Audit Settlement Clause Samples
An Audit Settlement clause defines the process by which parties resolve discrepancies or disputes identified during an audit of records or accounts. Typically, this clause outlines the steps for notification, review, and negotiation if an audit reveals errors such as underpayments or overcharges, and may specify timelines for settlement and payment adjustments. Its core function is to provide a clear, agreed-upon mechanism for correcting financial inaccuracies, thereby minimizing disputes and ensuring fair resolution between the parties.
Audit Settlement. If an error is discovered as a result of an audit performed by LACERA, or if Vendor becomes aware of any error affecting LACERA through any other means, Vendor shall promptly correct such error by crediting or debiting LACERA in the appropriate amount and shall pay damages to LACERA pursuant to Section 17 above.
Audit Settlement. If an error is discovered as a result of an audit performed by Manager or LACERA, or if Manager becomes aware of any error affecting the Account or Managed Assets through any other means, Manager shall use its best efforts to promptly correct such error or to cause the appropriate party to correct such error. Manager shall pay any Claims resulting from such error to LACERA, pursuant to Section 24 above.
Audit Settlement. If, at any time during the term of the Agreement or within five (5) years after the expiration or termination of the Agreement, authorized representatives of the COUNTY conduct an audit of the CONTRACTOR regarding the services provided to the COUNTY hereunder, and if such audit finds that the COUNTY's dollar liability for such services is less than payments made by the COUNTY to the CONTRACTOR, then the CONTRACTOR agrees that the difference, at the Director's discretion, shall be either: 1) repaid forthwith by the CONTRACTOR to the COUNTY by cash payment, or 2) at the COUNTY's option, credited against any future payments due by the COUNTY, to the CONTRACTOR, whether under this Agreement or otherwise. If such audit finds that the COUNTY's dollar liability for services provided hereunder is more than payments made by the COUNTY to the CONTRACTOR, then the difference shall be paid to the CONTRACTOR by the COUNTY provided that in no event shall the COUNTY's maximum obligation for this Agreement exceed the funds appropriated by the COUNTY for the purpose of this Agreement.
Audit Settlement. If, at any time during the term of the Contract or within five (5) years after the expiration or termination of the Contract, authorized representatives of COUNTY conduct an audit of CONTRACTOR regarding the services provided to the COUNTY hereunder, and if such audit finds that the COUNTY's dollar liability for such services is less than payments made by COUNTY to the CONTRACTOR, then CONTRACTOR agrees that the difference, at the Director's discretion, shall be either: 1) repaid forthwith, not to exceed 30 calendar days, by the CONTRACTOR to COUNTY by cash payment, or 2) at the COUNTY's option, credited against any future payments due by the COUNTY, to the CONTRACTOR, whether under this Contract or otherwise. If such audit finds that the COUNTY's dollar liability for services provided hereunder is more than payments made by the COUNTY to the CONTRACTOR, then the difference shall be paid to CONTRACTOR by the COUNTY provided that in no event shall the COUNTY’s maximum obligation for this Contract exceed the funds appropriated by COUNTY for the purpose of this Contract. COUNTY will notify CONTACTOR of any audit dispute and permit CONTRACTOR to participate in any response. Nothing in this section constitutes a waiver of CONTRACTOR’s rights and remedies.
Audit Settlement. If such audit finds that FCERA’s dollar liability for such work is less than payment made by FCERA, then the difference will be either repaid by AUDITOR to FCERA by cash payment upon demand or, at the option of FCERA, deducted from any amounts otherwise due to AUDITOR from FCERA. If such audit finds that FCERA’s dollar liability for such work is more than the payments made by FCERA, then the difference will be paid to AUDITOR by FCERA.
Audit Settlement. If, at any time during the term of the Contract or within five (5) years after the expiration or termination of the Contract, authorized representatives of County conduct an audit of Contractor regarding the services provided to the County hereunder, and if such audit finds that the County's dollar liability for such services is less than payments made by the County to the Contractor, then Contractor agrees that the difference, at the DPSS Director's discretion, shall be either: 1) repaid forthwith by the Contractor to the County by cash payment, or 2) at the County’s option, credited against any future payments due by the County, to the Contractor, whether under this Contract or otherwise. If such audit finds that the County’s dollar liability for services provided hereunder is more than payments made by the County to the Contractor, then the difference shall be paid to Contractor by the County provided that in no event shall the County’s maximum obligation for this Contract exceed the funds appropriated by the County for the purpose of this Contract.
Audit Settlement. If, at any time during the term of this Agreement or within five (5) years after the expiration or termination of this Agreement, authorized representatives of COUNTY conduct an audit of CONTRACTOR regarding the services provided to COUNTY hereunder and if such audit finds that COUNTY’s dollar liability for such services is less than payments made by COUNTY to CONTRACTOR, then CONTRACTOR agrees that the difference, at the COUNTY’s discretion, shall be either: (1) repaid forthwith by CONTRACTOR to COUNTY by cash payment; or (2) at COUNTY’s option, credited against future payments hereunder to CONTRACTOR. If such audit finds that COUNTY’s dollar liability for services provided hereunder is more than payments made by COUNTY to CONTRACTOR, then the difference shall be paid to CONTRACTOR by COUNTY provided that in no event shall COUNTY’s maximum obligation for this Agreement exceed the Maximum Contract Sum.
Audit Settlement. (a) Tenant has exercised its right to audit Direct Expenses for the Base Year of 2002 and the calendar year 2003.
(b) Tenant and Settling Landlord acknowledge that as of January 6, 2005, Settling Landlord assigned its interest under the Lease to Successor Landlord, which assignment provided that settlement of Tenant’s audit claims for the Base Year of 2002 and the calendar year 2003 remained the responsibility of Settling Landlord.
(c) The stipulation of the Direct Expenses for the Base Year of 2002 and the calendar year 2003 herein will be binding upon Settling Landlord, Tenant, and Successor Landlord and shall constitute a final settlement of such expenses.
Audit Settlement. If an error that is directly or indirectly related to the Consulting Services is discovered as a result of an audit performed by ACERA, or if Consultant becomes aware of any error affecting ACERA through any other means, Consultant shall promptly correct such error by crediting or debiting ACERA in the appropriate amount. If any such error is greater than five percent (5%), regardless of whether it was discovered by ACERA or Consultant, Consultant shall pay any and all fees incurred by ACERA in conducting such audit and damages pursuant to Section 16 above.
Audit Settlement. If, at any time during the term of this Contract or within five (5) years after the expiration or termination of this Contract, authorized representatives of COUNTY conduct an audit of CONTRACTOR regarding the services provided to COUNTY hereunder and if such audit finds that COUNTY'S dollar liability for such services is less than payments made by COUNTY to CONTRACTOR then CONTRACTOR shall repay the difference to COUNTY by cash payment within thirty (30) days of the final audit report to the Board of Supervisors. If such audit finds that COUNTY'S dollar liability for services provided hereunder is more than payments made by COUNTY to CONTRACTOR, then the difference shall be paid to CONTRACTOR by COUNTY provided that in no event shall COUNTY'S maximum obligation under this Contract exceed the funds appropriated by COUNTY for the purpose of this Contract. COUNTY will notify CONTRACTOR of any audit dispute and permit CONTRACTOR to participate in any response. Nothing in this section constitutes a waiver of CONTRACTOR'S rights and remedies.