Delinquent Defined Clause Samples
The "Delinquent Defined" clause establishes the specific criteria or conditions under which a party is considered delinquent, typically in the context of payments or obligations under a contract. It usually details the time frame after which a payment or action is deemed overdue, such as a certain number of days past the due date, and may outline the types of obligations covered, like invoices or deliverables. By clearly defining what constitutes delinquency, this clause ensures both parties understand when a breach has occurred, thereby reducing disputes and enabling the enforcement of remedies or penalties for late performance.
Delinquent Defined. If a contribution and payroll report are not received by the Due Date, they are delinquent. If the Due Date is a Saturday, Sunday or holiday, the contribution and payroll report must be received by the next business day. Contributions are not received until they are received at one of the above addresses. The postmark date on an envelope is not the receipt date. If only a part of the amount due is paid, the shortage is delinquent.