Common use of Incorrect Payment Clause in Contracts

Incorrect Payment. (a) If the Agent finds an amount paid based on the RCTI is incorrect and the Principal has paid, the Agent is responsible for issuing an Adjustment Note to the Principal. If the amount is: (i) less than the amount that should have been paid, the Principal must pay the difference to the Agent within twenty (20) days after the date the Adjustment Note is received; (ii) more than the amount that should have been paid, the Principal may: a. debit the difference from the Agent's nominated account within twenty (20) days after the date the Adjustment Note is received; or b. offset the difference against any amount subsequently payable by the Principal to the Agent. (b) If the Principal finds that the amount paid based on the RCTI was incorrect and the Principal has overpaid, the Principal is entitled to take the steps outlined in sub-clause 5.7(a)(ii) a. or b., without receipt of an Adjustment Note from the Agent.