Retroactive assessment Sample Clauses
A retroactive assessment clause allows for the evaluation or adjustment of obligations, payments, or performance based on information or circumstances that become known after the fact, but which relate to an earlier period. In practice, this might involve recalculating fees, taxes, or deliverables once actual data is available, such as adjusting service charges after a true-up period or correcting errors discovered in prior reports. The core function of this clause is to ensure fairness and accuracy by permitting corrections or adjustments to past transactions, thereby addressing discrepancies that could not have been identified at the time of the original assessment.
Retroactive assessment. If the Member fails to comply with subsection 4.11: [a] the Directors may, in their sole and absolute discretion, increase the Housing Charge, to be assessed retroactively to the effective date of the Member's failure to comply; and [b] the assessed amount shall be payable in full by the Member to the Co‑op immediately upon written notice to the Member.