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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, it is established that additional payments are due from the Contractor to the Authority, the Contractor shall immediately, upon written demand from the Authority, pay to the Authority such additional payments, together with interest on the amount of such additional payments at the rate specified in Article V.E. herein from the date such additional payments should have been paid. Further, if such audit establishes that the Contractor has understated the Gross Receipts for any Contract Year by one half of one percent (0.5%) or more, then the entire expense of such audit, whether internal or external, shall be paid by the Contractor.

Appears in 2 contracts

Samples: Concession Contract, Concession Contract

Fees and Interest if Underpayment Discovered by Audit. If, as a result of the auditaudit performed under this Article V. herein, it is established that additional payments 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 paymentsfees, together with interest on the amount of such additional payments fees at the rate specified in Article V.E. V. F. herein from the date such additional payments fees should have been paid. Further, if such audit establishes that the Contractor has understated the Gross Receipts and underpaid fees for any Contract Year by one half of one three percent (0.53%) or more, then the entire expense of such audit, whether internal or external, shall be paid by the Contractor.

Appears in 1 contract

Samples: Concession Contract

Fees and Interest if Underpayment Discovered by Audit. If, as a result of the auditaudit performed under this Section herein, it is established that additional payments 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 paymentsfees, together with interest on the amount of such additional payments fees at the rate specified in Article V.E. Section 5.01 C. herein from the date such additional payments fees should have been paid. Further, if such audit establishes that the Contractor has understated the Gross Receipts and underpaid fees for any Contract Year by one half of one three percent (0.53%) or more, then the entire expense of such audit, whether internal or external, shall be paid by the Contractor.

Appears in 1 contract

Samples: Concession Contract