True Up/Settlement Process Sample Clauses
The True Up/Settlement Process clause establishes the procedures for reconciling and adjusting payments or obligations between parties to reflect actual amounts owed after initial estimates or provisional payments. Typically, this involves a review of relevant data or invoices at specified intervals, followed by a calculation of any discrepancies and the issuance of additional payments or refunds as necessary. This clause ensures that both parties are fairly compensated based on actual performance or usage, thereby preventing overpayment or underpayment and maintaining financial accuracy in the agreement.
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True Up/Settlement Process. The term “True Up/Settlement Process” means the process utilized by the Parties to the extent necessary to reconcile amounts owed to or from a Party under the terms of this Agreement in accordance with Section 5.06 of this Agreement.
True Up/Settlement Process. The Parties will reasonably and in good faith participate together in a true-up and settlement process (“True Up/Settlement Process”) following the completion of each Fiscal Year quarter during the Term of this Agreement. As part of the True Up/Settlement Process, the Parties will agree upon the final net amounts due to or from one another and, as applicable, remit undisputed payments that are consistent with the Program Budget and this Agreement, as either may be from time-to-time amended by the Parties, to the other Party within ten (10) days of completion of the True Up/Settlement Process. If the net amount due exceeds or is expected to exceed the budgeted amount set forth in the Program Budget, as may be from time-to-time amended by the Parties, the Party seeking payment for such excess amount may request an amendment to the Program Budget. Such requests shall be reviewed by OLHS-NL and, if approved, shall become part of the Program Budget. The Parties will commence discussions regarding the True Up/Settlement Process within thirty (30) days of the end of each [Fiscal Year] quarter and will make good faith efforts to complete the True Up/Settlement Process within ninety (90) days of the end of such Fiscal Year quarter. Notwithstanding anything herein to the contrary, the Compensation to be paid under this Agreement prior to the expiration of the period covered by the Second Program Budget shall not be adjusted for any Immaterial Amount.
True Up/Settlement Process. The Parties will reasonably and in good faith participate together in the True Up/Settlement Process following the completion of each Academic Year quarter during the Term of this Agreement. As part of the True Up/Settlement Process, the Parties will agree upon the final net amounts due to or from one another and, as applicable, remit undisputed payments that are consistent with the Program Budget and this Agreement, as either may be from time-to-time amended by the Parties, to the other Party within ten (10) days of completion of the True Up/Settlement Process. If the net amount due exceeds or is expected to exceed the budgeted amount set forth in the Program Budget, as may be from time-to-time amended by the Parties, the Party seeking payment for such excess amount may request an amendment to the Program Budget. Such requests shall be reviewed by the OLHS-NL Board and, if approved, shall become part of the Program Budget. The Parties will commence discussions regarding the True Up/Settlement Process within thirty