16Delayed Payment Restriction Sample Clauses
The Delayed Payment Restriction clause sets limitations on when and how payments can be delayed under the contract. Typically, this clause outlines specific conditions under which a party may postpone payment, such as the need for additional documentation or the occurrence of certain events, and may also establish maximum allowable delay periods. Its core function is to prevent indefinite or unjustified payment delays, thereby ensuring timely financial transactions and protecting the cash flow interests of the parties involved.
16Delayed Payment Restriction. Notwithstanding any provision in this Agreement to the contrary, if any payment or benefit provided for herein would be subject to additional taxes and interest under section 409A of the Code if Executive’s receipt of such payment or benefit is not delayed until the Section 409A Payment Date, then such payment or benefit shall not be provided to Executive (or Executive’s estate, if applicable) until the Section 409A Payment Date.