N.Y. Comp. Codes R. & Regs. tit. 16, § 500.10
The percentage error of a meter is the difference between its percentage of accuracy and 100 percent. A meter whose percentage of accuracy is 95 percent is said to be 5 percent slow, or its error is minus 5 percent. A meter whose percentage of accuracy is 105 percent is said to be 5 percent fast, or its error is plus 5 percent.