Common use of MINIMUM FEE PAYABLE Clause in Contracts

MINIMUM FEE PAYABLE. (a) Each Party shall be responsible for paying an annual minimum fee that is calculated by applying the following formula: That minimum rate established by the Management Committee from time to time X Number of tonnes of Waste provided by the Party in that fiscal year (the "Minimum Fee"). (b) If total payments made by a Party in a given year, for Waste Management Services, exceeds that Party's Minimum Fee, that Party shall not be entitled to a refund of any excess amount that was paid.