PROFIT SHARING STATEMENT Clause Samples

A Profit Sharing Statement clause outlines the process and requirements for providing a detailed account of profits generated under an agreement. Typically, this clause specifies when and how the statement must be delivered, what financial information it should include, and the frequency of reporting—such as quarterly or annually. Its core function is to ensure transparency and accountability in the distribution of profits, allowing all parties to verify their entitled share and reducing the risk of disputes over financial calculations.
PROFIT SHARING STATEMENT. The Contractor shall prepare with respect to each Quarter a Profit Sharing Statement containing the following information:
View SourceView Similar (8)
PROFIT SHARING STATEMENT. 6.4.1 The Licensee shall prepare with respect to each Calendar Quarter a profit sharing statement containing the following information: (a) The total amount of Profit Petroleum to be shared between the Government and the Licensee in the Calendar Quarter in question. (b) The amount of Profit Petroleum due to the Government and the Licensee as well as to each constituent of the Licensee in the Calendar Quarter in question. 6.4.2 The profit sharing statement shall be submitted to Government not later than thirty (30) days after the end of such Calendar Quarter. 6.4.3 The Licensee shall prepare an annual profit sharing statement containing the following information: (a) The calculation of the applicable net income as defined in Article 12 for the Calendar Year. (b) The R-Factor at the end of the Calendar Year. (c) The total amount of Profit Petroleum to be shared between the Government and the Licensee for the Calendar Year. (d) The amount of Profit Petroleum due to the Government and the Licensee as well as to each constituent of the Licensee for the Calendar Year. (e) The annual statement shall be submitted as part of end of year statement under Section 6.5 of this Accounting and Financial Procedure within ninety (90) days after the end of each Calendar Year.
View Source

Related to PROFIT SHARING STATEMENT

  • Profit Sharing Plan Under the Northrim BanCorp, Inc. Profit Sharing Plan (the “Plan”), Executive shall be eligible to receive an annual profit share based on performance as defined by the Board of Directors. Executive will be classified in the Executive tier under the Plan’s Responsibility Factors. If Employer is required to prepare an accounting restatement due to “material noncompliance of the Employer,” the Employer will recover from the Executive any incentive compensation during the three (3) years prior to the date of the restatement, in excess of what would have been paid under the restatement. Executive’s signature on this Agreement authorizes Employer to offset or deduct from any compensation Employer may owe Executive, any excess payments (in whole or in part) that Executive may owe Employer due to such restatement(s).

  • Profit Sharing Profit sharing, bonuses, or other similar compensation of any kind paid by CM/GC to its employees.

  • SAVINGS/FORCE MAJEURE A force majeure occurrence is an event or effect that cannot be reasonably anticipated or controlled. Force majeure includes, but is not limited to, acts of God, acts of war, acts of public enemies, strikes, fires, explosions, actions of the elements, floods, or other similar causes beyond the control of the Contractor or the Commissioner in the performance of the Contract which non- performance, by exercise of reasonable diligence, cannot be prevented. Contractor shall provide the Commissioner with written notice of any force majeure occurrence as soon as the delay is known. Neither the Contractor nor the Commissioner shall be liable to the other for any delay in or failure of performance under the Contract due to a force majeure occurrence. Any such delay in or failure of performance shall not constitute default or give rise to any liability for damages. The existence of such causes of such delay or failure shall extend the period for performance to such extent as determined by the Contractor and the Commissioner to be necessary to enable complete performance by the Contractor if reasonable diligence is exercised after the cause of delay or failure has been removed. Notwithstanding the above, at the discretion of the Commissioner where the delay or failure will significantly impair the value of the Contract to the State or to Authorized Users, the Commissioner may: a. Accept allocated performance or deliveries from the Contractor. The Contractor, however, hereby agrees to grant preferential treatment to Authorized Users with respect to Product subjected to allocation; and/or b. Purchase from other sources (without recourse to and by the Contractor for the costs and expenses thereof) to replace all or part of the Products which are the subject of the delay, which purchases may be deducted from the Contract quantities without penalty or liability to the State; or c. Terminate the Contract or the portion thereof which is subject to delays, and thereby discharge any unexecuted portion of the Contract or the relative part thereof.

  • Tax Accounting Services (1) Maintain accounting records for the investment portfolio of the Fund to support the tax reporting required for “regulated investment companies” under the Internal Revenue Code of 1986, as amended (the “Code”). (2) Maintain tax lot detail for the Fund’s investment portfolio. (3) Calculate taxable gain/loss on security sales using the tax lot relief method designated by the Trust. (4) Provide the necessary financial information to calculate the taxable components of income and capital gains distributions to support tax reporting to the shareholders.

  • Savings Plan Executive will be eligible to enroll and participate, and be immediately vested in, all Company savings and retirement plans, including any 401(k) plans, as are available from time to time to other key executive employees.