Underpayment; Overpayment Sample Clauses
The 'Underpayment; Overpayment' clause defines the procedures for addressing situations where a party pays less or more than the amount actually owed under an agreement. Typically, this clause outlines how underpayments must be rectified by the owing party, often including a timeline for payment and possible interest or penalties, while also specifying how overpayments are to be refunded or credited. Its core function is to ensure financial accuracy and fairness between parties, providing a clear mechanism for correcting payment discrepancies and preventing disputes over payment errors.
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Underpayment; Overpayment. After reviewing the CPA Firm’s audit report, the audited Party shall promptly pay any uncontested, understated amounts due to the auditing Party. Any overpayment made by the audited Party shall be promptly refunded or fully creditable against amounts payable in subsequent payment periods, at the audited Party’s election. Any audit under Section 7.10.2 shall be at auditing Party’s expense; provided, however, the audited Party shall reimburse reasonable audit fees for a given audit if the results of such audit reveal that audited Party underpaid or overcharged the auditing Party, as applicable, with respect to royalty payments or Research Program Costs reimbursements, by [**] percent ([**]%) or more for the audited period, provided that such amount exceeds $[**], and with respect to royalty payments, such audited period includes at least [**].
Underpayment; Overpayment. If the audit conducted by Landlord under Section 5.4.3(c) above reveals an underpayment or an overpayment of the Rent due, Tenant shall pay to Landlord the amount of the underpayment within thirty (30) days following written notice thereof from Landlord, or Landlord shall refund the amount of the overpayment within thirty (30) days following the determination of such overpayment (or, at Landlord's option, Landlord shall credit the overpayment against the installment of Greater Of Rent first coming due after such thirty- (30-) day period), as applicable. If the audit reveals a discrepancy of five percent (5%) or more between the Rent due as reported by ▇▇▇▇▇▇ and the Rent due as determined by the audit, and/or Tenant has failed to maintain (or has failed to cause to be maintained) complete and accurate Tenant Records as described in this Section 5.4 above, then Tenant shall also pay the cost of the audit within thirty (30) days after written notice thereof from Landlord.
Underpayment; Overpayment. If an Inspection reveals an underpayment, then KHK shall promptly make up such underpayment with interest at the Interest Rate from the date payment was owed. If an Inspection (as defined below in Section 9.3) revealed an overpayment, then Syndax shall promptly refund such overpayment with interest at the Interest Rate from the date such overpayment was made.
Underpayment; Overpayment. After reviewing the audit report delivered under Clause 13.8.7, any discrepancy in Development Costs and reimbursement of such costs shall be corrected by the relevant Party or Parties within [***] of delivery of audit report under Clause 13.8.7. Any audit shall be at the requesting Party’s expense unless such audit shows more than the greater of (a) a [***] and (b) [***], discrepancy in the Development Costs being claimed.
Underpayment; Overpayment. After reviewing the CPA Firm’s audit report, GNE shall promptly pay any uncontested, understated amounts due to Immunocore. Any overpayment made by GNE or any Affiliate or Sublicensee shall be promptly refunded or fully creditable against amounts payable in subsequent payment periods, at GNE’s election. Any audit under Section 14.7.2 shall be at Immunocore’s expense; provided, however, GNE shall reimburse reasonable audit fees for a given audit if the results of such audit reveal that GNE and any Affiliate or Sublicensee underpaid Immunocore [***] for the audited period [***].
Underpayment; Overpayment. After reviewing the CPA Firm’s audit report, Licensee shall promptly pay any uncontested, understated amounts due to Kineta. Any overpayment made by Licensee shall be promptly refunded or fully creditable against amounts payable in subsequent payment periods, at Licensee’s election. Any audit under Section 7.7.2 shall be at K▇▇▇▇▇’s expense; provided, however, Licensee shall reimburse reasonable audit fees for a given audit if the results of such audit reveal that Licensee underpaid Kineta with respect to royalty payments by five percent (5%) or more for the audited period. Kineta-Genentech Exclusive Option and License Agreement
Underpayment; Overpayment. After reviewing the CPA Firm’s audit report, Lilly shall promptly pay any uncontested, understated amounts due to Immunocore. Any overpayment made by Lilly or any Sublicensee shall be promptly refunded or fully creditable against amounts payable in subsequent payment periods, at Immunocore’s election. Any audit under Clause 14.7.2 shall be at Immunocore’s expense; provided, however, Lilly shall reimburse reasonable out-of-pocket audit fees for a given audit if the results of such audit reveal that Lilly and any Sublicensee underpaid Immunocore with respect to royalty payments by [***], or more, for the audited period.
Underpayment; Overpayment. After reviewing the CPA Firm’s audit report, GNE shall promptly pay any uncontested, understated amounts due to Immunocore. Any overpayment made by GNE, Roche or any Sublicensee shall be promptly refunded or fully creditable against amounts payable in subsequent payment periods, at GNE’s election. Any audit under Section 8.7.2 shall be at Immunocore’s expense; provided, however, GNE shall reimburse Certain confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) is the type that the registrant treats as private or confidential. reasonable audit fees for a given audit if the results of such audit reveal that GNE, Roche and any Sublicensee underpaid Immunocore [***] for the audited period [***].
Underpayment; Overpayment. After reviewing the CPA Firm’s audit report, GNE shall promptly pay any uncontested, understated amounts due to Adaptive, with interest calculated in accordance with Section 10.7.5, from the date that such payments would have been owed to Adaptive. Any overpayment made by GNE shall be fully creditable against amounts payable in the subsequent payment period or if such payment period no longer exists or if the available credit in the above subsequent payment period is not sufficient to recoup the overpayment, Adaptive shall reimburse any such overpayment within [***] days. Any audit under Section 10.7.2 shall be at Adaptive’s expense; provided, that GNE shall reimburse reasonable audit fees for a given audit if the results of such audit reveal that GNE underpaid Adaptive with respect to royalty payments by [***] percent ([***]%) or more for the audited period and such audited period includes at least [***] consecutive calendar quarters.
Underpayment; Overpayment. If a report of an independent public accounting firm submitted to the Parties in accordance with Section 5.9 shows any underpayment of royalties or commercial or sales milestone payments due under this Article 5, Takeda shall remit to Keros within [***] after receipt of such report by ▇▇▇▇▇▇ (a) the amount of such underpayment plus interest (as set forth in Section 5.16) and (b) if such underpayment exceeds [***] of the total amount owed to Keros for the Calendar Year then being audited, Takeda shall bear the reasonable fees and expenses of such independent public accounting firm in performing such audit, subject to reasonable substantiation thereof. If such independent public accounting firm’s written report shows any overpayment of royalties or commercial or sales milestone payments due under this Article 5, at ▇▇▇▇▇▇’s election, Takeda shall receive a credit equal to such overpayment against the royalties or commercial or sales milestone due under this Article 5 otherwise payable to Keros or Keros shall, pay to Takeda an amount equal to such overpayment. Takeda will provide Keros with an invoice related to such overpayment, which will be payable to Takeda by Keros within [***] of receipt of the invoice.