Annual Assessment definition
Examples of Annual Assessment in a sentence
Once the new Party is approved for membership, that Party assumes responsibility for its Annual Assessment and all other obligations as a Party to this Agreement.
Each Partner and Partner Equivalent Agency must notify City in writing within 15 business days after receipt of the invoice for the Annual Assessment if its invoice does not correctly state its Annual Assessment.
Termination or withdrawal of a BVWACS Party has no effect on a Remaining Party’s rights to participate in the BVWACS other than the specific rights and duties set out in this Agreement, and the continuing duty of all Remaining Parties to pay their Annual Assessment.
If the Withdrawing Party has an offer to purchase its BVWACS Value from an entity but all of the Remaining Parties do not approve that entity as a reasonable replacement for the Withdrawing Party, the Remaining Parties shall compensate the Withdrawing Party for its BVWACS Value in proportion to their Annual Assessment of BVWACS and obtain a proportionate share of the Withdrawing Party’s BVWACS Value.
The Executive Board shall, no later than March 1st of each year, recommend that each Partner Agency and Partner Equivalent Agency approve the Budget and appropriate its Annual Assessment in its budget for its next fiscal year.