Adjustments and Reconciliation Sample Clauses
The Adjustments and Reconciliation clause establishes a process for reviewing and correcting financial transactions or obligations between parties to ensure accuracy. Typically, this clause allows for periodic checks of invoices, payments, or other financial records, and provides a mechanism for making corrections if discrepancies are found, such as issuing credits or additional payments. Its core function is to maintain fairness and accuracy in financial dealings by allowing both parties to resolve errors or changes in amounts owed, thereby preventing disputes and ensuring that accounts reflect the true value exchanged.
Adjustments and Reconciliation. To the extent that the actual value of any item included in an invoice cannot be accurately determined at the time of submission of the invoice, such item shall be invoiced on an estimated basis and an adjustment shall be made to reflect the difference between such estimated amount and the actual amount of such item on the next invoice after determination of the actual amount. Prior to final acceptance of the Project, the designated county representative shall provide City with a reconciliation of all costs for the Project and the respective contributions of the Parties for the review and approval of the Parties.