Adjustment to Statement Clause Samples
The "Adjustment to Statement" clause allows for modifications or corrections to previously issued statements, such as invoices or account summaries, to reflect accurate information. In practice, this clause enables either party to address discrepancies, errors, or omissions by updating the statement to show the correct amounts or details. Its core function is to ensure that financial records remain accurate and up-to-date, thereby preventing disputes and maintaining transparency between the parties.
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Adjustment to Statement.
(a) Each Statement shall be subject to adjustment for errors in arithmetic, computation, or other errors, raised by a Party during the period of one (1) year following the end of the calendar year in which such Statement was issued. If there are no complaints raised, or if any complaints raised in the time period have been resolved, such Statement shall be final and subject to no further adjustment after the expiration of such period.
(b) Notwithstanding the foregoing, the determination by the System Operator of any information shall be final and binding on the Parties in accordance with the IESO Market Rules, and without limiting the generality of the foregoing, if a Statement contains an error in the data or information issued by the System Operator which the System Operator has requested be corrected, then the one (1) year limit set forth in Section 5.6(a) shall not apply to the correction of such error or the Buyer’s ability to readjust the Statement.
(c) Subject to Section 5.7, any adjustment to a Statement made pursuant to this Section 5.6 shall be made in the next subsequent Statement.
Adjustment to Statement. (a) Each Statement shall be subject to adjustment for errors in arithmetic, computation or other errors raised by a Party during the period of two (2) years following the end of the Contract Year in which such Statement was issued. If there are no complaints raised, or if any complaints raised in the time period have been resolved, such Statement shall be final and subject to no further adjustment after the expiration of such two (2) year period.
(b) Notwithstanding the foregoing, absent manifest error, the determination by the IESO of any information pertaining to a Statement shall be final and binding on the relevant Parties in accordance with the IESO Market Rules, and without limiting the generality of the foregoing, if a Statement contains an error in the data or information issued by the IESO which the IESO has requested be corrected, then the two (2) year limit set forth in Section 4.7(a) shall not apply to the correction of such error or a Party’s ability to readjust the Statement.
(c) Subject to Section 4.8, any adjustment to a Statement made pursuant to this Section 4.7 shall be made in the next subsequent Statement.
Adjustment to Statement. Each Statement shall be subject to adjustment for errors in arithmetic, computation or other errors raised by a Party during the period of two (2) years following the end of the Contract Year in which such Statement was issued. If there are no complaints raised, or if any complaints raised in the time period have been resolved, such Statement shall be final and subject to no further adjustment after the expiration of such two (2) year period.
Adjustment to Statement. (a) Each Statement shall be subject to adjustment for errors in arithmetic, computation, or other errors, raised by a party during the period of one (1) year following the end of the calendar year in which such Statement was issued. If there are no complaints raised, or if any complaints raised in the time period have been resolved, such Statement shall be final and subject to no further adjustment after the expiration of such period.
(b) Subject to Section 4.9, any adjustment to a Statement made pursuant to this Section 4.8 shall be made in the next subsequent Statement to be issued.
Adjustment to Statement. (1) Where the Participant disagrees with a Final Settlement Statement, the Participant may deliver written notice (the “Disagreement Notice”) to the address set out on the Website within the one year period prior to the first anniversary of the date of the Final Settlement Statement.
(2) Within 25 Business Days after receipt of the Disagreement Notice, the Settlement calculations referenced in the Disagreement Notice shall be reviewed for arithmetic or computational errors. Where the disagreement raised in the Disagreement Notice has been resolved, a correction will be included on the next Preliminary Settlement Statement and Invoice to be issued. If no further Preliminary Settlement Statement and Invoice are to be issued pursuant to this Agreement at such time, then a supplementary Preliminary Settlement Statement and Invoice shall be prepared and made available on the Settlement Website.
(3) If the Participant does not deliver a Disagreement Notice within the one-year period prior to the first anniversary of the date of the Final Settlement Statement, and other than any items referred to in a Disagreement Notice properly received prior to the first anniversary of the applicable Final Settlement Statement date and not yet resolved, the Settlement amounts in the Final Settlement Statement shall be final and binding and shall not be subject to further adjustment.
Adjustment to Statement. (a) Each Statement shall be subject to adjustment for errors in arithmetic, computation, or other errors, raised by a Party during the period of one (1) year
(b) Notwithstanding the foregoing, the determination by the System Operator of any information shall be final and binding on the Parties in accordance with the IESO Market Rules, and without limiting the generality of the foregoing, if a Statement contains an error in the data or information issued by the System Operator which the System Operator has requested be corrected, then the one (1) year limit set forth in Section 5.6(a) shall not apply to the correction of such error or the Buyer’s ability to readjust the Statement.
(c) Subject to Section 5.7, any adjustment to a Statement made pursuant to this Section 5.6 shall be made in the next subsequent Statement.
Adjustment to Statement. (a) Each Statement shall be subject to adjustment for errors in arithmetic, computation, or other errors, raised by a Party during the period of one (1) year following the end of the calendar year in which such Statement was issued. If there are no complaints raised, or if any complaints raised in the time period have been resolved, such Statement shall be final and subject to no further adjustment after the expiration of such period.
(b) Notwithstanding the foregoing, the determination by the System Operator of any information shall be final and binding on the Parties in accordance with the IESO Market Rules, and without limiting the generality of the foregoing, if a Statement contains an error in the data or information issued by the System Operator which the System Operator has requested be corrected, then the one (1) year limit set
(c) Subject to Section 5.7, any adjustment to a Statement made pursuant to this Section 5.6 shall be made in the next subsequent Statement.
Adjustment to Statement. York Region DR Contract Released November 30, 2005
(a) Each Statement shall be subject to adjustment for errors in arithmetic, computation, or other errors, raised by a Party during the period of one (1) year following the end of the calendar year in which such Statement was issued. If there are no complaints raised or if any complaints raised in the time period have been resolved, such Statement shall be final and subject to no further adjustment after the expiration of such period.
(b) Subject to Section 4.8, any adjustment to a Statement made pursuant to this Section 4.7 shall be made in the next subsequent Statement.