Deficiency or Refund Clause Samples

Deficiency or Refund a. If there is a deficiency assessment in connection with any joint return previously filed by the Parties, the Party first notified of the assessment shall inform the other Party immediately in writing. b. Each Party shall keep the other fully informed of any and all steps taken by him or her with respect to any such deficiency assessment, and the parties shall share equally the cost of defending against and/or satisfying such deficiency assessment. c. In the event of a refund or credit from past returns, the Parties shall share the refund or credit equally.