Common use of Credit if Fees Overpaid Clause in Contracts

Credit if Fees Overpaid. If the Fee schedules provided by the Contractor to the Authority with respect to any Contract Year indicate that the amount of the Fees which the Contractor actually paid to the Authority with respect to such Contract Year was greater than the amount of the Fees due and owing for that Contract Year under the terms of this Contract, then the amount of such excess shall, at the option of the Authority, either be paid in lump sum within a thirty (30) day period or credited to the fees next due and owing from the Contractor to the Authority, unless the Contract Term has expired, in which event such amount shall be promptly refunded by the Authority to the Contractor. The Contractor shall not assume any credit and shall not apply any credit to fees due to the Authority until the Contractor receives written approval from the Contracting Officer for such credit.