Audit Adjustments Sample Clauses
The Audit Adjustments clause establishes the right for one party, typically the client or a regulatory body, to review and propose corrections to financial statements or records after an audit has been conducted. In practice, this clause allows for the identification and rectification of errors, omissions, or misstatements discovered during the audit process, which may involve adjusting reported revenues, expenses, or other financial figures. Its core function is to ensure the accuracy and reliability of financial reporting, thereby maintaining transparency and compliance with applicable accounting standards.
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Audit Adjustments. At any time or times prior to settlement under this contract the SCR may have invoices or vouchers and statements of cost audited. Each payment there to for made shall be subject to reduction for amounts included in the related invoice or voucher which are found by the SCR, on the basis of such audit, not to constitute allowable cost. Any payment may be reduced for overpayments, or increased for underpayments, on preceding invoices or vouchers.
Audit Adjustments. Notwithstanding anything to the contrary herein, in the event there is an adjustment to any GM Consolidated Return or any Company tax return for any Tax Period as a result of an audit, the computations described in this Section 4.03 will be adjusted to reflect the results of such audit and any amounts payable hereunder shall be increased or decreased to reflect the revised computations.
Audit Adjustments. In the event of a tax audit adjustment relating to the pricing of any Service provided pursuant to this Agreement in which it is determined by a taxing authority that any of the fees charged hereunder, individually or in combination, did not constitute an arm’s length payment, the parties will in good faith discuss and agree to make adjustments to the applicable fees in order to achieve arm’s length pricing. Any adjustment made pursuant to this Section 3.6 shall be reflected in each party’s books and records, and shall create a right to receive payment, in the case of the party that either overpaid or was under-compensated (as applicable), and an obligation to make payment, in the case of the party that either underpaid or was over-compensated (as applicable), in accordance with Section 3.1.
Audit Adjustments. (A) If, as a result of the examination of the consolidated federal, state or local income tax return of the Shareholder or the Company (or any predecessor) for a taxable year ending on or before or including the Closing Date, there shall be any adjustment which decreases deductions, losses or credits against taxes ("Tax Benefits") or which increases income, gains or recaptures of credits against taxes ("Tax Detriments") for any such taxable year and which will permit the Buyer or the Company (or any corporation in an affiliated group of which the Buyer or the Company is a member) to increase the Tax Benefits or decrease the Tax Detriments to which they would otherwise have been entitled for any taxable year beginning on or after the Closing Date, the Shareholder will notify the Buyer of such adjustment and provide the Buyer with such information as may be necessary for the Buyer to take account of such increases or decreases through the filing of a claim for refund or otherwise. The Buyer shall take such action as is necessary to secure the benefit of such increases or decreases and shall pay the Shareholder the amount of such benefit (together with interest, if any, received), such amount to be paid when and as such benefit is realized, less the amount, if any, of the Buyer's reasonable expenses incurred in securing such benefit for the Shareholder. 8
(B) If, as a result of the examination of the consolidated or separate federal, state or local income tax return of any group of corporations of which the Buyer or the Company (or any successor) is a member for a taxable year beginning on or after the Closing Date, there shall be any adjustment which decreases Tax Benefits or increases Tax Detriments for any such taxable year and which will permit the Shareholder or any member of the Shareholder's consolidated group to increase Tax Benefits or decrease Tax Detriments to which the Shareholder would otherwise have been entitled for any taxable year ending on or before and including the Closing Date, the Buyer will notify the Shareholder of such adjustment and provide the Shareholder with such information as may be necessary for the Shareholder to take account of such increase or decrease through the filing of a claim for refund or otherwise. The Shareholder shall take such action as is necessary to secure the benefit of such increases or decreases and shall pay to the Buyer the amount of such benefit (together with interest, if any, received), such amount to b...
Audit Adjustments. To the extent that United's Tax Returns are adjusted upon examination so as to eliminate, reduce, increase or create tax timing costs for prior periods, the charges for prior tax-timing costs shall be recalculated to be consistent with such adjustment including any carryover adjustments. The difference between the charge previously made and the recalculated charge shall be reflected in the retrospective experience rating of the SHIP (as described in Section 8.3 hereof) for the Policy Year in which such adjustment is agreed to by United and such taxing authority. United shall notify AARP Trust concerning the existence of any audit of its Tax Returns having a potential impact upon the SHIP, and shall consult with AARP Trust regarding its strategy and position with regard to any such audit.
Audit Adjustments. 48 6.6.3 GROSS UP . . . . . . . . . . . . . . . . . . . . . . . 48 6.6.4
Audit Adjustments. The Stockholder shall have delivered to Purchaser all audit adjustments proposed by the Auditor with respect to the Total Net Royalties Revenue of the Business for the year ended December 31, 2017, pursuant to Section 1.6.
Audit Adjustments. Where an audit pursuant to Section 4.4 or other review of the Operating Agent’s activities (including an assessment or study pursuant to Section 3.2(b)) identifies a cost for which the Operating Agent invoiced to any Lessee/Owner Party an amount either higher or lower than the costs for which such Party is properly chargeable under this Agreement, then the Operating Agent shall, as appropriate, refund or invoice each affected Party an amount equal to (a) the difference between the amount invoiced and the amount properly charged plus (b) interest on such difference at the True-Up Interest Rate, Compounded Monthly, over the actual number of days elapsed from the date of payment of the original invoice to the date of refund or payment of shortfall.
Audit Adjustments. In the event a final audit confirms that wages have been misreported to us, you agree to make corrective adjustments. We and our workers’ compensation carriers reserve the right to inspect the worksite and records pertaining thereto as necessary to validate classifications of workers and change the Classification Codes to conform to industry standards. You agree to pay us any amounts due for carrier or regulatory designated changes to a Classification Code that may alter the total premium due, and we agree to credit you for any changes in Classification Codes that result in a credit to the premium due. This provision expressly survives the expiration or termination of this Agreement. 5.
Audit Adjustments. An audit may be made at the end of the fiscal year to determine actual remuneration for that fiscal year. The Pool will calculate a final adjustment of Contributions due to the Pool. If the Contribution calculated as a result of the audit is in excess of the Contribution collected for the fiscal year, the Member must pay the difference to the Pool, no later than thirty (30) days after invoice. If the Contribution calculated as a result of the audit is less than the Contribution collected for the fiscal year, the Pool, at its option, will return the difference or give an appropriate credit against future Contributions.