Issue link: http://itf.uberflip.com/i/464146
69 ITF Women's Circuit 2. FINANCIAL GUARANTEE In the case of $50,000, $75,000 and $100,000 ITF Women's Circuit tournaments, at the absolute discretion of the ITF, the sanctioning National Association and/or where applicable the Tournament Organiser (jointly the "Applicant") shall provide a Financial Guarantee for the tournament prize money in such format and according to the timescale as defined by the ITF. If the Applicant fails to provide such Financial Guarantee then the ITF may cancel the tournament without any liability to the Applicant. 3. PAYMENTS The Applicant shall be liable for and pay the prize money to all players participating in the Tournament in accordance with the breakdowns stated in section V.1. Breakdowns, above. The Applicant shall also be liable for and pay the annual Sanction Fee and any IPIN membership fees and fines collected during the tournament and any PHCP payment due to the ITF in accordance with the notifications issued to the Applicant by the ITF. Prize money in cash or cheque shall be made available daily at the Tournament Office for each day's eligible players. The following criteria shall be observed: a. Tax Deductions Any Government tax deductions from prize money must be stated on the players' fact sheet. b. Currency Prize money shall be paid in US Dollars unless prior approval to pay in any other currency is obtained in writing from the ITF no less than four (4) months prior to the start of the tournament. c. Exchange Rate A non-US Tournament may elect to pay on-site prize money in US Dollars or in local currency. If local currency is selected, then the exchange rate for a given tournament (Official ITF Exchange Rate) shall be the average of the six (6) months immediately preceding six (6) months prior to the tournament. If on the Monday, seven (7) days prior to the start of the tournament, there is a fluctuation in the Official ITF Exchange Rate of five percent (5%) or more, up or down, then such exchange rate shall be adjusted, up or down as follows: Exchange Rate Fluctuation Exchange Rate Adjustment Less than 5% None Between 5 and 10% 5% 10% or greater One half the Exchange Rate Percentage Fluctuation (* For example, if the currency fluctuates 11% from the authorised exchange rate, the exchange rate will be adjusted by 5.5%).