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 this Section 5.05, it is established that additional concession percentage fees are due from the Contractor to the Authority, the Contractor shall immediately, upon written demand from the Authority, pay to the Authority such additional concession percentage fees, together with interest on the amount of such additional fees at the rate specified in Section 5.01(a)(10)(iii) herein from the date such additional fees should have been paid. Further, if such audit establishes that the Contractor has understated and underpaid fees for any Contract Year by three percent (3%) or more, 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 this Section 5.05, it is established that additional concession percentage fees are due from the Contractor to the Authority, the Contractor shall immediately, upon written demand from the Authority, pay to the Authority such additional concession percentage fees, together with interest on the amount of such additional fees at the rate specified in Section 5.01(a)(10)(iii5.01(g) herein from the date such additional fees should have been paid. Further, if such audit establishes that the Contractor has understated and underpaid fees for any Contract Year by three percent (3%) or more, 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 this Section 5.05, it is established that additional concession percentage fees are due from the Contractor to the Airports Authority, the Contractor shall immediately, upon written demand from the Airports Authority, pay to the Airports Authority such additional concession percentage fees, together with interest on the amount of such additional fees at the rate specified in Section 5.01(a)(10)(iii5.01(a)(10)(a) herein from the date such additional fees should have been paid. Further, if such audit establishes that the Contractor has understated and underpaid fees for any Contract Year by three percent (3%) or more, then the entire expense of such audit, whether internal or external, shall be paid by the Contractor.