Common use of RECOVERY OF UNDUE AMOUNTS Clause in Contracts

RECOVERY OF UNDUE AMOUNTS. EFCA may recover any amount that was paid but was not due under the Contract. EFCA must formally notify the expert of its intention, include the reasons why and invite him/her to submit any observations within 30 days of receiving notification. If EFCA does not accept these observations, it will confirm recovery by formally notifying a ‘debit note’ that specifies the payment terms and date. The expert must repay the amount specified in the debit note to EFCA. If the expert does not repay the requested amount by the date specified in the debit note, late-payment interest will be added to the amount to be recovered. The interest rate used will be the same as the rate applied by the European Central Bank (ECB) for its main refinancing operations in euros (‘reference rate’), plus three and a half points. The reference rate is the rate in force on the first day of the month in which the payment deadline specified in the debit note expires, as published in the C series of the Official Journal of the European Union. If the expert does not repay the requested amount by the date specified in the debit note, EFCA may recover the amounts due by offsetting them against any amounts owed to the expert by EFCA without the expert's consent.

RECOVERY OF UNDUE AMOUNTS. 1. EFCA may recover any amount that was paid but was not due under the Contract. 2. EFCA must formally notify the expert of its intention, include the reasons why and invite him/her to submit any observations within 30 days of receiving notification. If EFCA does not accept these observations, it will confirm recovery by formally notifying a ‘debit note’ that specifies the payment terms and date. 3. The expert must repay the amount specified in the debit note to EFCA. 4. If the expert does not repay the requested amount by the date specified in the debit note, late-payment interest will be added to the amount to be recovered. The interest rate used will be the same as the rate applied by the European Central Bank (ECB) for its main refinancing operations in euros (‘reference rate’), plus three and a half points. The reference rate is the rate in force on the first day of the month in which the payment deadline specified in the debit note expires, as published in the C series of the Official Journal of the European Union. 5. If the expert does not repay the requested amount by the date specified in the debit note, EFCA may recover the amounts due by offsetting them against any amounts owed to the expert by EFCA without the expert's consent.