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A gross-up clause is also used when a payment that is made will be subject to taxes and the payer makes an additional payment to indemnify the recipient against the taxes – that payment will also be subject to tax. The sequence of additional payment, tax calculation, additional payment continues until the recipient receives the same amount ...
The term clawback or claw back refers to any money or benefits that have been given out, but are required to be returned (clawed back) due to special circumstances or events, such as the monies having been received as the result of a financial crime, or where there is a clawback provision in the executive compensation contract.
A return is costly for the vendor and inconvenient for the customer; any return that can be prevented benefits both parties. Returned merchandise requires management by the manufacturer after the return. The product has a second life cycle after the return. An important aspect of RMA management is learning from RMA trends to prevent further ...
An automatic renewal clause is used in the insurance and healthcare industries . An automatic renewal clause (also referred to as an evergreen clause), is activated towards the end of the contractual period whereby it automatically renews the terms of an agreement except when the contract is terminated (through mutual agreement or contract breach), or one of the contracting parties has sent a ...
They are acceptable for payment of personal or small business's debts and can be purchased for a small fee at many locations such as post office and grocery. [ 6 ] Petty cash is a small amount of cash that is used for payment of insignificant expenses and the amount of it may vary depending on the organisation. [ 7 ]
Prompt payment is a commercial discipline which requires businesses to: agree fair and reasonable payment terms with their suppliers; ensure suppliers' invoices are approved and paid within agreed terms; encourage adoption of the same practices throughout their supply chain.