Common use of Disputed Statement Clause in Contracts

Disputed Statement. If the Counterparty disputes a Statement or any portion thereof in good faith, the Party owing any amount set forth in the Statement shall, notwithstanding such dispute, pay any amount not in dispute to the Counterparty. The Counterparty shall provide written notice to the applicable Party setting out the portions of the Statement that are in dispute with a brief explanation of the dispute; provided, however, that any determination of Fair Market Value in accordance with Schedule 3 that is accurately reflected in a Statement may not be, for greater certainty, disputed by the Counterparty. If it is subsequently determined or agreed that an adjustment to the Statement is appropriate, the applicable Party will promptly (and, in any event, within ten (10) Business Days) prepare and deliver a revised Statement to the Counterparty. Any overpayment or underpayment of a Statement shall bear interest at the Interest Rate plus 2%, calculated daily and compounded monthly, from and including the time of such overpayment or underpayment to the date of the refund or payment thereof. Payment pursuant to the revised Statement shall be made on the tenth (10th) Business Day following the date on which the revised Statement is delivered to the Counterparty. If a Statement dispute has not been resolved between the relevant Parties within five (5) Business Days after receipt of written notice of such dispute by the relevant Party, the dispute may be submitted by either Party to a Senior Conference pursuant to the terms of Section 9.1 and thereafter to formal dispute resolution in accordance with the terms of Section 9.2.

Disputed Statement. If the Counterparty disputes a Statement or any portion thereof in good faith, the Party owing any amount set forth in the Statement shall, notwithstanding such dispute, pay any amount not in dispute to the Counterparty. The Counterparty shall provide written notice to the applicable Party setting out the portions of the Statement that are in dispute with a brief explanation of the dispute; provided, however, that any determination of Fair Market Value in accordance with Schedule 3 that is accurately reflected in a Statement may not be, for greater certainty, disputed by the Counterparty. If it is subsequently determined or agreed that an adjustment to the Statement is appropriate, the applicable Party will promptly (and, in any event, within ten (10) Business Days) prepare and deliver a revised Statement to the Counterparty. Any overpayment or underpayment of a Statement shall bear interest at the Interest Rate plus 2%, calculated daily and compounded monthly, from and including the time of such overpayment or underpayment to the date of the refund or payment thereof. Payment pursuant to the revised Statement shall be made on the tenth (10th) Business Day following the date on which the revised Statement is delivered to the Counterparty. If a Statement dispute has not been resolved between the relevant Parties within five (5) Business Days after receipt of written notice of such dispute by the relevant Party, the dispute may be submitted by either Party to a Senior Conference pursuant to the terms of Section 9.1 and thereafter to formal dispute resolution in accordance with the terms of Section 9.2.