Excessive Payments Clause Samples
The Excessive Payments clause is designed to prevent a party from making payments that exceed agreed-upon limits or reasonable amounts under a contract. In practice, this clause may specify thresholds for payments, require prior approval for amounts above a certain level, or outline procedures for identifying and rectifying overpayments. Its core function is to protect parties from financial risk due to overpayment, ensuring that payments remain within fair and predetermined boundaries.
Excessive Payments. If the Trustee or the Committee determines that any payment under the Trust or any Plan is excessive or improper, the recipient shall make repayment thereof immediately following receipt of written notice from the Trustee or the Trustee’s agent. If the recipient fails to make repayment to the Trustee or Trustee’s agent of such excessive or improper payment by the date requested by the Trustee or the Trustee’s agent, the Trustee may deduct the amount of such excessive or improper payment from any other amounts thereafter payable to such person or may pursue repayment in accordance with the provisions of Section 6.1(p). Until repaid to the Trustee or Trustee’s agent, the amount of said excessive or improper payment shall not be included in the Trust Fund.
Excessive Payments. If the payment of any benefit under the Plan is determined to have been excessive or improper, and the recipient thereof fails to make repayment to the Bank or an administrator chosen by the Board of such excessive or improper payment upon the Bank’s or administrator’s request, the Bank shall deduct the amount of such excessive or improper payment from any other benefits thereafter payable to such person. Until repaid to the Bank or Bank’s agent, the amount of said excessive or improper payment shall not be included in any report by the auditor, the Bank, or the administrator as an asset of the Plan or the Trust Fund.
Excessive Payments. Any item of cost, including a building management fee, which represents an amount paid to an affiliate of Landlord or an affiliate of any partner or shareholder of Landlord, or to the building management company or an affiliate of the building management company, to the extent the same is in excess of the lowest reasonable cost of said item or service in an arms length transaction. For the purposes hereof “affiliate” shall include subsidiaries of Landlord or any person or entity that directly or indirectly through one or more intermediaries controls or is controlled by or is under common control with Landlord or the building management company.