Common use of Fees and Interest if Underpayment Discovered by Audit Clause in Contracts

Fees and Interest if Underpayment Discovered by Audit. If, as a result of the audit performed under Article 14 herein, additional fees are due from the Contractor to the Authority, the Contractor shall immediately pay to the Authority such additional fees, together with interest on the amount of such additional fees at the rate specified herein from the date such additional fees should have been paid. Further, if the audit establishes that the Contractor has understated and underpaid fees by three percent (3%) or more for any Contract year, then the entire expense of such audit, whether internal or external, shall be paid by the Contractor.

Fees and Interest if Underpayment Discovered by Audit. If, as a result of the audit performed under Article 14 herein, hereunder additional fees are due from the Contractor to the Authority, the Contractor shall immediately pay to the Authority such additional fees, together with interest on the amount of such additional fees at the rate specified herein of six percent (6%) per annum from the date such additional fees should have been paid. Further, if the audit establishes that the Contractor has understated and underpaid fees by three percent (3%) or more for any Contract yearYear, then the entire expense of such audit, whether internal or external, shall be paid by the Contractor.

Fees and Interest if Underpayment Discovered by Audit. If, as a result of the audit performed under Article 14 herein, Section N.1 additional fees are due from the Contractor to the Authority, the Contractor shall immediately pay to the Authority such additional fees, together with interest on the amount of such additional fees at the rate specified herein of six percent (6%) from the date such additional fees should have been paid. Further, if the audit establishes that the Contractor has understated and underpaid fees by three five percent (35%) or more for any Contract year, then the entire expense of such audit, whether internal or external, shall be paid by the Contractor.