Retention of payment Sample Clauses

Retention of payment. In case of the Contractor's breach of contract, the Purchaser may withhold payment until it has been documented that the breach has been remedied. The Purchaser may only withhold such sum which is required in order to ensure the Purchaser's claim due to the breach.
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Retention of payment. Payment may not be refused or delayed by reasons of any defect in the products or services. The Buyer shall make all payments due under the Contract in full - without any deduction by means of set-off, counterclaim, discount, abatement or by any other means. The Buyer may only offset claims pertaining to delivered products with undisputed counterclaims that have been recognised and explicitly acknowledged by the Supplier in writing, to an extent reasonably proportionate to the established material defect in products.
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Retention of payment. The ECHS shall have a lien and also reserves the right to retain and set off against any sum which may, from time to time be due to and payable to the hospital hereunder, any claim which the ECHS may have against the hospital under this or any other agreement.
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Retention of payment. 42 18. EXPEDITED DISPUTE RESOLUTION PROCEDURE...................................................42 19. PERSONNEL, TIME-KEEPING, EQUAL EMPLOYMENT................................................43 19.1
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Retention of payment. In addition to its right to retain any Semi-Monthly Payment expressly provided elsewhere in this Agreement, the Corporation shall have the right to retain payment to the Contractor from one or more of the Semi-Monthly Payments due pursuant to this Agreement, without any resulting reductions in Contract Services, if the Corporation reasonably determines in good faith (on the basis of an investigation or audit conducted by itself, its designee or a government agency, or otherwise) that the Contractor has received payment for Contract Services based on inappropriate billing of the Corporation by the Contractor. Before exercising its right to retain funds pursuant to this Section 17 or pursuant to Section 13 hereof, the Corporation shall give notice to the Contractor of its intention to retain funds. Such notice shall advise the Contractor of the amount of funds to be retained, the justification for the retention of funds, and the schedule for implementing the retention of funds (the "Intent to Retain Notice"). Issuance of the Intent to Retain Notice shall immediately commence the Expedited Dispute Resolution Procedure set out in Section 18 hereof.
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Retention of payment. When appropriate, the bidding documents and the contract may provide for a 1487/SF-GY - 16 - ANNF.X, percentage of the total payment to be held as retention money to secure full perfom1ance by the contractor, as well as the conditions for its reimbursement and ultimate payment. (\') Penalty and boons clauses Pro,·isions for a penalty, --sometimes called liquidated damages-- should be included in the contract when delays in completion may result in extra expense, loss of revenue, loss of production, or inconvenience to the Tendering Entity. Similarly, the contract may stipulate the pajment of a bonus to the contractor for completion of the contract before the completion date specified in the contract, or for otherwise exceeding minimum criteria established in the contract regarding performance.
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Related to Retention of payment

  • Termination of Payments Notwithstanding section 2.2, no payments shall be due to Purchaser afler Purchaser has received an aggregate amount under this Note, including payments made by the Company pursuant to section 2.3, equal to (i) the Principal Amount (as defined in the Investor Information Sheet above), multiplied by (ii) the Maximum Payment Multiple. We refer to the result of this multiplication as the “Maximum Payment Amount.”

  • APPROPRIATION OF PAYMENTS 14.1 Any and all payments received by DBS from or for the account of the Cardmember may be applied and appropriated by DBS in relation to such Card Account for which the Cardmember is liable as DBS may determine or select and in relation to such of the entries or transactions constituting the Outstanding Balance on such Card Account as DBS may determine or select notwithstanding any specific appropriation by the person making the payment or any other person.

  • Cessation of Payments The right to cease all severance payments to Executive hereunder.

  • Notation of Payment Each Lender agrees that before disposing of any Note held by it, or any part thereof (other than by granting participations therein), that Lender will make a notation thereon of all Loans evidenced by that Note and all principal payments previously made thereon and of the date to which interest thereon has been paid; provided that the failure to make (or any error in the making of) a notation of any Loan made under such Note shall not limit or otherwise affect the obligations of Company hereunder or under such Note with respect to any Loan or any payments of principal or interest on such Note.

  • Proration of Payments If any Lender shall obtain any payment or other recovery (whether voluntary, involuntary, by application of offset or otherwise, on account of (a) principal of or interest on any Loan, but excluding (i) any payment pursuant to Section 8.7 or 15.6 and (ii) payments of interest on any Affected Loan) or (b) its participation in any Letter of Credit) in excess of its applicable Pro Rata Share of payments and other recoveries obtained by all Lenders on account of principal of and interest on the Loans (or such participation) then held by them, then such Lender shall purchase from the other Lenders such participations in the Loans (or sub-participations in Letters of Credit) held by them as shall be necessary to cause such purchasing Lender to share the excess payment or other recovery ratably with each of them; provided that if all or any portion of the excess payment or other recovery is thereafter recovered from such purchasing Lender, the purchase shall be rescinded and the purchase price restored to the extent of such recovery.

  • Limitation of Payments City’s obligation to pay the Consultant for services rendered pursuant to this Contract is conditioned upon the availability of City’s funds which are allocated to pay the Consultant. If funds are not allocated and available to pay the Consultant for these services, City may terminate this Contract at the end of the period for which the funds are available. City shall notify the Consultant at the earliest possible time if this agreement will or may be affected by a shortage of funds. No liability shall accrue to City in the event this provision is exercised, and the City shall not be obligated or liable for any future payments due or for any damages as a result of termination under this section. This provision shall not be construed so as to permit City to terminate this Contract in order to acquire similar services from another party. The Consultant shall be paid for any allowable services provided and expenses incurred prior to receipt of any such notification that City was terminating the Contract because of a shortage of funds.

  • Reduction of Payments Any reduction under Subsection (b) above shall be applied first to Payments that constitute “deferred compensation” (within the meaning of Section 409A of the Code and the regulations thereunder). If there is more than one such Payment, then such reduction shall be applied on a pro rata basis to all such Payments. Subject to the foregoing rules, the Employee may elect, in the Employee’s sole discretion, which and how much of the Payments shall be eliminated or reduced (as long as after such election the aggregate present value of the Payments equals the Reduced Amount) and shall advise the Company in writing of the Employee’s election within 10 business days of receipt of notice. If no such election is made by the Employee within such 10-day period, then the Company may elect which and how much of the Payments shall be eliminated or reduced (as long as after such election the aggregate present value of the Payments equals the Reduced Amount) and shall notify the Employee promptly of such election. For purposes of this Section 3, a present value shall be determined in accordance with Section 280G(d)(4) of the Code. All determinations made by the Accounting Firm under this Section 3 shall be binding upon the Company and the Employee and shall be made within 10 business days of the date when a Payment becomes payable or transferable. As promptly as practicable following such determination and the elections hereunder, the Company shall pay or transfer to or for the benefit of the Employee such amounts as are then due to the Employee and shall promptly pay or transfer to or for the benefit of the Employee in the future such amounts as become due to the Employee.

  • Application of Payment The monthly housing assistance payment shall be credited against the monthly rent to owner for the contract unit.

  • Confirmation of Payment The Administrative Agent and the Lenders will, upon request after payment of the Credit Party Obligations which are the subject of this Guaranty and termination of the Commitments relating thereto, confirm to the Borrower, the Guarantors or any other Person that such indebtedness and obligations have been paid and the Commitments relating thereto terminated, subject to the provisions of Section 10.2.

  • Termination of Payment Fund Any portion of the Payment Fund (including any interest received with respect thereto) that remains undistributed to the holders of Common Shares for one year after the Effective Time shall be delivered to Parent (or its designee), and any holder of Common Shares who has not theretofore complied with this Article II shall thereafter look only to Parent (subject to abandoned property, escheat or other similar Laws) for payment of its claim for Merger Consideration without any interest thereon.

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