Common use of Audit Adjustments Clause in Contracts

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.

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) 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.