Invoice Rounding Clause Samples
The Invoice Rounding clause defines how minor discrepancies in invoice totals, often due to decimal rounding, are handled in billing processes. Typically, this clause specifies the method for rounding amounts—such as rounding up, down, or to the nearest cent—and may set a threshold for acceptable rounding differences. Its core practical function is to ensure consistency and clarity in financial transactions by standardizing how small variances are treated, thereby preventing disputes over insignificant amounts.
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Invoice Rounding. Wholesaler is required to have invoicing procedures that follow standard rounding methodology. The standard invoicing methodology will round down if the third digit after the decimal is 4 or less and round up if the third digit after the decimal is 5 or more. Wholesaler agrees that any rounding will occur at the line item.
Invoice Rounding. Vendor agrees to round down if the third digit after the decimal is 4 or less. Vendor agrees that any rounding will occur at the line item. Vendor does not currently have a system in place to provide traditional rounding as described. Vendor agrees to pay a fee to MMCAP if Vendor’s traditional rounding system is not tested, approved, and implemented within 4 months of agreement or January 31, 2010 (whichever is longer). The fee will be $25,000 in month 1 (February 2010), $50,000 in month 2 (March 2010), $75,000 in month 3 (April 2010), and $100,000 per month thereafter (May 2010 and on). Vendor will provide a letter of assurance from its IT and Business Executives that these system changes will be made on or before the deadline. Vendor agrees to notify MMCAP 30 day prior to deadline if it will not meet the deadline. Vendor agrees to rebate, from contract execution until implementation certification, the difference between the Cardinal system rounding for the 3rd digit in a 5 decimal space format which rounds to the next ▇▇▇▇▇, rather than rounding up or down based on the 3rd decimal space number. KEY TERMINOLOGY
Invoice Rounding. Vendor agrees to round down if the third digit after the decimal is four (4) or less. Vendor agrees that any rounding will occur at the Member invoice unit price.