✨ Commercial Agreement Clauses
5 JULY 2011 NEW ZEALAND GAZETTE, No. 93 2737
substitute index will apply. Failing agreement, a substitute index (or adjusted formula) and the time from which it applies is to determined by a single expert in accordance with clause 11.
- PAYMENT
7.1 Invoice: By the 10th day of each month:
(a) Meridian shall provide to Genesis an invoice for the aggregate of:
(i) the Electricity Fee; and
(ii) the Wind Data Fee;
incurred in the previous month and for GST payable under clause 7.3.
(b) Genesis shall provide to Meridian an invoice for the Ancillary Equipment Fee incurred in the previous month and for GST payable under clause 7.3.
7.2 Payment: Each party shall pay each invoice provided by the other party under either clause 7.1(a) or 7.1(b) by the 20th day of the month following the date of receipt of that invoice.
7.3 GST: The Electricity Fee, Wind Data Fee and the Ancillary Equipment Fee do not include any GST. In addition to the Electricity Fee, the Wind Data Fee and the Ancillary Equipment Fee, each party shall pay to the other party the amount of all GST chargeable on any taxable supply by that party under this agreement.
7.4 Disputing invoices: If either party ("Disputing Party") in good faith disputes the accuracy of any invoice provided to it by the other party, the Disputing Party shall, within 10 Business Days after receipt of the invoice, give notice of that fact to the other party. That notice shall state the basis of the dispute and give relevant supporting details. The Disputing Party shall pay the undisputed portion of the invoice and may withhold payment of the portion disputed. If the parties do not resolve the dispute within 20 Business Days of the date of the notice, the dispute shall be referred to the Chief Executive Officers of each party for resolution. If the Chief Executive Officers do not resolve the dispute within 20 Business Days of the date on which it is referred to them, the dispute may be referred by either party to a single expert for determination pursuant to clause 11.
- LIMITATION OF LIABILITY
8.1 Monetary limit: The liability of each party to the other party in respect of claims arising directly or indirectly from any breach of this agreement or from any negligence or other act or omission, shall be limited to in respect of sections 3, 4, 5 and 6, to a maximum of:
(a) $25,000 in respect of any event or series of related events; and
(b) $1,000,000 in aggregate.
- LIMITS ON VARIATION OF AGREEMENT
9.1 Limitation: No extension, variation, novation, supplementation or further agreement or assurance under or in respect of this agreement ("Extension") may be made or acted
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NZ Gazette 2011, No 93
✨ LLM interpretation of page content
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Agreement between Meridian Energy Limited and Genesis Power Limited
(continued from previous page)
🏗️ Infrastructure & Public WorksElectricity Industry Act 2010, Power Stations, Tekapo A, Tekapo B, Ancillary Equipment Fee, Bill Rate, Business Day, Commencement Date, Electricity Fee, GST, Meridian’s Standard Terms and Conditions, Sale and Purchase Agreement, Subsidiary, Summer, Tekapo A Power Station, Tekapo B Power Station, Wind Data, Wind Data Fee, Winter