Examples of Reconciliation Amount in a sentence
The Annual Reconciliation Amount shall be due and payable on the last Business Day of the Payment Period following the Payment Period in which the Annual Report is delivered pursuant to the Project Agreement by the Contractor to the Authority or on the date of delivery of the Annual Report in respect of the final Contract Year and no interest for late payment shall be due from either Party to the other in respect of any period occurring before such due date for payment.
The Annual Reconciliation Amount in respect of the Final Contract Year shall result in an amount due from the Authority to the Contractor (or vice versa) and payable in accordance with clause 45.3 (Final Payment Periods) of the Project Agreement.
The Annual Reconciliation Amount is a payment by each Partner to the Host Authority (if positive) or to each Partner from the Host Authority (if negative) in respect of reconciliation differences between the amounts which have accrued due during the relevant Contract Year and payments actually made through each Partner’s Monthly Payments and Quarterly Payments in respect of the relevant Contract Year.
Any dispute relating to the Reconciliation Amount shall be resolved in accordance with Article 22.
If the Reconciliation Amount is negative, the Reconciliation Amount will be invoiced to DWR as Additional Charges in the manner set forth in Section 7 of the Agreement.