Submission of Final Cost Statement Clause Samples

The 'Submission of Final Cost Statement' clause requires a party, typically the contractor, to provide a comprehensive and itemized account of all costs incurred during the execution of a project upon its completion. This statement usually includes detailed breakdowns of labor, materials, equipment, and any additional expenses, and must be submitted within a specified timeframe for review by the other party, often the client or project owner. The core function of this clause is to ensure transparency and accuracy in the project's financial reconciliation, enabling both parties to verify costs and settle final payments or resolve any outstanding financial issues.
Submission of Final Cost Statement. No later than sixty (60) days after the completion of the answer print or eighteen (18) months after wrap of principal photography, whichever comes first, Employer shall submit to the DGA a statement of all actual costs incurred in connection with the production of the Picture (i.e., those costs commonly referred to as the “negative cost”) that are not properly excluded from the Budget, as detailed in the first paragraph above (the “Final Cost Statement”). The DGA shall have the right to review and audit records relating to the cost of the Picture. The DGA shall have six (6) months from the date of receipt of the Final Cost Statement to notify Employer of a challenge or claim concerning the appropriate Level for the Picture. After said six (6) month period, the DGA shall be deemed to have waived the right to challenge the Budget or Level of production cost of the Picture. Costs incurred on account of force majeure events, default or disability of major talent, government action, or reshooting due to faulty negative caused by technical problems outside of Employer’s control shall not be counted toward the actual costs. If the actual final production cost of the Picture exceeds the Budget approved by the DGA by more than the budgeted contingency and such actual final production cost causes the Picture to have a Budget higher than its original Level, then the Picture shall be reclassified into such higher Level, the provisions applicable to the higher Level shall apply, and all salaries and other terms shall be adjusted accordingly and paid within thirty (30) days after submission of the Final Cost Statement. The currency rate in effect on the earlier of the date the bank financing for the Picture closes, or the start of principal photography, will be used for purposes of determining the Budget, and the final cost, of the Picture. For any Director assigned to the Picture, Employer shall use a deal memorandum in content and form substantially as set forth in Exhibit A attached to this Sideletter. For any Unit Production Manager and Assistant Director assigned to the Picture, Employer shall use a deal memorandum in content and form substantially as set forth in Exhibit B attached to this Sideletter.
View SourceView Similar (6)

Related to Submission of Final Cost Statement

  • SUBMISSION OF THE MONTHLY MI REPORT 4.1 The completed MI Report shall be completed electronically and returned to the Authority by uploading the electronic MI Report computer file to MISO in accordance with the instructions provided in MISO. 4.2 The Authority reserves the right (acting reasonably) to specify that the MI Report be submitted by the Supplier using an alternative communication to that specified in paragraph 4.1 above such as email. The Supplier agrees to comply with any such instructions provided they do not materially increase the burden on the Supplier.

  • Annual Statement The Plan Administrator shall provide to the Executive, within one hundred twenty (120) days after the end of each Plan Year, a statement setting forth the benefits to be distributed under this Agreement.

  • Problem Statement School bus fleets are aging, and our communities have poor air quality. Replacing school buses with zero emission school buses will address both of these issues.

  • SUBMISSION OF REPORTS All applicable study reports shall be submitted in preliminary form for approval by the State before a final report is issued. The State's comments on the Engineer's preliminary report must be addressed in the final report.

  • Compliance Statement If a Plan Sponsor or Eligible Organization receives a compliance statement under VCP, the compliance statement is binding upon the Service and the Plan Sponsor or Eligible Organization as provided in section 10.09.