14: RECEIPTS

(For receipts clauses see Form 14.1 [1260] onwards.)

14.1 Use of receipts clause

The term ‘receipts’ can mean either:

  1. (a)

        a reference to a source of money paid to a party to an agreement (as in the term ‘Publisher’s Net Receipts’, often found in standard contracts with authors where royalties are calculated as a percentage of such receipts); or

  2. (b)

        an acknowledgment that a sum of money or some other item, such as a document, has been received.

The latter meaning is considered here. Receipts clauses are occasionally found in commercial agreements, usually as a formal acknowledgment that a party has

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