OVER/UNDER PAYMENTS Sample Clauses
The Over/Under Payments clause defines how discrepancies between amounts paid and amounts actually owed under a contract are handled. In practice, if a party pays more than required, the excess is refunded or credited, while underpayments must be promptly settled once discovered. This clause ensures that both parties are fairly compensated and that any payment errors are corrected, thereby maintaining financial accuracy and preventing disputes over payment imbalances.
OVER/UNDER PAYMENTS. 27.01 In the event that an employee is over or under compensated by error on the part of the Employer, the Employer shall correct such compensation error not later than the second (2nd) pay day following the date on which the party/Parties discovering the error knew, or ought to have known of the error. In the case of an underpayment, where the Employer discovers the error, the Employer will notify the Employee in writing that an underpayment has been made. Such written notice shall include all calculations. If an under payment is not corrected by the second pay day, the employee shall have ten (10) days to file a grievance as outlined in Article 46. In the case of an overpayment, the Employer shall notify the employee in writing, including all calculations, that an overpayment has been made and discuss repayment options. By mutual agreement between the Employer and the employee, repayment arrangements shall be made. In the event mutual agreement cannot be reached, the Employer shall recover the overpayment by deducting up to ten percent (10%) of the employee’s gross earnings per pay period.
OVER/UNDER PAYMENTS. 27.01 In the event that an employee is over or under compensated by error on the part of the Employer by reason of salary payment for:
(a) vacation benefits; or
(b) sick leave benefits; or
(c) salary; the Employer shall correct such compensation error not later than the second following pay day. If an under payment is not corrected by the second following pay day, the employee shall have ten (10) days to file a grievance as outlined in Article 46.
OVER/UNDER PAYMENTS. In the event that an Employee is over or under compensated by error on the part of the Employer by reason of salary payment for:
OVER/UNDER PAYMENTS. 27.01 In the event that an employee is over or under compensated by error on the part of the Employer by reason of salary payment for:
(a) vacation benefits; or
(b) sick leave benefits; or
(c) salary; the Employer shall correct such compensation error not later than the second following pay day. If an under payment is not corrected by the second following pay day, the employee shall have ten (10) days to file a grievance as outlined in Article 46. In the case of an overpayment, the Employer shall notify the employee in writing that an overpayment has been made and discuss repayment options. By mutual agreement between the Employer and the employee, repayment arrangements shall be made. In the event mutual agreement cannot be reached, the Employer shall recover the overpayment by deducting up to ten percent (10%) of the employee’s gross earnings per pay period.
OVER/UNDER PAYMENTS. 28.01 In the event that an employee is over or under compensated by error on the part of the Employer, the Employer shall correct such compensation error not later than the second (2nd) pay day following the date on which the party/Parties discovering the error knew, or ought to have known of the error. In the case of an underpayment, where the Employer discovers the error, the Employer will notify the Employee in writing that an underpayment has been made. Such written notice shall include all calculations. In the case of an overpayment, the Employer shall notify the employee in writing, including all calculations, that an overpayment has been made and discuss repayment options. By mutual agreement between the Employer and the employee, repayment arrangements shall be made. In the event mutual agreement cannot be reached, the Employer shall recover the overpayment by deducting up to ten percent (10%) of the employee’s gross earnings per pay period.
OVER/UNDER PAYMENTS. If any Participant or beneficiary receives an underpayment of Shares or cash payable under the terms of any Award, payment of any such shortfall shall be made as soon as administratively practicable. If any Participant or beneficiary receives an overpayment of Shares or cash payable under the terms of any Award for any reason, the Committee or its delegate shall have the right, in its sole discretion, to take whatever action it deems appropriate, including but not limited to the right to require repayment of such amount or to reduce future payments under this Plan, to recover any such overpayment. Notwithstanding the foregoing, if the Company is required to prepare an accounting restatement due to the material noncompliance of the Company, as a result of misconduct, with any financial reporting requirement under the securities laws, and if the Participant knowingly or through gross negligence engaged in the misconduct, or knowingly or through gross negligence failed to prevent the misconduct, or if the Participant is one of the individuals subject to automatic forfeiture under Section 304 of the ▇▇▇▇▇▇▇▇-▇▇▇▇▇ Act of 2002, the Participant shall reimburse the Company the amount of any payment in settlement of an Award earned or accrued during the twelve- (12-) month period following the first public issuance or filing with the United States Securities and Exchange Commission of the financial document embodying such financial reporting requirement. In addition and notwithstanding the foregoing, the Awards granted under this Plan and any cash payment or Shares delivered pursuant to such an award are subject to forfeiture, recovery by the Company or other action pursuant to the applicable Award Agreement or any clawback or recoupment policy which the Company may adopt from time to time, including without limitation any such policy which the Company may be required to adopt under the ▇▇▇▇-▇▇▇▇▇ ▇▇▇▇ Street Reform and Consumer Protection Act and implementing rules and regulations thereunder, or as otherwise required by law.
OVER/UNDER PAYMENTS. 30.01 In the event that an Employee is over or under compensated by an error on the part of the Employer, the Employer may commence correction of such compensation error in the month immediately following the date when the Employee or Employer first became aware of the error. With respect to overpayments, repayment arrangements between the Employer and the Employee may be made by agreement. In the event a mutual arrangement cannot be made, the Employer shall recover the overpayment by deducting up to ten percent (10%) off the Employee’s gross earnings per pay period. If an underpayment is brought to the attention of the Employer by the Employee, and that underpayment is not corrected by the second pay day following the date of discovery of the error, or the date on which the Employee ought reasonably to have discovered the error, the Employee shall have ten (10) days to file a grievance under Article 48.
30.02 In the event of over/under payments, where requested by the Employee, the Employee shall be provided with details of all calculations.
OVER/UNDER PAYMENTS. Any pay due an FCM as a result of an error in their pay deposit or statement shall be reimbursed by the Company as soon as reasonably possible and paid to the FCM by separate cheque or deposit. If an overpayment is paid to an FCM and it is noticed during that pay period, repayment will be made on next pay. If overpayment is not noticed during a pay period then a repayment plan will be agreed to by the Company and the FCM.
OVER/UNDER PAYMENTS. 27.01 In the event that an Employee is over or under compensated by error on the part of the Employer by reason of salary payment for:
(a) vacation benefits; or
(c) sick leave benefits; or
OVER/UNDER PAYMENTS. 35.1 In the event that an Employee is over- or under-compensated, the Employer shall correct such compensation error.
35.2 If the error is an underpayment, the Employer shall correct the underpayment within one (1) month of the error being discovered.
35.3 In the case of an overpayment, the Employer shall notify the Employee in writing, including all calculations, that an overpayment has been made and discuss repayment options. By mutual agreement between the Employer and the Employee, repayment arrangements shall be made. In the event mutual agreement cannot be reached, the Employer shall recover the overpayment by deducting up to twenty percent (20%) of the Employee’s gross earnings per pay period.