Common use of Effect of Miscalculating Payment Clause in Contracts

Effect of Miscalculating Payment. [1] If an arbitrator subsequently and conclusively decides the Corporation has miscalculated the amount of any payment under Section 5.00 and if that decision, had it been made initially: [a] Would have resulted in a larger payment than initially calculated, the Corporation will reapply Sections 5.02[1] and [2] based on the revised calculation to identify the Employee's revised payment and immediately pay that additional amount to the Employee. [b] If, after the recalculation described in Section 7.10[1][a], the Employee is entitled to a smaller amount under this Agreement than initially calculated, the Corporation and the Employee agree that, within 30 days of the arbitrator's decision, the Employee will repay to the Corporation the difference between the amount initially paid and the amount due under Section 7.10[1][a] along with interest, calculated from the date of the initial payment, at the lowest prime rate of interest calculated as provided in Section 3.08[3] during the period between the date the arbitrator's decision is issued and the date the excess amount is repaid.