received, collected and recognized

English translation: confusing phraseology

10:14 Aug 23, 2009
English language (monolingual) [PRO]
Law/Patents - Law: Contract(s) / Fees section
English term or phrase: received, collected and recognized
Dear colleagues, is the posted phrase commonly used in legal lingo? Here is the context:

The Fees and the Additional Fees... ...shall become due and payable XX days following the end of the quarter in which the applicable Net Receipts or Net Sales were actually **received, collected and recognized** by the Company and shall be paid against receipt of lawful invoices from the Consultant.

Are received and collected (in this context) the same and if different, how?
And finally, what does recognized stand for (I thought money that can be accounted for).
Lingopro
Israel
Local time: 12:41
Selected answer:confusing phraseology
Explanation:
Net sales must refer to sales effected by the consultant on behalf of the company.

The consultant sends sales returns and collected receipts (money accepted from the end customer) to the company. The company reconizes the sale as forming part of that quarter's business (advance sales probably wouldn't, for example) and allows that the consultant may invoice their fees and additional fees with respect to that business.

On receipt of an invoice the fees are paid in xx days.


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Note added at 6 hrs (2009-08-23 16:33:11 GMT)
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Sorry, forgot to point out that "recognized" would mean that the sales and receipts were all accepted, accounted as belonging to that consultant and allocated an accounting period.

Sales that were not recognized may belong to a future accounting period (advance sales), be for unfulfilled or unfulfillable orders (back orders and discontinued lines respectively) or be outside the consultant's sales remit and thus invalid for fee charging purposes.

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Note added at 1 day11 hrs (2009-08-24 21:57:46 GMT)
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Collected by the consultant (from the customer), received by the company (from the consultant)
Selected response from:

Andy Carr
Local time: 09:41
Grading comment
Thanks Andy for all your help and effort!
3 KudoZ points were awarded for this answer



SUMMARY OF ALL EXPLANATIONS PROVIDED
4...received, compiled and acknowledged...
eski
3 +1confusing phraseology
Andy Carr
3vde. below
Rolf Keiser
3 -1received, calculated the totals, and acknowledged
Yasutomo Kanazawa
Summary of reference entries provided
I guess that zero results in Google
Stanislaw Czech, MCIL CL

  

Answers


1 hr   confidence: Answerer confidence 3/5Answerer confidence 3/5 peer agreement (net): -1
received, calculated the totals, and acknowledged


Explanation:
I'm not sure if the above phrase is a legal lingo, but the meaning of the phrase according to the above text means that the money from the Net Receipt or Net Sales is received, the total sum is calculated, and acknowledged by the Company to pay for the lawful invoices received from the Consultant.



Yasutomo Kanazawa
Japan
Local time: 18:41
Specializes in field
Native speaker of: Native in JapaneseJapanese
PRO pts in category: 8

Peer comments on this answer (and responses from the answerer)
disagree  Cilian O'Tuama: makes no sense to this ENS
5 hrs
  -> What doesn't make sense?
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5 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5
...received, compiled and acknowledged...


Explanation:
Acknowledge: Receive, compile, analyze & archive policies and procedures receipt acknowledgements. Surveys: Post SOX compliance surveys ...
www.leader.com/.../LeaderSarbanes-OxleyComplianceMonitoring... - Similares
Burton's legal thesaurus - Resultado de la Búsqueda de libros de Googlede William C. Burton - 2006 - Law - 1063 páginas
SEE MAIN ENTRY receipt for payment binder receipt in full payment (act of paying) ... receive a false idea misconstrue receive a false impression err, ...
books.google.com.mx/books?isbn=0071472622...
Precedents in conveyancing: a collection of forms of assurances of ... - Resultado de la Búsqueda de libros de Googlede Samuel Vallis Bone, Thomas George Western - 1838 - Law
... or any part thereof, the receipt or receipts in writing of the said AB and CD, ... of the money in such receipt or receipts acknowledged to be received, ...
books.google.com.mx/books?id=7VM0AAAAIAAJ...
Apple - Support - Discussions - return receipt ... - [ Traducir esta página ]11 entradas - 5 autores - Última entrada: 10 Sep 2006
had return receipt attached to them. Each time, my e-mail program asked me if I wanted to acknowledge that I had received them. ...
discussions.apple.com/thread.jspa?messageID... - En caché - Similares
Methodogical questionnaire on household income and expenditure ... - [ Traducir esta página ]Data have been compiled through administrative registrations since 1980. ... acknowledged as such by other household/unit members; recognized owner, or responsible ... Receipts do not have to be regular and recurring to be considered as income. ... rentals (payment received for produced assets e.g. house) , net of ...
laborsta.ilo.org/applv8/data/SSM6/E/101A.html - En caché - Similares

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Note added at 5 hrs (2009-08-23 15:20:58 GMT)
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Saludos
:)) eski

eski
Mexico
Local time: 03:41
Specializes in field
Native speaker of: Native in EnglishEnglish, Native in SpanishSpanish
PRO pts in category: 10
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3 hrs   confidence: Answerer confidence 3/5Answerer confidence 3/5
vde. below


Explanation:
sales which were invoiced, for which payment has been received and which fall into the category agreed upon with the consultant

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Note added at 1 day1 hr (2009-08-24 11:49:20 GMT)
--------------------------------------------------

vde. is the abbreviation for "vide" which is used for "see"

Rolf Keiser
Switzerland
Local time: 10:41
Native speaker of: Native in EnglishEnglish, Native in GermanGerman
Notes to answerer
Asker: Sorry for not being in "the loop" but, what do you mean by vde.?

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3 hrs   confidence: Answerer confidence 3/5Answerer confidence 3/5 peer agreement (net): +1
confusing phraseology


Explanation:
Net sales must refer to sales effected by the consultant on behalf of the company.

The consultant sends sales returns and collected receipts (money accepted from the end customer) to the company. The company reconizes the sale as forming part of that quarter's business (advance sales probably wouldn't, for example) and allows that the consultant may invoice their fees and additional fees with respect to that business.

On receipt of an invoice the fees are paid in xx days.


--------------------------------------------------
Note added at 6 hrs (2009-08-23 16:33:11 GMT)
--------------------------------------------------

Sorry, forgot to point out that "recognized" would mean that the sales and receipts were all accepted, accounted as belonging to that consultant and allocated an accounting period.

Sales that were not recognized may belong to a future accounting period (advance sales), be for unfulfilled or unfulfillable orders (back orders and discontinued lines respectively) or be outside the consultant's sales remit and thus invalid for fee charging purposes.

--------------------------------------------------
Note added at 1 day11 hrs (2009-08-24 21:57:46 GMT)
--------------------------------------------------

Collected by the consultant (from the customer), received by the company (from the consultant)

Andy Carr
Local time: 09:41
Native speaker of: Native in EnglishEnglish
PRO pts in category: 7
Grading comment
Thanks Andy for all your help and effort!
Notes to answerer
Asker: Thanks, this is helpful. I'm actually having trouble with "collected". Recieved I understand, recognized I can imagine, but collected - leaves me stumped since it seems like repetitiveness of recieved. Any ideas?

Asker: I don't think the consultant collects from the customer - he is the consultant - the fees recieved by him are for consulting services in the specified period; I believe the sentence speaks entirely of when and for what fees the consultant will be paid. I will double check with the client regarding this issue.


Peer comments on this answer (and responses from the answerer)
agree  Demi Ebrite: This is a good explanation of the process the phrase describes. 'Recognized' would be stated as 'credited' (to the acct) in AE
2 hrs
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Reference comments


17 mins
Reference: I guess that zero results in Google

Reference information:
suggests that this phrase is by no means commonly used.

http://www.google.co.uk/search?source=ig&hl=en&rlz=&=&q="rec...

Stanislaw Czech, MCIL CL
United Kingdom
Specializes in field
Native speaker of: Native in PolishPolish
PRO pts in category: 4
Note to reference poster
Asker: Why do you think I'm asking the experts? :-)

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