Common use of Credit if Fees Overpaid Clause in Contracts

Credit if Fees Overpaid. If the schedules provided by the Contractor to the Authority pursuant to Section 5.03(a) with respect to any Contract Year indicate that the amount of MAG and/or Percentage of Gross Receipts fee which the Contractor actually paid to the Authority with respect to such Contract Year was greater than the amount of MAG and/or Percentage of Gross Receipts fee 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 MAG and/or Percentage of Gross Receipts due and owing from the Contractor to the Authority, unless the period of the Contract has expired, in which event such amount shall be promptly refunded by the Authority to the Contractor.