Exceptions Resulting from Audit Sample Clauses

Exceptions Resulting from Audit. Supplier will be notified in writing of any exception taken as a result of an audit. Supplier agrees to directly refund the amount of any exception to Company within ten (10) days (or alternatively, with prior written approval of Company, deduct the dollar amount from the next invoice submitted to Company). If Supplier fails to make such payment, Supplier agrees to pay interest, accruing monthly, at a rate equal to the lesser of ten percent (10%) per annum or the maximum lawful rate. Interest will be computed from the date of written notification of exception(s) to the date Supplier reimburses Company for any exception(s). In the event an audit verifies overcharges of five percent (5%) or more, then Supplier shall reimburse Company for the cost of the audit.