Recovery of Under or Overpayment Sample Clauses

The 'Recovery of Under or Overpayment' clause establishes the right for a party to correct payment discrepancies by recovering amounts that were either underpaid or overpaid. In practice, this means if an error is discovered—such as an employee being paid less or more than they were entitled to—the responsible party can adjust future payments or request reimbursement to rectify the mistake. This clause ensures financial accuracy and fairness by providing a clear mechanism to address and resolve payment errors, thereby preventing ongoing disputes or financial imbalances.
Recovery of Under or Overpayment. 56 If any audit conducted pursuant to clause 7.2.9 of the management fees paid to the Manager by the Company pursuant to this clause 9 or of any costs paid to the Manager by the Company pursuant to clause 10 determines that there has been an under or overpayment of management fee or costs then:
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Recovery of Under or Overpayment. If any underpayment or overpayment of Fees or costs paid to the Manager by the Company arises (including where any audit conducted under clause 6.2.8 determines that there has been an underpayment or overpayment of Fees or of any costs paid to the Manager), then: 8.5.1 For any overpayment, the amount concerned will be deducted from the next instalment of Management Fee payable and if the amount exceeded the amount of the next instalment of Management Fee payable then the Manager agrees to pay to the Company the amount of such overpayment within 10 Business Days of written notice from the Company demanding payment; and 8.5.2 For any underpayment, the amount concerned will be added to the next instalment of Management Fee paid to the Manager, provided however that if either party disputes the Auditor’s finding under clause 6.2.8, then that party may require the issue of a Dispute Notice under clause 17.
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Related to Recovery of Under or Overpayment

  • Recovery of Overpayments On occasion a payment will be made to You when You are not covered, for a service that is not Covered, or which is more than is proper. When this happens We will explain the problem to You and You must return the amount of the overpayment to Us within 60 days after receiving notification from Us. However, We shall not initiate overpayment recovery efforts more than 24 months after the original payment was made unless We have a reasonable belief of fraud or other intentional misconduct.

  • Recovery of Erroneous Payments Without limitation of any other provision in this Agreement, if at any time the Administrative Agent makes a payment hereunder in error to any Lender Recipient Party, whether or not in respect of an Obligation due and owing by the Borrower at such time, where such payment is a Rescindable Amount, then in any such event, each Lender Recipient Party receiving a Rescindable Amount severally agrees to repay to the Administrative Agent forthwith on demand the Rescindable Amount received by such Lender Recipient Party in immediately available funds in the currency so received, with interest thereon, for each day from and including the date such Rescindable Amount is received by it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. Each Lender Recipient Party irrevocably waives any and all defenses, including any “discharge for value” (under which a creditor might otherwise claim a right to retain funds mistakenly paid by a third party in respect of a debt owed by another) or similar defense to its obligation to return any Rescindable Amount. The Administrative Agent shall inform each Lender Recipient Party promptly upon determining that any payment made to such Lender Recipient Party comprised, in whole or in part, a Rescindable Amount.

  • Recovery of Litigation Costs If any legal action or other proceeding is brought for the enforcement of this Warrant, or because of an alleged dispute, breach, default, or misrepresentation in connection with any of the provisions of this Warrant, the successful or prevailing party or parties shall be entitled to recover reasonable attorneys’ fees and other costs incurred in that action or proceeding, in addition to any other relief to which it or they may be entitled.

  • 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.

  • Refunds and Overpayments A. At its sole discretion, the System Agency may (i) withhold all or part of any payments to Grantee to offset overpayments, unallowable or ineligible costs made to the Grantee, or if any required financial status report(s) is not submitted by the due date(s); or (ii) require Grantee to promptly refund or credit - within thirty (30) calendar days of written notice – to System Agency any funds erroneously paid by System Agency which are not expressly authorized under the Grant Agreement.