Clamp-on ultrasonic flowmeters geometry includes four different materials in the ultrasound propagation path: wedge, coupling material, pipe and liquid. In this case, oblique incidence ultrasonic beam generated by the emitter transducer is split into several paths caused by multiple reflections in pipe wall or because of propagation mode conversion at interfaces. These multiple paths are recombined at the reception transducer aperture, producing a single signal whose amplitude and phase depend on which proportion each path contributes. The objective of this paper is to quantify this phenomenon and analyses the implications it has on the accuracy of Clamp-on ultrasonic flowmeters as a function of the fluid that flows inside the pipe. According to simulations, based on 2D ray tracing model and experimental measurements, the variations in the recombination signal at the reception transducer produces a linearity error that in case of the installation under test, Z-mode transducers configuration on PVC pipe, could reach a value of 3.2%.