Delinquent Payment Deduction Sample Clauses

Delinquent Payment Deduction. (i) A Delinquent Payment Deduction will be made for any Payment Period in which TxDOT fails to make a timely payment to Developer in accordance with Section 7. The Delinquent Payment Deduction shall be payable as a monthly adjustment in accordance with Section 6(h) and shall be reported to Developer in a monthly Delinquent Payment Deduction report to be delivered to Developer by TxDOT pursuant to Section 14(d). (ii) The Delinquent Payment Deduction will be determined in accordance with the following formula (and an example of the calculation of the Delinquent Payment Deduction is attached hereto as Attachment 8): Delinquent Payment Deduction ΣDaily Delinquent Payment = Deduction n,m x Duration / 365 (Year n = 1 to and Month m (or 366, in leap years) x Interest = 1 to 12) Rate n,m Where: Daily Delinquent Payment Deduction n,m Total payments due Developer on each day during Month m of Year = n that are not timely paid by TxDOT when due under Section 7 The number of calendar days from the date a payment under Duration = Section 7 is due until the date such payment is made to Developer. Interest at a rate equal to the LIBOR in effect on the first day of Interest Rate n,m = Month m in Year n plus 400 basis points
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Delinquent Payment Deduction. (i) A Delinquent Payment Deduction will be made for any Payment Period in which TxDOT fails to make a timely payment to Developer in accordance with Section 7. The Delinquent Payment Deduction shall be payable as a monthly adjustment in accordance with Section 6(i). (ii) The Delinquent Payment Deduction will be determined in accordance with the following formula (and an example of the calculation of the Delinquent Payment Deduction is attached hereto as Attachment 8): Delinquent Payment Deduction (Year n = 1 to and Month m = = 1 to 12) ΣDaily Delinquent Payment Deduction n,m x Duration / 365 (or 366, in leap years) x Interest Rate n,m Where: Daily Delinquent Deduction n,m Payment Total payments due Developer on each day during Month m of Year = n that are not timely paid by TxDOT when due under Section 7 Duration The number of calendar days from the date a payment under = Section 7 is due until the date such payment is made to Developer. Interest Rate n,m Interest at a rate equal to the LIBOR in effect on the first day of = Month m in Year n plus 400 basis points

Related to Delinquent Payment Deduction

  • Delinquent Payments 8F.01 Timely payment of wages and contributions to all trust funds provided for in this Agreement is essential for the protection of the beneficiaries. Delinquency and continued failure to pay wages and/or remit contributions to the trust funds shall be dealt with as follows: (i) The Union shall advise the employer in writing of any delinquency. (ii) If within seven (7) days of receipt of notification exclusive of Saturday, Sunday and Holidays, the employer has failed to pay delinquent contributions or the employer or their Construction Labour Relations Association has failed to request a meeting with the Union to provide for the payment of delinquent contributions, then the employer agrees that all contributions/deductions due and payable in accordance with this Agreement are in arrears and subject to an additional charge at the rate of ten percent (10%) on all contributions/deductions in arrears. This is not to be construed that the above charges relieve the employer of any further liabilities which may occur because of their failure to report any pay contributions/deductions as provided. (iii) Should the matter not be resolved at the above mentioned meeting, the Union may demand payment of wages and contributions at the end of each day or at the end of each week or upon seventy-two (72) hours notice to the employer, withdraw its' members from the delinquent employer without contravening the terms of this Agreement. (iv) Delinquent companies will be liable for all legal costs incurred in the recovery of contributions.

  • Interest on Delinquent Payments Without waiving any other right or action available to Authority, in the event of default of Company's payment of Rents or other charges hereunder, and in the event Company is delinquent in paying to Authority any Rents or other charges for a period of five (5) days after the payment is due, Authority reserves the right to charge Company interest thereon from the date the Rents or other charges became due to the date of payment at one and one-half percent (1.5%) per month, to the maximum extent permitted by Applicable Law.

  • Union Dues Deduction The Employer agrees to deduct and forward to the Financial Secretary of the Local Union, upon receipt of a voluntary written authorization, the working dues from the pay of each IBEW member. The amount to be deducted shall be the amount specified in the approved Local Union Bylaws. The Local Union, upon request by the Employer, shall certify such amount to the Employer.

  • Dues Deduction 22.01 The Company will deduct on the payroll for each period, from wages due and payable to each Employee coming within the scope of this Collective Agreement, an amount equivalent to the dues of the Union subject to the conditions set forth herein. 22.02 The amount to be deducted shall be equivalent to the regular dues payment of the Union and shall include assessments or initiation fees applicable to new hires. The amount to be deducted shall not be changed during the term of the Agreement except to conform with a change in the amount of regular dues to the Union in accordance with its constitutional provisions. 22.03 Deductions will commence on the payroll for the first pay period of the calendar month following the first date of employment in a position covered by this Agreement. 22.04 If the wages of an Employee payable for any period are insufficient to permit a full deduction, no such deduction will be made from the wages of such Employee by the Company on that payroll. The Company will not, because the Employee did not have sufficient wages on any payroll, carry forward and deduct from any subsequent wages the amount not deducted on an earlier payroll. 22.05 Only payroll deductions now or hereafter required by law and deductions of monies due or owing the Company shall be made from wages prior to the deduction of dues. 22.06 The amount so deducted from wages, accompanied by a statement of deductions from individuals, will be remitted by the Company to the Union, as may be mutually agreed by the Company and the Union not later than thirty (30) calendar days following the pay period in which the deductions are made. 22.07 The Company shall not be responsible for arrears. 22.08 The Company shall not be responsible financially, either to the Union or to any Employee, for any failure to make deductions or for making improper or inaccurate deductions or remittances. However, in any instance in which an error occurs in the amount of any deduction pursuant to this Article from an Employee's wages, the Company shall adjust it directly with the Employee. In the event of any mistake by the Company in the amount of its remittance to the Union, the Company shall adjust the amount in a subsequent remittance. The Company's liability for any and all amounts deducted pursuant to the provision of this Article shall terminate at the time it remits the amounts payable to the Union. 22.09 In the event of any action at law against the parties hereto resulting from any deduction or deductions made from payrolls or to be made by the Company pursuant to the first paragraph of this Article, both parties shall cooperate fully in the defense of such action. Each party shall bear its own cost of such defense, except that, if at the request of the Union, counsel fees are incurred, these shall be borne by the Union. Save as aforesaid, the Union shall indemnify and save harmless the Company from any losses, damages, costs, liability or expenses suffered or sustained by the Company as a result of any such deduction or deductions from payrolls. 22.10 Employees shall be provided with a T4 slip indicating the amount of Union dues deducted.

  • Delinquent Rent If not paid on the 1st, Rent shall be considered overdue and delinquent on the 2nd day of each calendar month. If Tenant fails to timely pay any month’s rent, Tenant will pay Landlord a late charge of $ per day until rent is paid in full. If Landlord receives the monthly rent by the 3rd day of the month, Landlord will waive the late charges for that month. Any waiver of late charges under this paragraph will not affect or diminish any other right or remedy Landlord may exercise for Tenant’s failure to timely pay rent.

  • Thirty Day Payments Upon receipt of a billing statement that complies with all invoice requirements set forth in this Article, the State shall make a good faith effort to pay the amount which is due and payable within thirty

  • PRE-PAYMENT The Tenant shall: (check one)

  • Returned Payment Fee If your account is subject to a Returned Payment Fee, the fee will be charged to your account when a payment is returned for any reason.

  • Installment Payments For purposes of Code Section 409A, Employee’s right to receive any installment payments pursuant to this Agreement shall be treated as a right to receive a series of separate and distinct payments. Whenever a payment under this Agreement specifies a payment period with reference to a number of days, the actual date of payment within the specified period shall be within the sole discretion of the Company.

  • Timely Payment Except as provided otherwise herein, payment for an invoice will be issued and mailed to the Consultant within thirty (30) calendar days of receipt of the invoice.

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