Overpayments or Underpayments Sample Clauses

The Overpayments or Underpayments clause establishes procedures for correcting payment discrepancies between parties. It typically requires that if one party pays more or less than what is actually owed, the error must be identified and the appropriate adjustment—either a refund or an additional payment—must be made within a specified timeframe. This clause ensures that both parties are fairly compensated according to the terms of the agreement and helps prevent disputes by providing a clear mechanism for resolving payment errors.
Overpayments or Underpayments. If, at HCA’s sole discretion, HCA determines as a result of data errors or inadequacies, policy changes beyond the control of the Contractor, or other causes, there are material errors or omissions in the allocation of GFS/FBG funds, HCA may make prospective and/or retrospective modifications to the funding allocations.
View SourceView Similar (6)
Overpayments or Underpayments. ‌ 5.2.1 If, at GCBH’s sole discretion, GCBH determines as a result of data errors or inadequacies, policy changes beyond the control of the Contractor, or other causes, there are material errors or omissions in the allocation of GFS/FBG funds, GCBH may make prospective and/or retrospective modifications to the funding allocations. If the Contractor wishes to appeal this decision, they may do so in writing within 30 days of notification of funding changes due to reasons stated in the Section. In the event an appeal is requested, funding will be modified and the adjusted net amount will be held in suspense until final outcome of appeal. In the event that interest is earned on the withheld funding, or overpayment, then any interest earned on that funding would be paid. Appeals will start with the Director and Compliance Board; final decision will be the Executive Board.
View Source
Overpayments or Underpayments. If at any time Investor is determined, other than as described in Section 12, to have paid WRI more than the amount then due with respect to any Contingent Payment Obligation, including by reason of correction in the information provided in the Quarterly Report, but excluding any overpayment occurring by reason of the matters dealt with in Section 12 above, WRI shall return any such overpayment, limited to amounts actually paid to WRI by Investor, after Investor notifies WRI of the amount of such overpayment and provides WRI reasonably satisfactory documentation thereof. Alternatively, without limiting Investor’s recourse under the preceding sentence, Investor may elect to offset the amount of any such overpayment against future payments to WRI under the Contingent Payment Obligation. Likewise, if Investor is determined to have paid WRI less than the amount then due with respect to any Contingent Payment Obligation, Investor shall, upon notice from WRI and delivery of reasonably satisfactory documentation, pay such additional amount to WRI. Investor and WRI agree that, if the overpayment or underpayment has been paid into either the Approval Escrow or the IRS Audit Escrow Account, they will provide joint instructions to the escrow agent to implement the agreements in this Section 14.2. If at any time Investor is determined, other than as described in Section 12, to have paid WRI any amount which could have been deferred pursuant to the Fixed Payment Note, with respect to any Fixed Payment Obligation, by reason of correction in the information provided in the Quarterly Report, but excluding any overpayment occurring by reason of the matters dealt with in Section 12 above, Investor shall be entitled to offset such amount against future payments due under the Fixed Payment Obligation.
View Source

Related to Overpayments or Underpayments

  • Overpayments Contractor promptly shall refund to Purchaser the full amount of any erroneous payment or overpayment. Such refunds shall occur within thirty (30) calendar days of written notice to Contractor; Provided, however, that Purchaser shall have the right to elect to have either direct payments or written credit memos issued. If Contractor fails to make timely refunds of overpayment(s) (either directly or by credit memo), Contractor shall pay Purchaser interest at the rate of one percent (1%) per month on the amount overdue thirty (30) calendar days after notice to Contractor.

  • Overpayments and Underpayments As a result of uncertainty in the application of Section 280G of the Code at the time of an initial determination by the Accounting Firm hereunder, it is possible that Payments will have been made by the Company that should not have been made (an “Overpayment”) or that additional Payments that will not have been made by the Company could have been made (an “Underpayment”), consistent in each case with the calculation of the Reduced Amount hereunder. In the event that the Accounting Firm, based upon the assertion of a deficiency by the Internal Revenue Service against the Company or the Employee that the Accounting Firm believes has a high probability of success, determines that an Overpayment has been made, such Overpayment shall be treated for all purposes as a loan to the Employee that the Employee shall repay to the Company, together with interest at the applicable federal rate provided in Section 7872(f)(2) of the Code; provided, however, that no amount shall be payable by the Employee to the Company if and to the extent that such payment would not reduce the amount that is subject to taxation under Section 4999 of the Code. In the event that the Accounting Firm determines that an Underpayment has occurred, such Underpayment shall promptly be paid or transferred by the Company to or for the benefit of the Employee, together with interest at the applicable federal rate provided in Section 7872(f)(2) of the Code.

  • Underpayments (a) In the event the employee does not receive the wages or benefits to which the record/documentation has for all times indicated the Employer agreed the employee was entitled, the Agency shall notify the employee in writing of the underpayment. This notification will include information showing that an underpayment exists and the amount of wages and/or benefits to be repaid. The Agency shall correct any such underpayment made within a maximum of two (2) years before the modification. (b) This provision shall not apply to claims disputing eligibility for payments which result from this Agreement. Employees claiming eligibility for such things as leadwork, work out of classification pay or reclassification must pursue those claims pursuant to the timelines elsewhere in this Agreement.

  • Overpayment Provider shall be liable to the GLO for any costs disallowed pursuant to financial and/or compliance audit(s) of funds received under this Contract. Provider shall reimburse such disallowed costs from funds other than those that Provider received under this Contract. Provider must refund disallowed costs and overpayments of funds received under this Contract to the GLO within 30 days after the GLO issues notice of overpayment to Provider.

  • Underpayment In the event of a change which results in an underpayment to an employee, the employee shall be properly compensated on or before the next possible paycheck following discovery of the error. Upon request, the District shall provide the employee with specific written explanation for the underpayment through the Payroll Contact Person at the employee’s location.