Subsequent Refund Clause Samples
The Subsequent Refund clause establishes the conditions under which a party is entitled to receive a refund after an initial transaction or payment has occurred. Typically, this clause outlines the specific circumstances—such as product returns, service cancellations, or overpayments—that trigger the obligation to refund, and may set forth the process and timeline for issuing the refund. Its core practical function is to provide clarity and assurance to both parties regarding the handling of post-transaction refunds, thereby reducing disputes and ensuring fair financial adjustments.
Subsequent Refund. If later, on July 1, 2024, the aforesaid payment is required to be refunded, the refund will equal the
Subsequent Refund. If later, on July 1, 2044, the aforesaid payment is required to be refunded, the refund will equal the $1,000 payment made on July 1, 2043 (the original amount invoiced), plus the interest accrued on that $1,000 payment from the due date of June 15, 2043 to the date of refund on July 1, 2044. To ensure that the refund does not double recover interest, the following language has been included in Section 13.3 of the Agreement: “[I]f all or a portion of the amount [here, the $1,000 payment due on June 15, 2043] to which such interest relates [here, the $5 late interest fee] is later refunded pursuant to this Agreement [here, on July 1, 2044], then, in calculating that refund, such interest [here, $5] shall not be included in the refund.” Hydro-Québec ▇▇, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇-▇▇▇▇▇▇▇▇ ouest 5ième étage Montréal, Québec, Canada H2Z 1A4 CONVENTION DE CAUTIONNEMENT La présente convention de cautionnement (« Cautionnement »), portant la date du juin 2018, est conclue entre Hydro-Québec, société dûment constituée et régie par la Loi sur Hydro-Québec (L.R.Q., chapitre H-5) ayant son siège social et son principal lieu d’affaires au ▇▇, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇-▇▇▇▇▇▇▇▇ ▇▇▇▇▇, Montréal, Québec, Canada, H2Z 1A4 (ci-après appelée « Caution »), et Central Maine Power Company, société dûment constituée en vertu des ▇▇▇▇ de l’État du Maine, ayant son principal lieu d'affaires au ▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇, États-Unis d'Amérique (ci-après appelée « Bénéficiaire »). GUARANTY AGREEMENT This Guaranty Agreement («Guaranty»), dated as of June 2018, is made and entered into between Hydro-Québec, a body politic and corporate, duly incorporated and regulated by Hydro-Québec Act (R.S.Q., chapter H-5) and having its head office and principal place of business at ▇▇, ▇▇▇▇-▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ West, Montréal, Québec, Canada, H2Z 1A4, hereinafter referred to as the «Guarantor» and Central Maine Power Company, a corporation duly organized under the laws of the State of Maine, having its principal place of business at ▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇ ▇▇▇▇▇▇ of America, (hereinafter referred to as the «Beneficiary»). ATTENDU QUE le Bénéficiaire et H.Q. ENERGY SERVICES (U.S.) INC., société créée en vertu des ▇▇▇▇ de l’état du Delaware, ayant son lieu d’affaires au ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇ (ci-après appelée « HQUS »), filiale en propriété indirecte de la Caution, ont signé les ententes suivantes: (a) une entente de service de transport pour l’achat de 579.335 MW de ser...
Subsequent Refund. If later, on July 1, 2012, the aforesaid payment is required to be refunded, the refund will equal the $1,000 payment made on July 1, 2011 (the original amount invoiced), plus the interest accrued on that $1,000 payment from the due date of June 15, 2011 to the date of refund on July 1, 2012. To ensure that the refund does not double recover interest, the following language has been included in Section 14.5(c) of the Agreement: "If all or a portion of the amount [here, the $1,000 payment due on June 15, 2011] to which such interest relates [here, the $5 late interest fee] is later refunded pursuant to this Agreement [here, on July 1, 2012], then, in calculating that refund, such interest [here, $5] shall not be included in the refund.
Subsequent Refund. If later, on July 1, 2024, the aforesaid payment is required to be refunded, the refund will equal the $1,000 payment made on July 1, 2023 (the original amount invoiced), plus the interest accrued on that $1,000 payment from the due date of June 15, 2023 to the date of refund on July 1, 2024. To ensure that the refund does not double recover interest, the following language has been included in Section 13.3 of the Agreement: “[I]f all or a portion of the amount [here, the $1,000 payment due on June 15, 2023] to which such interest relates [here, the $5 late interest fee] is later refunded pursuant to this Agreement [here, on July 1, 2024], then, in calculating that refund, such interest [here, $5] shall not be included in the refund.” The Transmission Service Payment for a given calendar month shall be equal to the unit price per kW-month for the then-current Contract Year (the “Unit Price”), as set forth in the table below, multiplied by the Contract Capacity expressed in kW. Contract Year 1 $9.16 Contract Year 2 $9.35 Contract Year 3 $9.53 Contract Year 4 $9.73 Contract Year 5 $9.92 Contract Year 6 $10.12 Contract Year 7 $10.32 Contract Year 8 $10.53 Contract Year 9 $10.74 Contract Year 10 $10.95 Contract Year 11 $11.17 Contract Year 12 $11.40 Contract Year 13 $11.62 Contract Year 14 $11.86 Contract Year 15 $12.09 Contract Year 16 $12.33 Contract Year 17 $12.58 Contract Year 18 $12.83 Contract Year 19 $13.09 Contract Year 20 $13.35 In the event the anniversary of the Commercial Operation Date falls within the middle of a calendar month (month M), the Unit Price for each month M shall be equal to: the Unit Price for the Contract Year that is ending (Contract Year Y), multiplied by the proportion of the days of the calendar month M that are part of that Contract Year Y, plus the Unit Price for the Contract Year that is beginning (Contract Year Y+1), multiplied by the proportion of the days of the calendar month M that are part of that Contract Year Y+1, the resulting calculation being rounded to the nearest cent.
Subsequent Refund. If later, on July 1, 2012, the aforesaid payment is required to be refunded, the refund will equal the $1,000 payment made on July 1, 2011 (the original amount invoiced), plus the interest accrued on that $1,000 payment from the due date of June 15, 2011 to the date of refund on July 1, 2012. To ensure that the refund does not double recover interest, the following language has been included in Section 14.5(c) of the Agreement: "If all or a portion of the amount [here, the