item on any invoice unless specifically requested and approved by Enterprise Services. Enterprise Services will invoice Contractor quarterly based on Master Contract sales reported by Contractor. Contractors are not to remit payment until they receive an invoice from Enterprise Services. Contractor’s VMF payment to Enterprise Services must reference this Master Contract number, work request number (if applicable), the year and quarter for which the VMF is being remitted, and the Contractor’s name as set forth in this Master Contract, if not already included on the face of the check. Failure to accurately report total net sales, to submit a timely usage report, or remit timely payment of the VMF, may be cause for Master Contract termination or the exercise of other remedies provided by law. Without limiting any other available remedies, the Parties agree that Contractor’s failure to remit to Enterprise Services timely payment of the VMF shall obligate Contractor to pay to Enterprise Services, to offset the administrative and transaction costs incurred by the State to identify, process, and collect such sums. The sum of $200.00 or twenty-five percent (25%) of the outstanding amount, whichever is greater, or the maximum allowed by law, if less. Enterprise Services reserves the right, upon thirty (30) days advance written notice, to increase, reduce, or eliminate the VMF for subsequent purchases, and reserves the right to renegotiate Master Contract pricing with Contractor when any subsequent adjustment of the VMF might justify a change in pricing.

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