Common use of Refunds and Overpayments Clause in Contracts

Refunds and Overpayments. A. At its sole discretion, the System Agency may: i. withhold all or part of any payments to Contractor to offset overpayments, unallowable or ineligible costs made to the Contractor, or if any required financial status report(s) is not submitted by the due date(s); or, ii. require Contractor to promptly refund or credit - within thirty (30) calendar days of written notice - any funds erroneously paid by System Agency which are not expressly authorized under the Contract. B. “Overpayments,” as used in this Section, include payments: i. made by the System Agency that exceed the maximum allowable rates; ii. that are not allowed under applicable laws, rules, or regulations; or, iii. that are otherwise inconsistent with this Contract, including any unapproved expenditures. Contractor understands and agrees that it will be liable to the System Agency for any costs disallowed pursuant to financial and compliance audit(s) of funds received under this Contract. Contractor further understands and agrees that reimbursement of such disallowed costs shall be paid by Contractor from funds which were not provided or otherwise made available to Contractor under this Contract.

Refunds and Overpayments. A. At its sole discretion, the System Agency may: i. withhold all or part of any payments to Contractor Performing Agency to offset overpayments, unallowable or ineligible costs made to the ContractorPerforming Agency, or if any required financial status report(s) is not submitted by the due date(s); or, ii. require Contractor Performing Agency to promptly refund or credit - within thirty (30) calendar days of written notice - any funds erroneously paid by System Agency which are not expressly authorized under the Contract. B. “Overpayments,” as used in this Section, include payments: i. made by the System Agency that exceed the maximum allowable rates; ii. that are not allowed under applicable laws, rules, or regulations; or, iii. that are otherwise inconsistent with this Contract, including any unapproved expenditures. Contractor Performing Agency understands and agrees that it will be liable to the System Agency for any costs disallowed pursuant to financial and compliance audit(s) of funds received under this Contract. Contractor Performing Agency further understands and agrees that reimbursement of such disallowed costs shall be paid by Contractor Performing Agency from funds which were not provided or otherwise made available to Contractor Performing Agency under this Contract.

Refunds and Overpayments. A. At its sole discretion, the System Agency may: i. withhold all or part of any payments to Contractor to offset overpayments, unallowable or ineligible costs made to the Contractor, or if any required financial status report(s) is not submitted by the due date(s); or, ii. require Contractor to promptly refund or credit - within thirty (30) calendar days of written notice - any funds erroneously paid by System Agency which are not expressly authorized under the Contract. B. “Overpayments,” as used in this Section, include payments: i. made by the System Agency that exceed the maximum allowable ratesallowablerates; ii. that are not allowed under applicable laws, rules, or regulations; or, iii. that are otherwise inconsistent with this Contract, including any unapproved expenditures. Contractor understands and agrees that it will be liable to the System Agency for any costs disallowed pursuant to financial and compliance audit(s) of funds received under this Contract. Contractor further understands and agrees that reimbursement of such disallowed costs shall be paid by Contractor from funds which were not provided or otherwise made available to Contractor under this Contract.