Corrections and Adjustments Clause Samples
Corrections and Adjustments. If maintenance work or other work is not performed in accordance with the requirements of the Marin Access Paratransit Services Contract, the GGBHTD shall have the right to require that the MCTD to
(1) cause the Contractor to perform such work again correctly at no additional cost to the GGBHTD or the MCTD; or (2) deduct a fair and reasonable amount from the payments to the Contractor.
Corrections and Adjustments. (a) In the event that Operator determines, pursuant to its normal accounting activities, internal audit or otherwise, that an error has been made in the charging of amounts to the Account, resulting in overcharging or undercharging of amounts to Owner, a correction will be made as soon as reasonably practicable following discovery thereof and an adjustment will be made in the payment of estimated and actual amounts due from Owner pursuant to Section 4.4 of the Agreement to reflect the amount underpaid or overpaid by Owner. Notwithstanding anything to the contrary contained herein, in no event shall Operator make any such adjustment for any errors that occurred prior to the two most recently completed Fiscal Years.
(b) Payments by Owner will not prejudice Owner’s right to question the correctness of any statement of actual costs or expenses; provided, however, all estimated and actual statements of amounts due will be conclusively presumed true and correct with respect to any period for which audit rights have terminated pursuant to Section 5.3(a) of the Agreement with no adjustment thereafter.
(c) Any other provision of this Exhibit notwithstanding, the Parties acknowledge and agree that situations may arise from time to time requiring special consideration in order to maintain fairness and that in an attempt to provide guidance in such situations, the following concepts will apply: (i) current year corrections and adjustments will include items arising from Third Party audits that may relate to prior years, with such items applicable only to the year in which same become known and are recorded; and, (ii) current year corrections and adjustments of prior year errors or omissions may be charged to the Account.
(i) Items necessitating significant correction and/or adjustment in excess of $500,000 will require prompt notification to the Owner. Form of Confidentiality Agreements2 [To be attached]
Corrections and Adjustments. Before correcting for overspending of the HCBS/MRDD Waiver for the Contract Year, KDADS will adjust estimated paid claims by the cost of exceptions that are identified in Section V. and are incurred in the Contract Year. In addition, KDADS will include the annualized cost of exceptions incurred in the Contract Year as well as considering the projected cost of identified individuals who qualify for exceptions due to the termination of Technology Assisted, Autism, or Traumatic Brain Injury Waiver services, or children aging out of custody, as it prepares it’s following fiscal year base budget it submits to the Department of Administration.
Corrections and Adjustments. Company will, upon discovery of any error in the calculation or invoicing of any Fees, Charges or Taxes, investigate the error and process any applicable corrections. The error may be resolved by a credit or debit to the next subsequent invoice to Participant or, if greater than USD $1,000.00, by a separate invoice or refund.
Corrections and Adjustments. For the purposes of applying Conditions 8.11 to 8.15 (inclusive) to the Participant with reference to corrections and adjustments and Triggers notified in a Quarterly Statement for an adjustment Quarter: