AUDIT; OVERPAYMENT Sample Clauses

The AUDIT; OVERPAYMENT clause grants one party the right to review and examine the financial records of the other party to verify the accuracy of payments made under the agreement. Typically, this clause allows for periodic audits, either by the party itself or through an independent auditor, to ensure that no overpayments have occurred. If an overpayment is discovered, the clause usually requires the excess amount to be refunded or credited. Its core function is to promote transparency and accountability in financial transactions, helping to prevent and correct payment errors.
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AUDIT; OVERPAYMENT. No more than **** in any ****** ***** (**) ****** ****** the term of this Agreement and for *** (*) ****** after its termination for any reason or expiration and upon not less than ****** (**) ******** **** prior written notice to CSG, and during normal business hours, Customer may conduct an audit of CSG’s records regarding Reimbursable Expenses and all other payments made by Customer to CSG to verify that Customer has paid the correct amounts during the preceding ****** (**) ***** ******. Any such audit will be at Customer’s expense and shall be conducted by Customer’s internal audit division (the members of which may be employed by an Affiliate of Customer), or an independent auditor who shall execute a confidentiality agreement with CSG (in form reasonably acceptable to CSG), and shall be conducted in accordance with generally accepted accounting principles. Should such an audit reveal, or should Customer otherwise discover, that CSG overbilled Customer and Customer overpaid CSG, CSG shall credit Customer’s account by an amount equal to the amount overbilled and overpaid. If, at the time of such audit, Customer has a **** (*) ******* owed to CSG, CSG shall pay Customer for the amount ********** *** ********. Moreover, should such an audit reveal that CSG overbilled Customer and Customer overpaid CSG an amount equal to or greater than **** ******* (**) of the correct amount due during the period covered by the audit, CSG shall reimburse Customer for all reasonable costs incurred by Customer in performing the audit which shall not exceed ******-**** ******** ******* (***,***.**). *** ****** *** *********** ** *** ***** ** **** ******* ** ***** ********* ***’* **** *** ********* ********* *** ********’* **** *** ********* ****** ** ********** **** *** ***** **** *** *** ********** *** ******** *** ******** *** ****** ***** *** *********; ******** **** *** ********* ********** ***** *** ***** ** *** ******** ** ***** ** ******* ********* ***************** ** ***. While conducting such an audit, Customer or its representative will be entitled to copy such items that CSG may possess that, in Customer’s reasonable opinion, provide evidence of overbilling by CSG or overpayment by Customer. Any item that is copied pursuant to the previous sentence shall be subject to the confidentiality restrictions set forth in Section 21. It is understood and agreed that amounts payable pursuant to this Section 26 shall not be included under the ****** *** ** *** ***** ***.
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Related to AUDIT; OVERPAYMENT

  • Overpayment Provider shall be liable to the GLO for any costs disallowed pursuant to financial and/or compliance audit(s) of funds received under this Contract. Provider shall reimburse such disallowed costs from funds other than those that Provider received under this Contract. Provider must refund disallowed costs and overpayments of funds received under this Contract to the GLO within 30 days after the GLO issues notice of overpayment to Provider.

  • Underpayment In the event of a change which results in an underpayment to an employee, the employee shall be properly compensated on or before the next possible paycheck following discovery of the error. Upon request, the District shall provide the employee with specific written explanation for the underpayment through the Payroll Contact Person at the employee’s location.

  • Overpayments and Underpayments As a result of uncertainty in the application of Section 280G of the Code at the time of an initial determination by the Accounting Firm hereunder, it is possible that Payments will have been made by the Company that should not have been made (an “Overpayment”) or that additional Payments that will not have been made by the Company could have been made (an “Underpayment”), consistent in each case with the calculation of the Reduced Amount hereunder. In the event that the Accounting Firm, based upon the assertion of a deficiency by the Internal Revenue Service against the Company or the Employee that the Accounting Firm believes has a high probability of success, determines that an Overpayment has been made, such Overpayment shall be treated for all purposes as a loan to the Employee that the Employee shall repay to the Company, together with interest at the applicable federal rate provided in Section 7872(f)(2) of the Code; provided, however, that no amount shall be payable by the Employee to the Company if and to the extent that such payment would not reduce the amount that is subject to taxation under Section 4999 of the Code. In the event that the Accounting Firm determines that an Underpayment has occurred, such Underpayment shall promptly be paid or transferred by the Company to or for the benefit of the Employee, together with interest at the applicable federal rate provided in Section 7872(f)(2) of the Code.

  • Recovery of Overpayments On occasion a payment will be made to You when You are not covered, for a service that is not Covered, or which is more than is proper. When this happens We will explain the problem to You and You must return the amount of the overpayment to Us within 60 days after receiving notification from Us. However, We shall not initiate overpayment recovery efforts more than 24 months after the original payment was made unless We have a reasonable belief of fraud or other intentional misconduct.

  • Repayment of Overpayments a. If, at any time, Good Shepherd identifies any Overpayment, Good Shepherd shall repay the Overpayment to the appropriate payor (e.g., Medicare contractor) within 60 days after identification of the Overpayment and take remedial steps within 90 days after identification (or such additional time as may be agreed to by the payor) to correct the problem, including preventing the underlying problem and the Overpayment from recurring. If not yet quantified, within 60 days after identification, Good Shepherd shall notify the payor of its efforts to quantify the Overpayment amount along with a schedule of when such work is expected to be completed. Notification and repayment to the payor shall be done in accordance with the payor’s policies. b. Notwithstanding the above, notification and repayment of any Overpayment amount that routinely is reconciled or adjusted pursuant to policies and procedures established by the payor should be handled in accordance with such policies and procedures.