Under and over payments Clause Samples

The 'Under and over payments' clause defines how discrepancies between amounts paid and amounts actually due under a contract are handled. It typically outlines procedures for correcting situations where a party has paid too much or too little, such as issuing refunds for overpayments or requiring additional payments to cover shortfalls. This clause ensures that both parties are treated fairly by providing a clear mechanism for adjusting payments, thereby preventing disputes and maintaining financial accuracy throughout the contractual relationship.
Under and over payments. (a) If a Party detects a Payment Error by a Party of any amount within 18 calendar months after the Payment Error: (i) the Party must as soon as reasonably practicable give notice to the other Party of the Payment Error; and (ii) an adjusting payment must be made by the appropriate Party within 15 Business Days of the notice. (b) Except where clause 5.4(c) applies, the adjusting payment must, without prejudice to the Party’s other rights, include interest calculated daily at the Prescribed Rate from the date of the Payment Error until the date of the adjusting payment. (c) An adjusting payment by a Party will not attract interest under clause 5.4(b) if it is made in relation to an underpayment and the underpayment was the result of an error by the other Party. (d) A Party is not entitled to an adjusting payment for a Payment Error notified to the other Party after the expiry of 18 calendar months after the Payment Error. (e) Where a Payment Error is an error as a result of which the amount set out in a Tax Invoice is less than what it would have been had the error not been made, the Payment Error will be taken to have occurred on the Due Date of the Tax Invoice. (f) Where a Payment Error is an error as a result of which the amount set out in a Tax Invoice is more than what it would have been had the error not been made, the Payment Error will be taken to have occurred on the date the User has paid the total amount of the Tax Invoice in full.
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Under and over payments. (a) Subject to clause 8.6(e), if a Party* detects a Payment Error* by a Party* of any amount within 18 calendar months after the Payment Error*: (i) the Party* must as soon as reasonably practicable give notice to the other Parties* of the Payment Error*; and (ii) an adjusting payment must be made by the appropriate Party* within 10 Business Days* of the notice. (b) Except where clause 8.6(c) applies, the adjusting payment must, without prejudice to the Party*’s other rights, include interest calculated daily at the Prescribed Rate* from the date of the Payment Error* until the date of the adjusting payment. (c) An adjusting payment by a Party* will not attract interest under clause 8.6(b) if it is made in relation to an underpayment and the underpayment was the result of an error by the other Party*. (d) Subject to clause 8.6(e), a Party* is not entitled to an adjusting payment for a Payment Error* notified to the other Parties* after the expiry of 18 calendar months after the Payment Error*. (e) Notwithstanding clauses 8.6(a) and 8.6(d), where: (i) Payment Errors* have occurred as a result of an error in the data used to calculate the Charges*; and (ii) the Payment Errors* occurred in one or more Accounting Periods*, the Party* who was underpaid or who made an overpayment (as applicable) is entitled to an adjusting payment only for the Payment Errors* that occurred in the Accounting Periods* that were within the 12 month period preceding the date that the Payment Errors* were notified by one Party* to the other.
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Under and over payments. (a) If a Party detects a Payment Error by a Party of any amount within 18 calendar months after the Payment Error: (i) the Party must give notice to the other Party of the Payment Error; and (ii) an adjusting payment must be made by the appropriate Party within 10 Business Days of the notice. (b) Subject to clause 8.5(c), the adjusting payment must, without prejudice to the Party’s other rights, include interest calculated daily at the Prescribed Rate from the date of the Payment Error until the date of the adjusting payment. (c) An adjusting payment by a Party will not attract interest under clause 8.5(b) if the underpayment was the result of an error by the other Party.
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Under and over payments. If a Party detects a Payment Error by a Party of any amount within: (1) in respect of a Payment Error resulting from an error in the Metering Data used to calculate the Charges, 12 months after the Payment Error; or (2) in respect of any other Payment Error, 18 months after the Payment Error, the Party must as soon as reasonably practicable give notice to the other Party of the Payment Error, and an adjusting payment must be made by the appropriate Party within 10 Business Days of the notice, including any applicable interest in accordance with clause 10.5(c).
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Under and over payments. If the Company fails to pay the entire amount of compensation due the City through error or otherwise, the difference due the City shall be paid by the Company within thirty (30) days from discovery of the error or determination of the correct amount. Any overpayment to the City through error or otherwise shall be offset against the next payment due from the Company.
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Under and over payments. If a Party detects a Payment Error by a Party of any amount within 18 calendar months after the Payment Error:
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Under and over payments. If a Party detects a Payment Error by a Party of any amount within:
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Related to Under and over payments

  • 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.

  • Hold Over A hold over beyond the expiration of the term specified herein shall not operate as an extension of this lease, nor as a renewal of it. Holdover fee of $100 per day will be applied

  • CONTRACT LIMIT, FEES AND EXPENSES changing the not-to-exceed amount of the Contract from ONE MILLION SEVEN HUNDRED NINTY THOUSAND DOLLARS AND ZERO CENTS ($1,790,000.00) to TWO MILLION ONE HUNDRED THOUSAND DOLLARS AND ZERO CENTS ($2,100,000.00), as approved by the Executive Director on October 22, 2021.

  • CLOSING COSTS AND ADJUSTMENTS All adjustments are made as of settlement date.

  • Statement of Actual Direct Expenses and Payment by Tenant Landlord shall give to Tenant within five (5) months following the end of each Expense Year, a statement (the “Statement”) which shall state the Direct Expenses incurred or accrued for such preceding Expense Year, and which shall indicate the amount of Tenant’s Share of Direct Expenses. Upon receipt of the Statement for each Expense Year commencing or ending during the Lease Term, Tenant shall pay, with its next installment of Base Rent due that is at least thirty (30) days thereafter, the full amount of Tenant’s Share of Direct Expenses for such Expense Year, less the amounts, if any, paid during such Expense Year as “Estimated Direct Expenses,” as that term is defined in Section 4.4.2, below, and if Tenant paid more as Estimated Direct Expenses than the actual Tenant’s Share of Direct Expenses, Tenant shall receive a credit in the amount of Tenant’s overpayment against Rent next due under this Lease. The failure of Landlord to timely furnish the Statement for any Expense Year shall not prejudice Landlord or Tenant from enforcing its rights under this Article 4. Even though the Lease Term has expired and Tenant has vacated the Premises, when the final determination is made of Tenant’s Share of Direct Expenses for the Expense Year in which this Lease terminates, Tenant shall immediately pay to Landlord such amount, and if Tenant paid more as Estimated Direct Expenses than the actual Tenant’s Share of Direct Expenses, Landlord shall, within thirty (30) days, deliver a check payable to Tenant in the amount of the overpayment. The provisions of this Section 4.4.1 shall survive the expiration or earlier termination of the Lease Term.