Undercharge Claim Reconciliation Act of 1992

Undercharge Claim Reconciliation Act of 1992 - Amends Federal transportation law to authorize persons against whom a claim is made by a motor carrier of property (other than household goods carrier) or by a nonhousehold goods freight forwarder for the collection of rates or charges in addition to the rates originally collected by such carrier or freight forwarder to elect to satisfy such claim pursuant to a specified formula upon showing that: (1) the carrier or forwarder is no longer transporting property or is transporting property for the purpose of avoiding application of this Act; and (2) with respect to such claim, the person was offered a rate other than the one legally on file with the Interstate Commerce Commission (ICC), the person tendered freight to the carrier or forwarder in reasonable reliance upon the offered transportation rate, the carrier or forwarder did not properly or timely file with the ICC a tariff providing for such rate or failed to execute a valid contract for transportation services, such rate was collected by the carrier or forwarder, and the carrier or forwarder demands additional payment of a higher rate filed in a tariff.

Requires disputes regarding the aforementioned to be resolved by the court in which such claim is filed or by the ICC. Requires the additional rate or charge for shipments to be adjusted by reducing it by specified percentages in calendar years 1985 through 1991.

Shortens the statute of limitations for the filing of claims: (1) by a motor common carrier for recovery of transportation or service charges; and (2) by a person to recover overcharges by a motor carrier.

Permits motor carriers and shippers to resolve by mutual consent, subject to ICC review and approval, any overcharge and undercharge claims resulting from billing errors or incorrect tariff provisions arising from the inadvertent failure to properly and timely file and maintain agreed upon rates, rules, or classifications.