Interest on recalculations Sample Clauses

The 'Interest on recalculations' clause establishes that when a payment amount is adjusted after the fact—such as due to an audit, error correction, or updated calculation—interest will be applied to the difference for the period it was outstanding. Typically, this means if one party underpaid or overpaid, the amount owed or to be refunded accrues interest from the original due date until the adjustment is settled. This clause ensures fairness by compensating the party that was deprived of funds and incentivizes timely and accurate payments, thereby addressing the risk of financial loss due to delayed corrections.
Interest on recalculations. If the Technical Services Provider charges/credits the Operator with recalculations from a previous year, the Operator shall be charged/credited interest on these. The interest shall be calculated from the time it should have been charged/credited, or from 1 July of that year, until the time when the interest is charged/credited the Operator. The rate of interest shall be equal to the average of 3 months' NIBOR, based on a representative 3 months' average, ref. item 1.2.3, Alternative 1, but without any interest margin. Interest shall be recorded as a financial item in the monthly statements.
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Interest on recalculations. If the Operator charges/credits the Joint operation with provisional recalculations for this year and recalculations for a previous year, the Joint operation shall be charged/credited interest on these. The interest shall be calculated from the time it should have been charged/credited, or from 1 July that Year, until the time when the interest is charged/ credited the Joint operation. The interest rate shall be equal to the average of 3 months' NIBOR, based on a representative 3 months' average, cf. Article
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Interest on recalculations. If the Operator charges/credits the Unit Operation with provisional recalculations for this year and recalculations for a previous year, the Unit Operation shall be charged/credited interest on these. The interest shall be calculated from the time it should have been charged/credited, or from 1 July that Year, until the time when the interest is charged/ credited the Unit Operation. The interest rate shall be equal to the average of 3 months'
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Related to Interest on recalculations

  • Interest on Late Payments a. State Agencies The payment of interest on certain payments due and owed by Agency may be made in accordance with Article 11-A of the State Finance Law (SFL §179-d et. Seq.) and Title 2 of the New York Code of Rules and Regulations, Part 18 (Implementation of Prompt Payment Legislation -2 NYCRR §18.1 et seq.).

  • INTEREST ON ARREARS Any interest instalment unpaid on maturity shall yield interest, of right and without formal notice, at the same rate as applicable to the portion of the loan whose interest is unpaid on maturity, such interest being payable to the Lender on request.

  • Interest on late payment Subject to clause 9.7, the Trader or the Distributor (as the case may be) must pay any Tax Invoice issued under this clause 9. If any part of a Tax Invoice that is properly due in accordance with this Agreement is not paid by the due date, Default Interest may be charged on the outstanding amount for the period that the Tax Invoice remains unpaid.

  • Interest on Payments Any payment by the Receiver pursuant to Section 2.6(d) shall be made together with interest on the amount thereof that accrues with effect from five (5) Business Days after the date on which payment was agreed or determined to be due until such amount is paid. The annual interest rate shall be determined by the Receiver based on the coupon equivalent of the three (3)-month U.S. Treasury ▇▇▇▇ Rate in effect as of the first Business Day of each Calendar Quarter during which such interest accrues as reported in the Federal Reserve Board Statistical Release for Selected Interest Rates H.15 opposite the caption “Treasury bills (secondary market), 3-Month” or, if not so reported for such day, for the next preceding Business Day for which such rate was so reported.

  • Interest on Term Loans The outstanding principal amount of each Term Loan made by each Lender shall bear interest at a fluctuating rate per annum that shall at all times be equal to (i) during such periods as such Term Loan is a Base Rate Loan, the Base Rate plus the Applicable Margin in effect from time to time, and (ii) during such periods as such Term Loan is a Eurodollar Loan, the relevant Adjusted Eurodollar Rate for such Eurodollar Loan for the applicable Interest Period plus the Applicable Margin in effect from time to time.