Common use of Applicable Credits Clause in Contracts

Applicable Credits. Applicable credits refer to transactions that offset or reduce expense items allocable as direct or indirect costs to the Department’s grants. Examples of such transactions include: purchase discounts, rebates or allowances, recoveries or indemnities on losses, insurance refunds or rebates and adjustments of overpayments or erroneous charges. To the extent that such credits accruing to or received by the Grantee relate to allowable costs, they shall be credited to the grant either as a cost reduction or cash refund, as appropriate.

Applicable Credits. Applicable credits refer to those receipts or reduction of expenditure-type transactions that offset or reduce expense items allocable to federal or state awards as direct or indirect costs to the Department’s grantscosts. Examples of such transactions includeare: purchase discounts, rebates or allowances, recoveries or indemnities on losses, insurance refunds or rebates and adjustments of overpayments or erroneous charges. To the extent that such credits accruing to or received by the Grantee relate to allowable costs, they shall be credited to the grant either as a cost reduction or cash refund, as appropriate.

Applicable Credits. Applicable credits refer to those receipts or reduction of expenditure-type transactions that offset or reduce expense items allocable to federal or state awards as direct or indirect costs to the Department’s grantscosts. Examples of such transactions includeare: purchase discounts, rebates or allowances, recoveries or indemnities on losses, insurance refunds or rebates rebates, and adjustments of overpayments or erroneous charges. To the extent that such credits accruing to or received by the Grantee relate to allowable costs, they shall be credited to the grant either as a cost reduction or cash refund, as appropriate.