Common use of Remuneration of the Manager Clause in Contracts

Remuneration of the Manager. (a) In consideration of the performance by the Manager of its obligations under this agreement, each Joint Venturer must pay the Manager its Percentage Share of the Management Fee as part of a Called Sum. (b) The Management Fee may be varied by the Management Committee by Unanimous Vote. (c) As soon as reasonably practicable after the conclusion of each month the Manager must send to each Joint Venturer a statement specifying the amount payable by that Joint Venturer on account of the Management Fee as assessed in relation to that month. The amount specified in that statement is due and payable by that Joint Venturer to the Manager within 7 days from the commencement of the next month.