Common use of Under and over payments Clause in Contracts

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.

Under and over payments. (a) If a Party party detects a Payment Error by a Party party of any amount within 18 calendar months after the Payment Error: (i) the Party party must give written notice to the other Party party of the Payment Error; and (ii) an adjusting payment must be made by the appropriate Party party within 10 Business Days of the that notice. (b) Subject to clause 8.5(cClause 4.7(c), the adjusting payment must, without prejudice to the Partyparty’s other rights, include interest calculated daily at the Prescribed Rate prescribed rate from the date of the Payment Error until the date of the adjusting payment. (c) An adjusting payment by a Party party will not attract interest under clause 8.5(bClause 4.7(b) if the underpayment was the result of an error by the other Partyparty.

Under and over payments. (a) If a Party party detects a Payment Error by a Party party of any amount within 18 calendar months after the Payment Error: (i) the Party party must give written notice to the other Party party of the Payment Error; and (ii) an adjusting payment must be made by the appropriate Party party within 10 Business Days of the that notice. (b) Subject to clause 8.5(c4.7(c), the adjusting payment must, without prejudice to the Partyparty’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 party will not attract interest under clause 8.5(b4.7(b) if the underpayment was the result of an error by the other Partyparty.