Verification of Gross Revenue Clause Samples

The Verification of Gross Revenue clause establishes the right for one party, typically a licensor or partner, to review and confirm the accuracy of gross revenue figures reported by the other party. In practice, this clause may allow for periodic audits or require the provision of supporting financial documentation to substantiate reported earnings, especially when payments such as royalties or commissions are calculated based on gross revenue. Its core function is to ensure transparency and accuracy in financial reporting, thereby preventing underreporting and ensuring that all parties receive their fair contractual entitlements.
Verification of Gross Revenue. 24.10.1 The Authority may, in order to satisfy itself that the Concessionaire is reporting its Gross Revenue in an honest and faithful manner, depute its representatives to the Resort and the offices of the Concessionaire, and undertake such other measures and actions as it may deem necessary to ascertain the actual Revenues. 24.10.2 If the verification of Revenues pursuant to this Clause 24.9 demonstrates that the Gross Revenue is more than the amount reported by the Concessionaire, the Authority shall, for the purpose of determining the average daily Revenues, be entitled to undertake sampling of Revenue receipts of a continuous period of 15 (fifteen) days. The Parties hereto agree that if the average daily Revenue exceeds the average daily Revenue reported by the Concessionaire during the preceding 2 (two) months by 5% (five per cent) thereof, the difference between such daily Revenue and daily Gross Revenue shall be multiplied by 60 (sixty) and the product thereof shall be paid as Damages by the Concessionaire to the Authority, and in the event of any Dispute relating to such sampling, the Dispute Resolution Procedure in Article 39 shall apply. For avoidance of doubt it is agreed that seasonal variations in Revenue shall be determined by the Independent Expert on the basis of past trends and other relevant information and due weightage shall be assigned to such variations in computing the Gross Revenue under Clause 24.9.
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Verification of Gross Revenue. 22.10.1 The Authority may, in order to satisfy itself that the Contractor is reporting its Gross Revenue in an honest and faithful, depute its representatives to the offices of the Contractor, and undertake such other measures and actions as it may deem necessary to ascertain the actual Revenues. 22.10.2 If the verification of Revenues pursuant to this Article 22.7 demonstrates that the Gross Revenue is more than the amount reported by the Contractor, the Authority shall, for the purpose of determining the average daily Revenues, be entitled to undertake sampling of Revenue receipts for a continuous period of [15 (fifteen) days]. The Parties hereto agree that if the average daily Revenue exceeds the average daily Revenue reported by the Contractor during the preceding [2 (two) months] by [5%(five percent)] thereof, the difference between such daily Revenue and daily Gross Revenue shall be multiplied by [60 (sixty)] and the product thereof shall be paid as Damages by the Contractor to the Authority, and in the event of any Dispute relating to such sampling the Dispute Resolution Procedure shall apply. For avoidance of doubt it is agreed that seasonal variations in Revenues shall be determined by the Project Management Agency on the basis of past trends and other relevant information and due weightage shall be assigned to such variations in computing the Gross Revenue payable under this Article 22.8.2.
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Verification of Gross Revenue. The Authority may, in order to satisfy itself that the Concessionaire is reporting its Gross Revenue in an honest and faithful manner, depute its representatives to the Resort and the offices of the Concessionaire, and undertake such other measures and actions as it may deem necessary to ascertain the actual Revenues.
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Verification of Gross Revenue. 27.5.1 The Authority may, in order to satisfy itself that the Concessionaire is reporting its Gross Revenue honestly and faithfully, depute its representatives to the MMLP, centralised controls of automatic revenue collection system and the offices of the Concessionaire/its representative / sublicensee/lessee and undertake such other measures and actions as it may deem necessary, to ascertain the actual revenue. 27.5.2 If the verification of Gross Revenue pursuant to this Clause 27.5 demonstrates that the Gross Revenue is more than the amount reported by the Concessionaire or its sub-licensees / lessees, the Concessionaire shall pay Damages, to the Authority, at the rate equal to [30 (thirty) times] the difference in daily Gross Revenue determined by the Authority or its representative.
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Related to Verification of Gross Revenue

  • Gross Revenue The Gross Revenue shall be inclusive of installation charges, late fees, sale proceeds of handsets (or any other terminal equipment etc.), revenue on account of interest, dividend, value added services, supplementary services, access or interconnection charges, roaming charges, revenue from permissible sharing of infrastructure and any other miscellaneous revenue, without any set-off for related item of expense, etc.

  • Gross Revenues All revenues, receipts, and income of any kind derived directly or indirectly by Lessee from or in connection with the Hotel (including rentals or other payments from tenants, lessees, licensees or concessionaires but not including their gross receipts) whether on a cash basis or credit, paid or collected, determined in accordance with generally accepted accounting principles, excluding, however: (i) funds furnished by Lessor, (ii) federal, state and municipal excise, sales, and use taxes collected directly from patrons and guests or as a part of the sales price of any goods, services or displays, such as gross receipts, admissions, cabaret or similar or equivalent taxes and paid over to federal, state or municipal governments, (iii) the amount of all credits, rebates or refunds to customers, guests or patrons, and all service charges, finance charges, interest and discounts attributable to charge accounts and credit cards, to the extent the same are paid to Lessee by its customers, guests or patrons, or to the extent the same are paid for by Lessee to, or charged to Lessee by, credit card companies, (iv) gratuities or service charges actually paid to employees, (v) proceeds of insurance and condemnation, (vi) proceeds from sales other than sales in the ordinary course of business, (vii) all loan proceeds from financing or refinancings of the Hotel or interests therein or components thereof, (viii) judgments and awards, except any portion thereof arising from normal business operations of the Hotel, and (ix) items constituting “allowances” under the Uniform System.

  • Contract Quarterly Sales Reports The Contractor shall submit complete Quarterly Sales Reports to the Department’s Contract Manager within 30 calendar days after the close of each State fiscal quarter (the State’s fiscal quarters close on September 30, December 31, March 31, and June 30). Reports must be submitted in MS Excel using the DMS Quarterly Sales Report Format, which can be accessed at ▇▇▇▇▇://▇▇▇.▇▇▇.▇▇▇▇▇▇▇▇▇.▇▇▇/business_operations/ state_purchasing/vendor_resources/quarterly_sales_report_format. Initiation and submission of the most recent version of the Quarterly Sales Report posted on the DMS website is the responsibility of the Contractor without prompting or notification from the Department’s Contract Manager. If no orders are received during the quarter, the Contractor must email the DMS Contract Manager confirming there was no activity.

  • Gross Receipts The entire amount of all receipts, determined on a cash basis, from (a) tenant rentals collected pursuant to tenant leases of apartment units, for each month during the term hereof; provided that there shall be excluded from tenant rentals any tenant security deposits (except as provided below); (b) cleaning, tenant security and damage deposits forfeited by tenants in such period; (c) laundry and vending machines income; (d) any and all other receipts from the operation of the Project received and relating to the period in question; (e) proceeds from rental interruption insurance, but not any other insurance proceeds or proceeds from third-party damage claims, and (f) any other sums and charges collected in connection with termination of the tenant leases. Gross Receipts also does not include the proceeds of (i) any sale, exchange, refinancing, condemnation, or other disposition of all or any part of the Project, (ii) any loans to Owner whether or not secured by all or any part of the Project, (iii) any capital expenditures or funds deposited to cover costs of operations made by Owner, and (iv) any insurance policy (other than rental interruption insurance or proceeds from third-party damage claims).

  • TECHNICAL EVALUATION (a) Detailed technical evaluation shall be carried out by Purchase Committee pursuant to conditions in the tender document to determine the substantial responsiveness of each tender. For this clause, the substantially responsive bid is one that conforms to all the eligibility and terms and condition of the tender without any material deviation. The Institute’s determination of bid’s responsiveness is to be based on the contents of the bid itself without recourse to extrinsic evidence. The Institute shall evaluate the technical bids also to determine whether they are complete, whether required sureties have been furnished, whether the documents have been properly signed and whether the bids are in order. (b) The technical evaluation committee may call the responsive bidders for discussion or presentation to facilitate and assess their understanding of the scope of work and its execution. However, the committee shall have sole discretion to call for discussion / presentation. (c) Financial bids of only those bidders who qualify the technical criteria will be opened provided all other requirements are fulfilled. (d) AIIMS Jodhpur shall have right to accept or reject any or all tenders without assigning any reasons thereof.