Underpayment or Overpayment. Proper salary class and step placement is a joint responsibility of the faculty member and the District. Faculty are encouraged to keep up-to-date records of college courses they have completed and other accomplishments which apply toward salary class advancement. Faculty suspecting that they are incorrectly placed on the salary schedule should bring this information to the attention of the District Human Resources office immediately. In the event of underpayment or overpayment in a faculty member’s compensation, the following procedures shall control and be applicable only if the faculty member, or AFT, on its own behalf, and on behalf of the affected faculty member, agrees upon the fact and amount of underpayment or overpayment, and upon use of these procedures: Should underpayment or overpayment in compensation occur, for purposes of determining the amount to be refunded or collected, retroactivity shall be limited to one
Underpayment or Overpayment. In the event of any underpayment or overpayment to the Executive, the amount of such underpayment or overpayment will be, as promptly as practicable, paid by the Company to the Executive or refunded by the Executive to the Company, as the case may be.
Underpayment or Overpayment. In the event of any underpayment or overpayment to the Employee (determined after the application of Section 4.2), the amount of such underpayment or overpayment will be, as promptly as practicable, paid by the Company to the Employee or refunded by the Employee to the Company, as the case may be, with interest at the applicable federal rate specified in Section 1274(d) of the Code.
Underpayment or Overpayment. The same rules as delineated in Article VIII A7.0 shall apply to faculty placed on Salary Schedules B, B-1, B-2 and Salary Schedules C and C-1.
Underpayment or Overpayment. As a result of uncertainty in the application of Sections 280G and 4999 of the Internal Revenue Code of 1986, as amended from time to time, at the time of the initial determination by the Auditor hereunder, it is possible that the Gross-Up Payment made will have been an amount more than the Company should have paid pursuant to this Section 5(k)(i) (the “Overpayment”) or that the Gross-Up Payment made will have been an amount less than the Company should have paid pursuant to this Section 5(k)(i) (the “Underpayment”). In the event that there is a final determination by the Internal Revenue Service, or a final determination by a court of competent jurisdiction, that an Overpayment has been made, any such Overpayment shall repaid to the Company by the Executive within 30 days of such determination. In the event that there is a final determination by the Internal Revenue Service, or a final determination by a court of competent jurisdiction, any such Underpayment shall be promptly paid by the Company to or for the benefit of the Executive together with interest at the applicable Federal rate provided for in Section 7872(f)(2) of the Code, within 30 days of such determination. The Executive shall notify the Company in writing of any claim by the Internal Revenue Service that, if successful, would result in an Underpayment and would require the payment by the Company of an additional Gross-Up Payment. Such notification shall be given as soon as practicable but no later than ten business days after the Executive is informed in writing of such claim and shall apprise the Company of the nature of such claim and the date on which such claim is requested to be paid. The Executive shall not pay such claim prior to the expiration of the 30 calendar day period following the date on which the Executive gives such notice to the Company (or such shorter period ending on the date that any payment of taxes with respect to such claim is due). If the Company notifies the Executive in writing prior to the expiration of such period that it desires to contest such claim, the Executive shall:
Underpayment or Overpayment. Proper salary class and step placement is a joint responsibility of the faculty member and the District. Faculty are encouraged to keep up-to-date records of college courses they have completed and other accomplishments which apply toward salary class advancement. Faculty suspecting that they are incorrectly placed on the salary schedule should bring this information to the attention of the District Human Resources office immediately. In the event of underpayment or overpayment in a faculty member’s compensation, the following procedures shall control and be applicable only if the faculty member, or AFT, on its own behalf, and on behalf of the affected faculty member, agrees upon the fact and amount of underpayment or overpayment, and upon use of these procedures: Should underpayment or overpayment in compensation occur, for purposes of determining the amount to be refunded or collected, retroactivity shall be limited to one (1) calendar year from the time the error is brought to the attention of the affected faculty member or Human Resources. If the error cannot be corrected prior to the issuance of the subsequent pay warrant, retroactivity will be extended until a correct pay warrant is issued. In cases of underpayment, the District will issue a supplementary warrant for the amount due the faculty member. In cases of overpayment, the faculty member shall pay the full amount back to the District within one (1) calendar year from the date of the issuance of the faculty member’s first pay warrant which includes a deduction for a portion of the overpayment. In cases where the one (1) year time frame would cause the monthly repayment deduction to exceed five percent (5%) of the affected faculty member’s gross pay for that month, said deduction shall be limited to five percent (5%) of the faculty member’s gross pay, and the time frame for repayment shall be extended until the full amount is repaid.
Underpayment or Overpayment. As a result of the uncertainty in the application of Section 4999 of the Code at the time of the initial determination by the Accounting Firm hereunder, it is possible that amounts will have been paid or distributed by the Corporation or the Company to or for the benefit of the Participant pursuant which should not have been so paid or distributed (the “Overpayment”) or that additional amounts which will have not been paid or distributed by the Corporation or the Company to or for the benefit of the Participant could have been so paid or distributed (the “Underpayment”), in each case, consistent with the calculation of the Reduced Amount hereunder. In the event that the Accounting Firm, based upon the assertion of a deficiency by the Internal Revenue Service against either the Corporation, the Company or the Participant which the Accounting Firm believes has a high probability of success, determines that an Overpayment has been made, the Participant shall pay any such Overpayment to the Corporation together with interest at the applicable federal rate provided for in Section 7872(f)(2) of the Code; provided, however, that no amount shall be payable by the Participant to the Corporation if and to the extent such payment would not either reduce the amount on which the Participant is subject to tax under Section 1 and Section 4999 of the Code or generate a refund of such taxes. In the event that the Accounting Firm, based upon controlling precedent or substantial authority, determines that an Underpayment has occurred, any such Underpayment shall be paid promptly (and in no event later than 60 days following the date on which the Underpayment is determined) by the Corporation to or for the benefit of the Participant together with interest at the applicable federal rate provided for in Section 7872(f)(2) of the Code.
Underpayment or Overpayment. If as a result of any audit pursuant to subsection (a) it is shown that ENDO’s royalty payments under this Agreement with respect to the period of time audited were less than the amount that should have been paid pursuant to this Agreement, then ENDO shall, within thirty (30) days after TEIKOKU’s demand therefor, either pay TEIKOKU the amount of such shortfall or proceed to the dispute resolution mechanism set forth in subsection (c) below. If as a result of any audit pursuant to subsection (a) it is shown that ENDO’s royalty payments under this Agreement with respect to the period of time audited exceeded the amount that should have been paid pursuant to this Agreement, then TEIKOKU shall, within thirty (30) days after ENDO’s demand therefor, either pay ENDO or agree to in writing to credit ENDO against ENDO’s next required royalty payment the amount of such excess or proceed to the dispute resolution mechanism set forth in subsection (c) below.
Underpayment or Overpayment. If, as a result of any audit pursuant to Section 7.7(b), it is shown that the Audited Party’s payments to the Requesting Party under this Agreement with respect to the period of time audited were less than the amount that should have been paid pursuant to this Agreement, then the Audited Party shall, within thirty (30) days after the Requesting Party’s demand therefor, pay the Requesting Party the amount of such shortfall. If, as a result of any audit pursuant to Section 7.7(b), it is shown that the Audited Party’s payments to the Requesting Party under this Agreement with respect to the period of time audited exceeded the amount that should have been paid pursuant to this Agreement, then the Requesting Party shall, within thirty (30) days after the Audited Party’s demand therefor, pay the Audited Party the amount of such excess.
Underpayment or Overpayment. If as a result of any audit pursuant to Section 4.5(a) it is shown that TALISKER’s royalty payments under this Agreement with respect to the period of time audited were less than the amount that should have been paid pursuant to this Agreement, then TALISKER shall, within five (5) Business Days after delivery of the audit report above either pay to ZARS the amount of such shortfall, or proceed to the dispute resolution mechanism set forth in Section 4.5(c) below. If as a result of any audit pursuant to Section 4.5(a) it is shown that TALISKER’s royalty payments under this Agreement with respect to the period of time audited exceeded the amount that should have been paid pursuant to this Agreement, then ZARS shall, within five (5) Business Days after delivery of the audit report above either pay to TALISKER the amount of such overcharge, or proceed to the dispute resolution mechanism set forth in Section 4.5(c) below.
