OVERPAYMENT AND DISALLOWED COSTS Clause Samples
The OVERPAYMENT AND DISALLOWED COSTS clause establishes the procedures for handling situations where a party receives funds in excess of what is permitted or incurs costs that are not allowable under the agreement. In practice, this clause typically requires the recipient to promptly return any overpayments or reimburse the payer for costs that are later determined to be unallowable, such as expenses not covered by the contract or disallowed by an auditor. Its core function is to ensure financial accountability and prevent unjust enrichment by providing a clear mechanism for correcting payment errors and addressing ineligible expenditures.
OVERPAYMENT AND DISALLOWED COSTS. Subrecipient shall be liable to the GLO for any costs disallowed pursuant to financial and/or compliance audit(s) of funds received under this Contract. Subrecipient shall reimburse disallowed costs from funds which were not provided or otherwise made available to Subrecipient under this Contract.
OVERPAYMENT AND DISALLOWED COSTS. Developer shall be liable to the GLO for any funds received for costs subsequently disallowed under this Contract, including overpayment of funds. Developer shall reimburse the GLO for such disallowed costs from funds that were not provided or otherwise made available to Developer under this Contract. Developer must refund disallowed costs and overpayments of funds received under this Contract to the GLO within 30 days after the GLO issues notice of overpayment to Developer.
OVERPAYMENT AND DISALLOWED COSTS. Subrecipient shall be liable to the GLO for any costs disallowed pursuant to financial and/or compliance audit(s) of funds Subrecipient received under this Contract. Subrecipient shall reimburse the GLO for such disallowed costs from funds that were not provided or otherwise made available to Subrecipient under this Contract. Subrecipient must refund disallowed costs and overpayments of funds received under this Contract to the GLO within 30 days after the GLO issues notice of overpayment to Subrecipient.
OVERPAYMENT AND DISALLOWED COSTS. The GCPD shall be liable to the GLO for any costs disallowed pursuant to financial or compliance audit(s) of funds GCPD received under this Agreement. The GCPD shall reimburse such disallowed costs from funds other than those GCPD receives pursuant to this Agreement. The GCPD will provide the GLO with a copy of USACE’s written final accounting. Should the final accounting determine that the GCPD and/or DD7 has provided funds in excess of each entity’s respective Non-Federal Share(s), the GCPD shall, following consultation with the GLO, either: (i) request (or cause DD7 to request) that the USACE refund the excess amount; or (ii) request (or cause DD7 to request) that the USACE apply the excess amount towards the applicable Non-Federal Share. The GCPD shall (or shall cause DD7 to) return to the GLO any excess amounts refunded by the USACE.
OVERPAYMENT AND DISALLOWED COSTS