Offset and Draws on Security Clause Samples

Offset and Draws on Security. If Contractor is obligated to pay any amount to Owner, as applicable, pursuant to Sections 15.1, 15.2 or 15.3, including any amounts payable pursuant to Section 15.4, as applicable, and such amount is not paid within the time period referred to in such Section, Owner shall have the right to offset pursuant to Sections 6.6.1 and 6.11 any such amount against any amount then or thereafter due from Owner to Contractor under this Agreement and to exercise its rights against any security provided by or for the benefit of Contractor in accordance with Section 6.7.2 or any other applicable sections of this Agreement, in such order as Owner may elect in its sole discretion.