Common use of Executive Summary and Payments Clause in Contracts

Executive Summary and Payments. Upon completion of the audit, Vendor will be notified in writing of the results (an “Executive Summary”). If no response to the Executive Summary is received from Vendor within thirty (30) days following its issuance, the Executive Summary shall be deemed accepted by Vendor, and Division will issue an invoice to Vendor for any amounts due. Vendor shall pay Division for proper application and allocation, the amount of any overcharges and unapplied credits (as to Purchasers) and underpayments (as to Division) determined by the audit within thirty (30) days from receipt of an invoice from Division; Vendor shall not use the overcharges or underpayments as a set-off in any fashion. Payment by Purchasers of mutually negotiated prices for Products that are less than those listed in Exhibit A shall not be considered to be undercharges and shall not be applied to reduce the amount of any overcharges by Vendor. The unpaid amount of any overcharges or underpayments shall be subject to a late payment fee as stated in Section 3.5.

Executive Summary and Payments. Upon completion of the audit, Vendor will be notified in writing of the results (an “Executive Summary”). If no response to the Executive Summary is received from Vendor within thirty (30) days following its issuance, the Executive Summary shall be deemed accepted by Vendor, and Division will issue an invoice to Vendor for any amounts due. Vendor shall pay Division for proper application and allocation, the amount of any overcharges and unapplied credits (as to Purchasers) and underpayments (as to Division) determined by the audit within thirty (30) days from receipt of an invoice from Division; Vendor shall not use the overcharges or underpayments as a set-off in any fashion. Payment by Purchasers of mutually negotiated prices for Products and/or Services that are less than those listed in Exhibit A shall not be considered to be undercharges and shall not be applied to reduce the amount of any overcharges by Vendor. The unpaid amount of any overcharges or underpayments shall be subject to a late payment fee as stated in Section 3.53.4.