Common use of Under and over payments Clause in Contracts

Under and over payments. (a) Subject to clause 8.6(e), if a Party* detects a Payment Error* by a Party* of any amount within 18 calendar months after the Payment Error*: (i) the Party* must as soon as reasonably practicable give notice to the other Parties* of the Payment Error*; and (ii) an adjusting payment must be made by the appropriate Party* within 10 Business Days* of the notice. (b) Except where clause 8.6(c) applies, the adjusting payment must, without prejudice to the Party*’s other rights, include interest calculated daily at the Prescribed Rate* from the date of the Payment Error* until the date of the adjusting payment. (c) An adjusting payment by a Party* will not attract interest under clause 8.6(b) if it is made in relation to an underpayment and the underpayment was the result of an error by the other Party*. (d) Subject to clause 8.6(e), a Party* is not entitled to an adjusting payment for a Payment Error* notified to the other Parties* after the expiry of 18 calendar months after the Payment Error*. (e) Notwithstanding clauses 8.6(a) and 8.6(d), where: (i) Payment Errors* have occurred as a result of an error in the data used to calculate the Charges*; and (ii) the Payment Errors* occurred in one or more Accounting Periods*, the Party* who was underpaid or who made an overpayment (as applicable) is entitled to an adjusting payment only for the Payment Errors* that occurred in the Accounting Periods* that were within the 12 month period preceding the date that the Payment Errors* were notified by one Party* to the other.

Appears in 4 contracts

Samples: Electricity Transfer Access Contract, Electricity Transfer Access Contract, Electricity Transfer Access Contract

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Under and over payments. (a) Subject to clause 8.6(e), if iIf a Party* detects a Payment Error* by a Party* of any amount within 18 calendar months after the Payment Error*: (i) the Party* must as soon as reasonably practicable give notice to the other PartiesPartiesy* of the Payment Error*; and (ii) an adjusting payment must be made by the appropriate Party* within 10 Business Days* of the notice. (b) Except Subject toExcept where clause 8.6(c8.6(c)8.6(c)8.6(c)8.5(c) applies, the adjusting payment must, without prejudice to the Party*’s other rights, include interest calculated daily at the Prescribed Rate* from the date of the Payment Error* until the date of the adjusting payment. (c) An adjusting payment by a Party* will not attract interest under clause 8.6(b8.6(b)8.6(b)8.6(b)8.5(b) if it is made in relation to an underpayment and the underpayment was the result of an error by the other Party*. (d) Subject to clause 8.6(e), a aA Party* is not entitled to an adjusting payment for a Payment Error* notified to the other Parties* after the expiry of 18 calendar months after the Payment Error*. (e) Notwithstanding clauses 8.6(a) and 8.6(d), where: (i) Payment Errors* have occurred as a result of an error in the data used to calculate the Charges*; and (ii) the Payment Errors* occurred in one or more Accounting Periods*, the Party* who was underpaid or who made an overpayment (as applicable) is entitled to an adjusting payment only for the Payment Errors* that occurred in the Accounting Periods* that were within the 12 month period preceding the date that the Payment Errors* were notified by one Party* to the other.,

Appears in 1 contract

Samples: Electricity Transfer Access Contract

Under and over payments. (a) Subject to clause 8.6(e), if a Party* detects a Payment Error* by a Party* of any amount within 18 calendar months after the Payment Error*: (i) the Party* must as soon as reasonably practicable give notice to the other Parties* of the Payment Error*; and (ii) an adjusting payment must be made by the appropriate Party* within 10 Business Days* of the notice. (b) Except where clause 8.6(c) applies, the adjusting payment must, without prejudice to the Party*’s other rights, include interest calculated daily at the Prescribed Rate* from the date of the Payment Error* until the date of the adjusting payment. (c) An adjusting payment by a Party* will not attract interest under clause 8.6(b) if it is made in relation to an underpayment and the underpayment was the result of an error by the other Party*. (d) Subject to clause 8.6(e), a Party* is not entitled to an adjusting payment for a Payment Error* notified to the other Parties* after the expiry of 18 calendar months after the Payment Error*. (e) Notwithstanding clauses 8.6(a8.6 (a) and 8.6(d8.6 (d), where: (i) Payment Errors* have occurred as a result of an error in the data used to calculate the Charges*; and (ii) the Payment Errors* occurred in one or more Accounting Periods*, the Party* who was underpaid or who made an overpayment (as applicable) is entitled to an adjusting payment only for the Payment Errors* that occurred in the Accounting Periods* that were within the 12 month period preceding the date that the Payment Errors* were notified by one Party* to the other.Formatted: Bullets and Numbering

Appears in 1 contract

Samples: Electricity Transfer Access Contract

Under and over payments. (a) Subject to clause 8.6(e), if a Party* detects a Payment Error* by a Party* of any amount within 18 calendar months after the Payment Error*: (i) the Party* must as soon as reasonably practicable give notice to the other Parties* of the Payment Error*; and (ii) an adjusting payment must be made by the appropriate Party* within 10 Business Days* of the notice. (b) Except where clause 8.6(c) applies, the adjusting payment must, without prejudice to the Party*’s other rights, include interest calculated daily at the Prescribed Rate* from the date of the Payment Error* until the date of the adjusting payment. (c) An adjusting payment by a Party* will not attract interest under clause 8.6(b) if it is made in relation to an underpayment and the underpayment was the result of an error by the other Party*. (d) Subject to clause 8.6(e), a Party* is not entitled to an adjusting payment for a Payment Error* notified to the other Parties* after the expiry of 18 calendar months after the Payment Error*. (e) Notwithstanding clauses 8.6(a) and 8.6(d), where: (i) Payment Errors* have occurred as a result of an error in the data used to calculate the Charges*; and (ii) the Payment Errors* occurred in one or more Accounting Periods*, the Party* who was underpaid or who made an overpayment (as applicable) is entitled to an adjusting payment only for the Payment Errors* that occurred in the Accounting Periods* that were within the 12 month period preceding the date that the Payment Errors* were notified by one Party* to the other. (f) Where a Payment Error* is an error as a result of which the amount set out in a Tax Invoice* is less than what it would have been had the error not been made, the Payment Error* will be taken to have occurred on the Due Date* of the Tax Invoice*. (g) Where a Payment Error* is an error as a result of which the amount set out in a Tax Invoice* is more than what it would have been had the error not been made, the Payment Error* will be taken to have occurred on the date the User* has paid the total amount of the Tax Invoice* in full.

Appears in 1 contract

Samples: Electricity Transfer Access Contract

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Under and over payments. (a) Subject to clause 8.6(e), if a Party* detects a Payment Error* by a Party* of any amount within 18 calendar months after the Payment Error*: (i) the Party* must as soon as reasonably practicable give notice to the other Parties* of the Payment Error*; and (ii) an adjusting payment must be made by the appropriate Party* within 10 Business Days* of the notice. (b) Except where clause 8.6(c) applies, the adjusting payment must, without prejudice to the Party*’s other rights, include interest calculated daily at the Prescribed Rate* from the date of the Payment Error* until the date of the adjusting payment. (c) An adjusting payment by a Party* will not attract interest under clause 8.6(b) if it is made in relation to an underpayment and the underpayment was the result of an error by the other Party*. (d) Subject to clause 8.6(e), a Party* is not entitled to an adjusting payment for a Payment Error* notified to the other Parties* after the expiry of 18 calendar months after the Payment Error*. (e) Notwithstanding clauses 8.6(a8.6 (a) and 8.6(d8.6 (d), where: (i) Payment Errors* have occurred as a result of an error in the data used to calculate the Charges*; and (ii) the Payment Errors* occurred in one or more Accounting Periods*, , (iii) the Party* who was underpaid or who made an overpayment (as applicable) is entitled to an adjusting payment only for the Payment Errors* that occurred in the Accounting Periods* that were within the 12 month period preceding the date that the Payment Errors* were notified by one Party* to the other. (f) Where a Payment Error* is an error as a result of which the amount set out in a Tax Invoice* is less than what it would have been had the error not been made, the Payment Error* will be taken to have occurred on the Due Date* of the Tax Invoice*. DM 8672179 ELECTRICITY TRANSFER ACCESS CONTRACT (AA#32) (f)(g) Where a Payment Error* is an error as a result of which the amount set out in a Tax Invoice* is more than what it would have been had the error not been made, the Payment Error* will be taken to have occurred on the date the User* has paid the total amount of the Tax Invoice* in full.

Appears in 1 contract

Samples: Electricity Transfer Access Contract

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