Common use of Verification of Gross Revenue Clause in Contracts

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.

Verification of Gross Revenue. 24.10.1 24.9.1 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 Hotel 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 24.9.2 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.

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 Hotel 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.