Reimbursement for Substitute Payment Clause Samples

The "Reimbursement for Substitute Payment" clause establishes the obligation for one party to repay another party if the latter makes a payment on their behalf, typically when the original party fails to fulfill a payment obligation. In practice, this clause applies when, for example, a guarantor or a third party covers a debt or expense that the responsible party did not pay on time. The clause ensures that the party who stepped in to make the payment is compensated for their outlay, thereby protecting them from financial loss and encouraging timely fulfillment of payment obligations.
Reimbursement for Substitute Payment. If either Party in error pays to a third party an amount for which the other Party is responsible under this Agreement, the Party that is responsible for such payment shall promptly reimburse the paying Party for such amount.
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Reimbursement for Substitute Payment. If either Party in error pays to a third party an amount for which the other Party is responsible under this Agreement, the Party that is responsible for such payment shall promptly reimburse the paying Party for such amount upon presentation of sufficient documentation to support such payment.
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Related to Reimbursement for Substitute Payment

  • Contract Amount and Payment for Services The total amount of this Contract will not exceed $1,099,187.00. This includes System Agency’s share of $915,989.00 and Grantee’s required match amount of $183,198.00. All expenditures under this Contract will be in accordance with Attachment B, Budget.

  • Payment of Extraordinary Education Related Expenses Section 5.1. PAYMENT OF EXTRAORDINARY EDUCATION-RELATED EXPENSES. In addition to the amounts determined pursuant to Articles IV and VI of this Agreement, Applicant on an annual basis shall also indemnify and reimburse District for all non-reimbursed costs, certified by the District’s external auditor to have been incurred by the District for extraordinary education-related expenses directly and solely related to the project that are not directly funded in state aid formulas, including expenses for the purchase of portable classrooms and the hiring of additional personnel to accommodate a temporary increase in student enrollment caused directly by such project. Applicant shall have the right to contest the findings of the District’s external auditor pursuant to Section 4.9 above.

  • Reimbursement for Services Rendered If this Agreement is held to be invalid for any reason, and the Practice is required to refund fees, You agree to pay the Practice an amount equal to the fair market value of the medical services You received during the time period for which the refunded fees were paid.

  • Reimbursement for Advances If the Fund requires the Custodian to advance cash or securities for any purpose including the purchase or sale of foreign exchange or of contracts for foreign exchange, or in the event that the Custodian or its nominee shall incur or be assessed any taxes, charges, expenses, assessments, claims or liabilities in connection with the performance of this Contract, except such as may arise from its or its nominee's own negligent action, negligent failure to act or willful misconduct, any property at any time held for the account of the Fund shall be security therefor and should the Fund fail to repay the Custodian promptly, the Custodian shall be entitled to utilize available cash and to dispose of the Fund assets to the extent necessary to obtain reimbursement.

  • Payment for Services Agency and Contractor agree: A. Actual total payments will be based upon the amount of service authorized by the Agency and the amount of authorized service performed by the Contractor. It is understood and agreed by all parties that the Agency assumes no obligation to purchase from the Contractor any minimum amount of services as defined in the terms of this contract. B. Due to the Agency’s funding source restrictions, the Contractor shall submit to the Agency final claims for reimbursement under this contract no later than fifteen