Offset Credit Clause Samples

The Offset Credit clause allows one party to reduce or offset amounts it owes to another party by the value of credits or obligations that the other party owes in return. In practice, this means if Party A owes Party B $1,000, but Party B also owes Party A $400, Party A can pay only the net amount of $600. This clause streamlines financial settlements between parties, minimizes unnecessary cash transfers, and helps prevent disputes over outstanding balances by ensuring that mutual debts are efficiently reconciled.
Offset Credit. To the exclusion of all others, Buyer or its assignees shall be entitled to all industrial benefits or offset credits which might result from this Contract. Seller shall provide all information to Buyer that Buyer may reasonably request in support of ▇▇▇▇▇’s efforts to secure offset credits related to Goods to be provided under this contract. Seller agrees to use reasonable efforts to identify the foreign content of goods that Seller either produces itself or procures from subcontractors for work directly related to this Contract. Promptly after selection of a non-U.S. subcontractor for work under this Contract, Seller shall notify Buyer of the name, address, subcontract point of contact (including telephone number and email address), and dollar value of the subcontract.
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Offset Credit a. To the exclusion of all others, NWUAV or its assignees shall be entitled to all industrial benefits or offset credits which might result from this Agreement. Seller shall provide documentation or other information which NWUAV or its assignees may reasonably request to substantiate claims for industrial benefits or offset credits. b. Seller agrees to use reasonable efforts to identify the foreign content of goods that Seller either produces itself or procures from subcontractors for work directly related to this Agreement. After selection of a non-U.S. subcontractor for work under this contract, Seller shall promptly notify NWUAV of the name, address, and subcontract point of contact, (including telephone number and email address) and dollar value of the subcontract.
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Offset Credit. You warrant that all offset/industrial participation credit value that may result from this Purchase Order can be applied to current or future offset/industrial participation programs and shall be our sole property. You agree to assist us in obtaining such credits. Audit Rights. At our request, you will allow us (directly or through third parties) to audit and to copy, if applicable, at your expense, any documents you have relating to the performance of your obligations under this Purchase Order or other applicable legal requirements. Additionally, at our request, you will allow us (directly or through third parties) reasonable access to the sites where the work under this Purchase Order is being performed in order to assess (1) work quality, (2) conformance to our specifications, and (3) conformance with your representations, warranties, certifications and covenants under this Purchase Order.
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Offset Credit. Buyer represents that it has or may have in the future certain offset commitments with the Government of Canada or with the Government of the Seller’s country. Seller agrees to support Buyer in obtaining offset credit for this Purchase Order with the appropriate Government agencies if so required by Buyer.
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Offset Credit. Program. Orders issued by XYZ pursuant to this Agreement are placed with the expectation of potential acquisition of credit for current and/or anticipated future offset obligations of XYZ , Del Computer Corporation or XYZ Computer Corporation's subsidiaries or affiliates, or their designated assignees to various governments around the world. Supplier agrees to reasonably assist XYZ , XYZ Computer or XYZ Computer Corporation's subsidiaries or affiliates, or their designated assignees in their efforts to secure offset credit from these governments in an amount equal to the value of KKKKKKKKK. YYY CONFIDENTIAL XYZ CONFIDENTIAL LLLLLLLLL. the applicable in-country content of the orders placed under this Agreement.
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Related to Offset Credit

  • Retirement Credit Retirement credit for such periods of leave without pay shall be governed by the rules and regulations of the Division of Retirement and the provisions of Chapter 121, Florida Statutes.

  • Vacation Credits All employees shall participate in the County’s Terminal Pay Plan (Plan). However, only the terminal paychecks (including unused vacation) of those employees who have reached the age of fifty-five (55) shall be placed into the Plan. These terminal paychecks shall be placed into the Plan on a pre-tax basis in accordance with the Plan, all applicable laws and all rules and regulations applicable to the Plan.

  • Vacation Credit Any outstanding vacation entitlement for a person going on LTD will be paid in cash upon expiry of sick leave. The cash payment will be calculated on the base earnings at the expiration of sick leave for the prorated days of vacation entitlement, any outstanding lieu days, any outstanding floating statutory holidays, and banked time for 40-hour per week employees. No vacation entitlement, floating holidays, or banked time for 40-hour per week employees accrues while a member is in receipt of LTD benefits.

  • Refund or credit We will credit your card account with any refund in respect of a card transaction or any payment or other credit due to you at such time as we may determine in accordance with our usual practice after our receipt of the amount of such refund, payment or credit in Singapore and conversion to Singapore dollars, where necessary, in accordance with clause 6.8. Any such refund, payment or credit credited to your card account shall not be remitted to you unless we otherwise determine but shall be applied towards the full or partial discharge of the current balance.

  • How Do I Correct an Excess Contribution? If you make a contribution in excess of your allowable maximum, you may correct the excess contribution and avoid the 6% penalty tax under Section 4973 of the Internal Revenue Code for that year by withdrawing the excess contribution and its earnings on or before the due date, including extensions, of the tax return for the tax year for which the contribution was made (generally October 15th). Any earnings on the withdrawn excess contribution may be subject to a 10% early distribution penalty tax if you are under age 59½. In addition, in certain cases an excess contribution may be withdrawn after the time for filing your tax return. Finally, excess contributions for one year may be carried forward and applied against the contribution limitation in succeeding years.