Debts and offsetting Sample Clauses
The "Debts and offsetting" clause establishes the right of one party to offset amounts owed to the other party against debts that are due to them. In practice, if Party A owes money to Party B, but Party B also owes money to Party A, this clause allows the parties to net out their respective obligations, so only the balance is paid. This mechanism streamlines payments, reduces administrative burden, and minimizes the risk of default by ensuring that only the net amount is exchanged between the parties.
Debts and offsetting. Debts
26.1 Any amount owed to the Department, or deemed to be a debt to the Department under this Agreement, including any Interest, will, without prejudice to any other rights available to the Department under this Agreement, under statute, at law or in equity, be recoverable by the Department, at its absolute discretion, as a debt due to the Commonwealth from the Provider without further proof of the debt being necessary.
26.2 If the Department determines that the Provider has obtained a Reimbursement from the Employment Assistance Fund, for a Wage Subsidy or any type of reimbursement of an amount that it is not entitled to, that amount is a debt for the purpose of this clause 26.
26.3 The Provider must pay to the Department any debt due to the Commonwealth from the Provider within 30 calendar days of receipt of a Notice from the Department requiring payment, or the due date for the payment, whichever is the earlier.
Debts and offsetting. 23.1 Any amount owed to the Department, or deemed to be a debt to the Department, including any Interest, will, without prejudice to any other rights available to the Department under the Agreement, under statute, at law or in equity, be recoverable by the Department, at its absolute discretion, as a debt due to the Department from the Provider without further proof of the debt being necessary.
23.2 The Provider must pay any debt due to the Department from the Provider within 30 calendar days of receipt of a notice from the Department requiring payment, or the due date for the payment, whichever is the earlier.
23.3 Where any debt is owed to the Department, Interest accrues on that debt if it is not repaid within 30 calendar days of receipt of a notice from the Department requiring payment, or the due date for the payment, whichever is the earlier, until the amount is paid in full.