Adjustment of Inaccuracies Clause Samples

The Adjustment of Inaccuracies clause allows parties to correct errors or discrepancies discovered in documents, statements, or calculations related to the agreement. Typically, this clause outlines the process for identifying inaccuracies, notifying the relevant party, and making the necessary adjustments to ensure the information reflects the true situation—such as correcting financial statements or inventory counts. Its core function is to maintain accuracy and fairness in contractual dealings by providing a clear mechanism for rectifying mistakes that could otherwise lead to disputes or unintended obligations.
Adjustment of Inaccuracies. If, upon test, any measuring equipment is found to be in error by an amount not exceeding [***] percent ([***]%), at a recording rate corresponding to the average rate of flow for the period since the last preceding test, previous recordings of that equipment shall be considered correct in computing deliveries hereunder. If the measuring equipment shall be found to be in error by an amount exceeding [***] percent ([***]%), at a recording rate corresponding to the average rate of flow for the period since the last preceding test, then any preceding recordings of that equipment since the last preceding test shall be corrected to zero error for any period which is known definitely or agreed upon. If the period is not known definitely or agreed upon, the correction shall be for a period extending back one-half of the time elapsed since the last test. In the event a correction is required for previous deliveries, the volumes delivered shall be calculated by the first of the following methods which is feasible: (i) by using the registration of any check meter or meters if installed and accurately registering; or (ii) by correcting the error if the percentage of error is ascertainable by calibration, test, or mathematical calculations; or (iii) by estimating the quantity of delivery by deliveries during periods of similar conditions when the meter was registering accurately.
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Adjustment of Inaccuracies. Upon any test, if the percentage of inaccuracy of (i) an electronic flow measurement is greater than one (1) percent, or (ii) a chart-recorded meter is greater than two (2) percent, then the meter registration shall be corrected for any period definitely known or agreed. If the period of time is not definitely known or agreed upon, then the correction shall be for a period extending back 1/2 of the time elapsed since the date of the last calibration. Buyer shall immediately restore as closely as possible to a condition of accuracy any measurement equipment found inaccurate. If any measurement equipment is out of service or out of repair for any reason so that the amount of Gas delivered cannot be estimated or computed from the reading thereof, the amount of Gas delivered through the meter during the period it is out of service or out of repair shall be estimated and agreed upon by Buyer and Seller upon the basis of the best data available using the first of the following methods that is feasible: (a) by using the registration of Seller’s check meter if installed and accurately registering; (b) by correcting the error if the percentage of error is ascertainable by calibration, test, or mathematical calculation; or (c) by estimating the quantity of deliveries by comparison with deliveries during preceding periods under similar conditions when the meter was registering accurately. No retroactive adjustment will be made for inaccuracies unless they exceed (i) one (1) percent of affected volumes if measured by electronic flow measurement, or (ii) two (2) percent of affected volumes if measured by recording charts, but in no event shall any adjustment be made for inaccuracies less than 100 Mcf per Month.
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Adjustment of Inaccuracies. If any meter is found to be inoperative or inaccurate, it shall be adjusted to register correctly. The amount of error shall be determined by the most accurate method found feasible and, if the error shall have resulted in an error of more than two percent (2%) in the measurement of gas, then the calculated deliveries of gas through such meter shall be accurately adjusted to compensate for such error. Such adjustment shall be made for such period of inaccuracy as may be definitely known or, if not known, then for one-half the period since the date of the last meter test.
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Related to Adjustment of Inaccuracies

  • Statement Regarding Adjustments Whenever the Exercise Price or the number of Shares into which this Warrant is exercisable shall be adjusted as provided in Section 13, the Company shall forthwith file at the principal office of the Company a statement showing in reasonable detail the facts requiring such adjustment and the Exercise Price that shall be in effect and the number of Shares into which this Warrant shall be exercisable after such adjustment, and the Company shall also cause a copy of such statement to be sent by mail, first class postage prepaid, to each Warrantholder at the address appearing in the Company’s records.

  • LIABILITY FOR FAILURE TO COMPLETE TRANSACTIONS If We do not

  • Representation Regarding Contingent Fees The Firm represents that it has not retained a person to solicit or secure a State contract upon an agreement or understanding for a commission, percentage, brokerage, or contingent fee, except as disclosed in the contractor’s bid or proposal (if applicable).

  • Our Liability for Failure to Complete Transactions If we do not properly complete a transaction from your Card on time or in the correct amount according to our Agreement with you, we will be liable for your losses or damages. However, there are some exceptions. We will not be liable, for instance:

  • REPRESENTATIONS AND WARRANTIES TRUE; NO EVENT OF DEFAULT By its execution and delivery hereof, the Borrower represents and warrants that, as of the date hereof: (a) the representations and warranties contained in the Credit Agreement and the other Loan Documents are true and correct on and as of the date hereof as made on and as of such date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct as of such earlier date, and except to the extent such representations and warranties have been supplemented pursuant to paragraph 7.12 of the Credit Agreement; (b) no event has occurred and is continuing which constitutes a Default or an Event of Default; (i) the Borrower has full power and authority to execute and deliver this First Amendment, each Revolving Loan Note payable to the order of each Lender in the amount of each such Lender’s Commitment as increased by this First Amendment (collectively, the “Replacement Notes”), (ii) this First Amendment and the Replacement Notes have been duly executed and delivered by the Borrower, and (iii) this First Amendment, the Replacement Notes and the Credit Agreement, as amended hereby, constitute the legal, valid and binding obligations of the Borrower, enforceable in accordance with their respective terms, except as enforceability may be limited by applicable Debtor Relief Laws and by general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law) and except as rights to indemnity may be limited by federal or state securities laws; (d) neither the execution, delivery and performance of this First Amendment, the Replacement Notes or the Credit Agreement, as amended hereby, nor the consummation of any transactions contemplated herein or therein, will conflict with (i) the certificate or articles of incorporation or the applicable constituent documents or bylaws of the Borrower or any Guarantor, (ii) any Law applicable to the Borrower or any Guarantor or (iii) any indenture, agreement or other instrument to which the Borrower, any Guarantor or any of their respective properties are subject; and (e) no authorization, approval, consent, or other action by, notice to, or filing with, any Governmental Authority or other Person not previously obtained is required for (i) the execution, delivery or performance by the Borrower of this First Amendment or the Replacement Notes or (ii) the acknowledgement by each Guarantor of this First Amendment.