Error Adjustment Clause Samples
The Error Adjustment clause establishes a process for correcting mistakes or discrepancies in calculations, measurements, or data relevant to the agreement. Typically, this clause outlines how errors are identified, the timeframe for notifying the other party, and the method for making necessary corrections, such as adjusting invoices or deliverables. Its core practical function is to ensure accuracy and fairness in contractual dealings by providing a clear mechanism to address and rectify errors, thereby minimizing disputes and maintaining trust between parties.
Error Adjustment. If any of the installed meters or other measuring equipment fails to register or, upon test, is found not to be within the accuracy standards established in the latest revision of British Standards Institute or other relevant standard, then for the purposes of this Agreement a reasonable adjustment in accordance with generally accepted engineering practices shall be made correcting all measurements made during the actual period during which inaccurate measurements were made. If such period cannot be determined it shall be deemed to be such period (expiring at the point the inaccuracy was discovered) as shall be equal to one-half of the time from the date of the last previous test of such meter or measuring equipment, provided that the period covered by any such correction shall not exceed six (6) Months.
Error Adjustment. The parties agree to adjust the usual outgoings and all amounts pursuant to this contract on completion but if any amount is incorrectly adjusted or an error is made in such calculation at settlement the parties agree to rectify the error immediately by another party request.
Error Adjustment to adjust by a journal entry an error in connection with a client order;