Refund Liabilities Sample Clauses

The Refund Liabilities clause defines the obligations of a party to return payments or provide compensation when certain conditions, such as product defects or service failures, occur. Typically, this clause outlines the circumstances under which refunds must be issued, the process for requesting a refund, and any limitations or timeframes that apply. Its core practical function is to protect the interests of the paying party by ensuring they are not financially disadvantaged if the other party fails to meet agreed-upon standards or deliverables.
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Refund Liabilities. 8.4.1 The State shall be liable for interest on refunds from the date the refund is credited to a State account until the date the refund is debited from the State account for program purposes. The State shall apply a $50,000 refund transaction threshold below which the State shall not incur or calculate interest liabilities on refunds. A transaction is defined as a single deposit. 8.4.2 For each refund, the State shall maintain information identifying: (1) date a refund is credited to a State account (2) date of the subsequent deposit of Federal funds against which the refund is offset
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Refund Liabilities. 8.4.1 The State shall be liable for interest on refunds from the date the refund is credited to a State account until the date the refund is debited from the State account for program purposes. The State shall apply a $50,000 refund transaction threshold below which the State shall not incur or calculate interest liabilities on refunds. A transaction is defined as a single deposit. 8.4.2 For each refund, the State shall maintain information identifying: (1) date a refund is credited to a State account (2) date of the subsequent deposit of Federal funds against which the refund is offset (3) amount of the refund 8.4.3 The State shall use the following methodology to calculate interest liabilities on refunds: Refunds Deposited to Interest Neutral Programs: With programs to which applicable interest neutral funding techniques are applied, the State interest liability shall be based on the difference in whole days between the date the refund is deposited in a State account and the date the refund is offset against a subsequent deposit of Federal funds.
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Refund Liabilities. 8.4.1 The State shall be liable for interest on refunds from the date the refund is credited to a State account until the date the refund is debited from the State account for program purposes. The State shall apply a $50,000 refund transaction threshold below which the State shall not incur or calculate interest liabilities on refunds. A transaction is defined as a single deposit. 8.4.2 For each refund, the State shall maintain information identifying: (1) date a refund is credited to a State account (2) date of the subsequent deposit of Federal funds against which the refund is offset (3) amount of the refund 8.4.3 The State shall use the following methodology to calculate interest liabilities on refunds: With programs to which the following interest neutral funding techniques are applied, the State interest liability shall be based on the difference in whole days between the date the refund is deposited in a State account and the date the refund is offset against a subsequent deposit of Federal funds: Actual Clearance (ZBA-ACH), Modified Actual Clearance (ZBA-ACH), Estimated Clearance, Drawdowns on a Payroll Cycle, Drawdowns at Fixed Intervals - Weekly, and Specified Payment Schedules.
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Refund Liabilities. 8.4.1 The State shall be liable for interest on refunds from the date the refund is credited to a State account until the date the refund is debited from the State account for program purposes. The State shall apply a $50,000 refund transaction threshold below which the State shall not incur or calculate interest liabilities on refunds. A transaction is defined as a single deposit. 8.4.2 For each refund, the State shall maintain information identifying: (1) date a refund is credited to a State account (2) date of the subsequent deposit of Federal funds against which the refund is offset (3) amount of the refund 8.4.3 The State shall use the following methodology to calculate interest liabilities on refunds: With programs using the Reimbursement funding technique, the State interest liability shall be based on the difference in whole days between the date the refund is deposited in a State account and the date the refund is offset against a subsequent deposit of Federal funds, except for Highway Planning and Construction (CFDA No. 20.205), where interest will be calculated using the Composite Clearance technique.
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Refund Liabilities. 8.4.1 The State shall be liable for interest on refunds from the date the refund is credited to a State account until the date the refund is debited from the State account for program purposes. The State shall apply a $50,000 refund transaction threshold below which the State shall not incur or calculate interest liabilities on refunds. A transaction is defined as a single deposit. 8.4.2 For each refund, the State shall maintain information identifying: (1) date a refund is credited to a State account (2) date of the subsequent deposit of Federal funds against which the refund is offset (3) amount of the refund 8.4.3 The State shall use the following methodology to calculate interest liabilities on refunds: Interest shall be calculated from the time the refund is received until the refund is paid out for program purposes. Typically, the refunded amount shall be offset against a subsequent Federal drawdown. In these instances, interest shall continue accruing until that offset amount has been paid out. Each State agency shall manually track and document refunds, which shall be offset against subsequent draw downs of Federal funds, rather than returned to the Federal Government. Each State agency shall maintain a separate account identifying 1) the date the refund is credited to a State account, 2) the date of the subsequent deposit of Federal funds against which the refund is offset, and 3) the amount of the refund. With programs to which non-interest neutral or Pre-Issuance funding technique shall be applied, the State interest liability shall be based on three periods: 1) the difference in whole days between the date the refund is deposited to a State account and the date the refund is offset against a subsequent deposit of Federal funds; 2) the difference in whole days between the date the refund is offset against a subsequent deposit of Federal funds and the date the related payment is issued (Pre-Issuance Time); and 3) the difference in whole days between the date the related payment is issued and the date the payment is redeemed (Clearance Pattern). Interest on refunds during period 1 will be calculated using the information recorded in a separate account. Interest on refunds during period 2 and 3 will be captured under the State method for calculating interest under pre-issuance funding. Under this method, interest is calculated on totals disbursed, which includes refunds on hand as well as amounts drawn. The reported interest liability for refunds, ...
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Refund Liabilities. 8.4.1 The State shall be liable for interest on refunds from the date the refund is credited to a State account until the date the refund is debited from the State account for program purposes. The State shall apply a $50,000 refund transaction threshold below which the State shall not incur or calculate interest liabilities on refunds. A transaction is defined as a single deposit. 8.4.2 For each refund, the State shall maintain information identifying: (1) date a refund is credited to a State account (2) date of the subsequent deposit of Federal funds against which the refund is offset (3) amount of the refund 8.4.3 The State shall use the following methodology to calculate interest liabilities on refunds: The State shall apply refunds of Federal program funds to the next program disbursement and thus reduce the next Federal program drawdown by the amount of refunds received pertaining to that program. Refunds over $50,000.00 shall be tracked in the following manner: Average Clearance Pattern - Refunds shall be tracked from the date they are deposited to the State's account to the date they are paid out for program purposes for potential State interest liabilities.
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Refund Liabilities. 8.4.1 The State shall be liable for interest on refunds from the date the refund is credited to a State account until the date the refund is debited from the State account for program purposes. The State shall apply a $50,000 refund transaction threshold below which the State shall not incur or calculate interest liabilities on refunds. A transaction is defined as a single deposit. 8.4.2 For each refund, the State shall maintain information identifying: (1) date a refund is credited to a State account (2) date of the subsequent deposit of Federal funds against which the refund is offset (3) amount of the refund DocuSign Envelope ID: C9941766-1D84-47D2-A38B-4771733DBDED 8.4.3 The State shall use the following methodology to calculate interest liabilities on refunds: With programs to which applicable interest neutral funding techniques are applied, the State interest liability shall be based on the difference in whole days between the date the refund is deposited in a State account and the date the refund is offset against a subsequent deposit of Federal funds.
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Related to Refund Liabilities

  • Disputes and Liabilities A. In addition to the other remedies provided for hereunder and except as expressly limited herein, both Parties to this Agreement shall have the full benefit of all applicable remedies generally available to a Licensor/ Licensee of products under the Uniform Commercial Code. B. In the event of any disputes between the Parties associated with this Agreement, the Parties hereby agree to work toward resolution and negotiate in good faith for a period of not less than thirty (30) days. The Parties shall both assign individuals whose responsibility it shall be to review and interpret the events and circumstances of the dispute and to resolve and/or propose to the Parties’ Senior Management a viable mutually acceptable resolution. If at any time during the resolution process the assigned individuals determine for whatever reason that the dispute cannot be resolved at the assigned level the Parties agree to escalate the dispute to ascending levels of management up to and including the Vice President of the respective organizations. If after thirty (30) days resolution has not been achieved the Parties may exercise any and all courses of resolution prescribed herein, unless the Parties otherwise mutually agree to extend the negotiation/resolution period. C. Neither Party to this Agreement shall be liable for any claim arising out of this Agreement in an amount exceeding the total contract price with the exception of the damages and costs described in Section 10 (“Indemnification”) and Section 17 (“Warranties”). In no other event shall either Party be liable hereunder for any indirect, incidental or consequential damages (including lost business profit) sustained by the other Party or any other individual or entity for any matter arising out of or pertaining to the subject matter of this Agreement. D. The Parties hereby expressly acknowledge that the foregoing limitations were fully considered by each Party to this Agreement and appropriately reflects a fair allocation of risks. E. No action arising under or related to this Agreement may be brought by one Party against the other more than two (2) years after the cause of the cause of the action arose. F. The Parties agree that this Agreement is the result of negotiations between the Parties and that no term or provision shall be construed against a Party merely because the term or provision is contained in a document drafted, prepared, written or pre- printed by that Party.