Fine for Noncompliance with the Local Content Sample Clauses

Fine for Noncompliance with the Local Content. The noncompliance of Local Content is to subdue the Concessionaire to a fine.
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Fine for Noncompliance with the Local Content. The noncompliance of Local Content is to subdue the Concessionaire to a fine. The amount of the fine will be calculated on the non-complied monetary amount, subject to the following percentages: If the noncompliance of Local Content is equal to or greater than 65% (sixty-five percent): , in which NR is the Non-Performed Local Content; and If the noncompliance of Local Content is inferior to 65% (sixty-five percent): 60% (sixty percent). If there is a noncompliance simultaneously to more than one item of Local Content, the amount of the fine shall correspond to the sum of the fines for each item. In the event of non-compliance with the global and Local Content for the items specified in the table of Annex IX, the amount of the fine to be applied to the items will be deducted from the amount of the fine to be imposed for non-compliance with the overall Local Content. If the result of the deduction is negative, the fine of the overall Local Content will be null. In the event of non-compliance with the Local Content for items and their related sub-items specified in the table of Annex IX, the amount of the fine to be applied to the sub-items will be deducted from the amount of the fine to be imposed for non-compliance with the Local Content for the items. If the result of the deduction is negative, the fine of the Local Content of the item will be null.
Sample 1
Fine for Noncompliance with the Local Content. The noncompliance of Local Content is to subdue the Contracted Party to a fine. The amount of the fine will be calculated on the non-complied monetary amount, subject to the following percentages: If the noncompliance of Local Content is equal to or greater than 65% (sixty-five percent): , in which NR is the Non-Performed Local Content; and If the noncompliance of Local Content is inferior to 65% (sixty-five percent): 60% (sixty percent). If there is a noncompliance simultaneously to more than one item of Local Content, the amount of the fine shall correspond to the sum of the fines for each item. In the event of non-compliance with the global and Local Content for the items specified in the table of Annex IX - Commitment of Local Content, the amount of the fine to be applied to the items will be deducted from the amount of the fine to be imposed for non-compliance with the overall Local Content. In the event of non-compliance with the Local Content for items and their related sub-items specified in the table of Annex IX - Commitment of Local Content, the amount of the fine to be applied to the sub-items will be deducted from the amount of the fine to be imposed for non-compliance with the Local Content for the items. The Consortium Members must have a safety and environment management system that meets the Best Practices of the oil industry and the applicable legislation. The Consortium Members should, among other obligations: Ensure the preservation of an ecologically balanced environment; Minimize impacts and/or damage to the environment; Ensure the safety of operations in order to protect human life and the environment; Ensure the protection of the Brazilian historical and cultural heritage; Repair the degraded environment in accordance with the technical solution required by the competent environmental organization. If there is an environmental licensing process which the competent organization deems necessary for the achievement of Public Hearing, the Consortium Members must send ANP copy of studies designed to obtain licenses at an earlier date of the Hearing. The Consortium Members must submit to ANP copy of the environmental permits and their respective renewals within 30 (thirty) days after its acquisition, or, before that, when necessary to instruct authorization procedure that requires such documents. The Consortium Members must immediately inform ANP and the competent authorities of any occurrence, due to fact or act either intentional or acci...
Sample 1
Fine for Noncompliance with the Local Content. The noncompliance of Local Content is to subdue the Concessionaire to a fine, the fine shall be calculated on the non-complied monetary amount, subject to the following percentages: If the noncompliance of Local Content is equal to or greater than 65% (sixty-five percent): , in which NR is the Non-Performed Local Content; and If the noncompliance of Local Content is inferior to 65% (sixty-five percent): 60% (sixty percent). If there is a noncompliance simultaneously to more than one item of Local Content, the amount of the fine shall correspond to the sum of the fines for each item. In the event of non-compliance with the global and Local Content for the items specified in the table of Annex IX, the amount of the fine to be applied to the items shall be deducted from the amount of the fine to be imposed for non-compliance with the overall Local Content. If the result of the deduction is negative, the fine of the overall Local Content shall be null. In the event of non-compliance with the Local Content for items and their related sub-items specified in the table of Annex IX, the amount of the fine to be applied to the sub-items shall be deducted from the amount of the fine to be imposed for non-compliance with the Local Content for the items. If the result of the deduction is negative, the fine of the Local Content of the item shall be null. The Concessionaire shall present to ANP, within 120 (one hundred twenty) days after reaching a local content measurement, the Local Content Consolidated Report (RCCL) carried out for the Phase or Stage, under the Applicable Law. If the Consolidated Report of Local Content (RCCL) indicates non-compliance with local content commitments, the Concessionaire shall determine the amount of the fine due and perform the payment, subject to control actions of ANP, by reviewing the calculations, the drawing up of tax assessment and collection of the differences due. The fine amount shall be updated by the Market General Price Index (IGP-M) from the date of completion of Phase or Stage referred to the date on which the actual payment was performed. In the event of the Concessionaire shall not adopt the procedures set out above, the ANP shall establish procedure for calculation of the fine, according to rules to be defined by the ANP, without prejudice to any other penalties. In the meantime specific standards are not issued as referred to in the item above, shall be adopted the ordinance provided for in Law No. 2.953, of January 28...
Sample 1

Related to Fine for Noncompliance with the Local Content

  • Compliance with the Law The Parties agree to comply fully with all applicable federal, state, and local statutes, ordinances, rules, and regulations applicable to their entity in connection with the programs contemplated under this Agreement.

  • Compliance with the Laws and Agreements; No Defaults (a) Each of the Borrower and each Subsidiary is in compliance with all Governmental Requirements applicable to it or its Property and all agreements and other instruments binding upon it or its Property, and possesses all licenses, permits, franchises, exemptions, approvals and other governmental authorizations necessary for the ownership of its Property and the conduct of its business, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. (b) Neither the Borrower nor any Subsidiary is in default nor has any event or circumstance occurred which, but for the expiration of any applicable grace period or the giving of notice, or both, would constitute a default or would require the Borrower or a Subsidiary to Redeem or make any offer to Redeem under any indenture, note, credit agreement or instrument pursuant to which any Material Indebtedness is outstanding or by which the Borrower or any Subsidiary or any of their Properties is bound. (c) No Default has occurred and is continuing.

  • Compliance with the Laws ISSUER has complied with, and is not in violation of any federal, state or local statue, law, and/or regulation pertaining to ISSUER. ISSUER has complied with all federal and state securities laws in connection with the issuance, sale and distribution of its securities.

  • Compliance with Terms Such Grantor will perform and comply with all obligations in respect of the Collateral owned by it and all agreements to which it is a party or by which it is bound relating to such Collateral.

  • COMPLIANCE WITH TAX LAW SECTION 5-a The following provisions apply to Contractors that have entered into agreements in an amount exceeding $100,000 for the purchase of goods and services: a) Before such agreement can take effect, the Contractor must have on file with the New York State Department of Taxation and Finance a Contractor Certification form (ST-220-TD). b) Prior to entering into such an agreement, the Contractor is required to provide NYSERDA with a completed Contractor Certification to Covered Agency form (Form ST-220-CA). c) Prior to any renewal period (if applicable) under the agreement, the Contractor is required to provide NYSERDA with a completed Form ST-220-CA. Certifications referenced in paragraphs (b) and (c) above will be maintained by NYSERDA and made a part hereof and incorporated herein by reference. NYSERDA reserves the right to terminate this agreement in the event it is found that the certification filed by the Contractor in accordance with Tax Law Section 5-a was false when made.

  • Compliance with the Sxxxxxxx-Xxxxx Act There is and has been no failure on the part of the Company or any of the Company’s directors or officers, in their capacities as such, to comply in all material respects with any provision of the Sxxxxxxx-Xxxxx Act of 2002 and the rules and regulations promulgated in connection therewith (the “Sxxxxxxx-Xxxxx Act”), including Section 402 related to loans and Sections 302 and 906 related to certifications.

  • Compliance with the Agreement Within 10 days of this Agreement, the board of directors of the Bank shall appoint a committee (the “Compliance Committee”) to monitor and coordinate the Bank’s compliance with the provisions of this Agreement. The Compliance Committee shall include a majority of outside directors who are not executive officers or principal shareholders of the Bank, as defined in Sections 215.2(e)(1) and 215.2 (m)(1) of Regulation O of the Board of Governors (12 C.F.R. §§ 215.2(e)(1) and 215.2(m)(1). At a minimum, the Compliance Committee shall meet at least monthly, keep detailed minutes of each meeting, and report its findings to the board of directors of the Bank.

  • Compliance with TIA Every amendment, waiver or supplement of this Indenture or the Securities shall comply with the TIA as then in effect.

  • Compliance with Accessibility Standards All parties to this Agreement shall ensure that the plans for and the construction of all projects subject to this Agreement are in compliance with standards issued or approved by the Texas Department of Licensing and Regulation (TDLR) as meeting or consistent with minimum accessibility requirements of the Americans with Disabilities Act (P.L. 101-336) (ADA).

  • COMPLIANCE WITH LICENSING REQUIREMENTS CONTRACTOR shall comply with all necessary licensing requirements and shall obtain appropriate licenses and display the same in a location that is reasonably conspicuous, as well as file copies of same with the County Executive Office.

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