Settlement Mechanism Clause Samples
Settlement Mechanism. 1. Each Party may refer to the Joint Committee any divergence in the application or interpretation of this Agreement.
2. The Joint Committee will deal with the divergence in accordance with Article 41(1)(c) and (d).
3. If either Party considers that the other Party has failed to fulfil any of its obligations under this Agreement it may take appropriate action. Before doing so, except in cases of special urgency, it shall present to the Joint Committee all the relevant information required for a thorough examination of the situation with a view to seeking a solution acceptable to the Parties.
4. The Parties agree that for the purpose of the correct interpretation and practical application of this agreement the term "cases of special urgency" in paragraph 3 means a case of the material breach of the Agreement by one of the Parties. A material breach consists in:
(i) repudiation of the agreement not sanctioned by the general rules of international law, or
(ii) violation of an essential element of the Agreement, as described in Articles 1(1), 3(2) and 35.
5. In the selection of actions, priority must be given to those which least disturb the functioning of this Agreement. These actions shall be notified immediately to the other Party and shall be the subject of consultations within the Joint Committee if the other Party so requests.
Settlement Mechanism. Sanctions and penalties will be determined at the end of every period of time as per above table. For pecuniary penalties, the identified percentages will be applied to the volumes handled during the elapsed period of time and deducted from the payments due at the end of the following months.
Settlement Mechanism. The Co-location Fee and Power Reimbursement fee for each Billing Period shall be settled in accordance with the following mechanism:
(i) if the amount of the invoice equals to the Prepayment provided in accordance with Article 3.5, the invoice shall be deemed as fully settled on the date of the invoice;
(ii) if the amount of the invoice is less than the Prepayment provided in accordance with Article 3.5, the invoice shall be deemed as fully settled on the date of the invoice and the portion of the difference between the Prepayment and the invoice (the “Balance”) shall be used to offset the Prepayment in the subsequent period(s); and
(iii) if the amount of the invoice is more than the Prepayment provided in accordance with Article 3.5, CTG shall pay to Service Provider the difference between the Prepayment and the amount in the invoice on or before the invoice is due in accordance with Article 3.6(b) and the invoice shall be deemed as fully settled upon CTG’s payment of such difference.
(i) CTG shall pay the amount of the invoice after deducting the Balance (if any) on or before the invoice is due in accordance with Article 3.6(b) and top up the amounts paid to Service Provider as a Prepayment for the following periods, as set out in the Service Order.
Settlement Mechanism. Invoices are due ten (10) days from the date of issue. Host shall apply any remaining Prepayments already paid to Services Provider to each invoice and shall in each invoice charge Prepayments for the following two Billing Periods (if applicable), as well as charging the Power Reimbursement and any other Fees. If the invoice shows an amount owing to Client (ie a credit), Host may, before remitting any credit to Client, first deduct from the credit any amounts currently due and payable to Host (including unpaid invoices, or the credit can be used to increase the Deposit held by Host, if the amount held on deposit is less than the required amount). If there is a credit outstanding to Client after these deductions are made, then Host will remit a credit to Client within fifteen (15) days of the date of issue of the invoice.
Settlement Mechanism. Invoices are due ten (10) days from the date of issue. Host shall apply any remaining Prepayments already paid to Services Provider to each invoice and shall in each invoice charge Prepayments for the following two Billing Periods (if applicable), as well as charging the Power Reimbursement and any other Fees. If the invoice shows an amount owing to Client (i.e. a credit), Host may, before remitting any credit to Client, first deduct from the credit any amounts currently due and payable to Host (including unpaid invoices). If there is a credit outstanding to Client after these deductions are made, then Host will remit a credit to Client within fifteen (15) days of the date of issue of the invoice.