Common use of Prior Year Reconciliation Clause in Contracts

Prior Year Reconciliation. On or before April 30th of each year, we will review your Reconciliation Information for the prior year and determine if you overpaid or underpaid in the prior year. The reconciliation will be based on the total income you earned in the prior calendar year. If you assert that your income in any given month was below the Minimum Monthly Income Threshold, you must provide documentation to our satisfaction to demonstrate that your income during that month did not exceed that Minimum Monthly Income Threshold, in which case, we will assume you owed nothing for that month. If you underpaid, we will xxxx you for, and you agree to pay, the difference by the deadline stated in the xxxx. If you overpaid, we will apply excess amounts first to unpaid fees and second as a credit toward future payments due. If you overpaid in the final year of your payment obligation, we will refund the excess amounts.

Prior Year Reconciliation. On or before April 30th of each year, we will review your Reconciliation Information for the prior year and determine if you overpaid or underpaid in the prior year. The reconciliation will be based on the total income you earned in the prior calendar year. If you assert that your income in any given month was below the Minimum Monthly Income Threshold, you must provide documentation to our satisfaction to demonstrate that your income during that month did not exceed that Minimum Monthly Income Threshold, in which case, we will assume you owed nothing for that month. If you underpaid, we will xxxx bill you for, and you agree to pay, the difference by the deadline stated in the xxxxbill. If you overpaid, we will apply excess amounts first to unpaid fees and second as a credit toward future payments due. If you overpaid in the final year of your payment obligation, we will refund the excess amounts.