Disputed Statements. (a) The Owner shall be entitled to dispute any amount set forth in any statement or invoice rendered by the Manager at any time during the twelve (12) month period from and after the date of receipt by the Owner of such statement or invoice. (b) If the Owner disputes any amount set forth in any statement or invoice rendered by the Manager prior to the date for rendering payment therefor, and the amount or the disputed portion of such statement or invoice exceeds $50,000, the Owner shall, within the time periods provided for herein, pay to the Manager 100% of the undisputed portion thereof plus 50% of the disputed portion thereof and deliver such payment together with a written statement setting forth the particulars in respect of which the Owner disputes such statement or invoice. (c) If the Owner disputes any amount set forth in any statement or invoice rendered by the Manager prior to the date for rendering payment therefor, and the amount or the disputed portion of such statement or invoice is less than $50,000, the Owner may withhold the disputed portion of the payment and deliver a written statement setting forth the particulars in respect of which the Owner disputes such statement or invoice. (d) If the dispute relating to any disputed portion of a statement or invoice is not settled within 30 days after the delivery of nature of the dispute by the Owner to the Manager, such dispute may be submitted by either party for final and binding settlement by arbitration as provided in Article 7 hereof. Any amount determined by such arbitrator to be payable as a result of the decision in such dispute shall be paid to the party entitled thereto, together with interest thereon from the date such amount was payable or was overpaid, as the case may be at a rate per annum equal to the Libor plus 2%, within 30 days after receipt of the arbitrator’s decision. The costs of the arbitration shall be borne by the losing party unless the arbitrator decides otherwise. (e) For greater certainty, it is agreed that the right of the Owner to dispute any amount set forth in any statement or invoice rendered by the Manager Legal*7317628.5 shall not apply in respect of any cost which had been specifically and expressly reviewed and approved in advance by the Owner.
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Disputed Statements. (a) The Owner shall be entitled to dispute any amount set forth in any statement or invoice rendered by the Manager at any time during the twelve (12) month period from and after the date of receipt by the Owner of such statement or invoice.
(b) If the Owner disputes any amount set forth in any statement or invoice rendered by the Manager prior to the date for rendering payment therefor, and the amount or the disputed portion of such statement or invoice exceeds $50,000, the Owner shall, within the time periods provided for herein, pay to the Manager 100% of the undisputed portion thereof plus 50% of the disputed portion thereof and deliver such payment together with a written statement setting forth the particulars in respect of which the Owner disputes such statement or invoice.
(c) If the Owner disputes any amount set forth in any statement or invoice rendered by the Manager prior to the date for rendering payment therefor, and the amount or the disputed portion of such statement or invoice is less than $50,000, the Owner may withhold the disputed portion of the payment and deliver a written statement setting forth the particulars in respect of which the Owner disputes such statement or invoice.
(d) If the dispute relating to any disputed portion of a statement or invoice is not settled within 30 days after the delivery of nature of the dispute by the Owner to the Manager, such dispute may be submitted by either party for final and binding settlement by arbitration as provided in Article 7 hereof. Any amount determined by such arbitrator to be payable as a result of the decision in such dispute shall be paid to the party entitled thereto, together with interest thereon from the date such amount was payable or was overpaid, as the case may be at a rate per annum equal to the Libor plus 2%, within 30 days after receipt of the arbitrator’s decision. The costs of the arbitration shall be borne by the losing party unless the arbitrator decides otherwise.
(e) For greater certainty, it is agreed that the right of the Owner to dispute any amount set forth in any statement or invoice rendered by the Manager Legal*7317628.5 shall not apply in respect of any cost which had been specifically and expressly reviewed and approved in advance by the Owner.
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