Overprovision Sample Clauses

The Overprovision clause defines the rights and obligations related to providing more goods, services, or resources than originally specified in a contract. In practice, this clause may allow a supplier to deliver quantities exceeding the agreed amount, often within a certain percentage or subject to the buyer's approval, and may address how such excess is handled in terms of payment or acceptance. Its core function is to provide flexibility in fulfillment, prevent disputes over minor excesses, and clarify the parties' responsibilities when overprovision occurs.
POPULAR SAMPLE Copied 4 times
Overprovision. If and to the extent that the amount of any provision, reserve or accrual in respect of an identified Tax Liability that is included in the Accounts or the Statements exceeds the amount which actually becomes due by the Purchaser or the Group Entities with respect to such Tax Liability (such amount being referred to as an “Overprovision”) then the amount of the Overprovision shall be paid by the Purchaser to the Seller within ten (10) Business Days after the date on which the amount of the Overprovision has been finally and irrevocably determined by the Tax Authority.
View SourceView Similar (3)
Overprovision. 11.1 If at the request and expense of the Covenantors the Auditors for the time being of the Company shall certify that any provision of Taxation (excluding deferred taxation) in the Accounts is an overprovision then the amount of such overprovision shall be dealt with in accordance with clause 11.2 11.2 Where it is provided under this clause 11 that any amount ("Overprovided Amount") is to be dealt with in accordance with this clause: 11.2.1 the Overprovided Amount shall first be set off against any payment then due from the Covenantors under this deed; 11.2.2 to the extent the Overprovided Amount exceeds the sum set off under clause 11. 2.1 a refund shall be made to the Covenantors of any previous payment or payments made by the Covenantors under this deed and not previously refunded under this deed up to the amount of such excess within five business days of the Overprovided Amount being certified; and 11.2.3 to the extent that the Overprovided Amount exceeds the sums set off and repayable under sub-clauses 11.2.1 and 11.
View Source
Overprovision. If at any time before the Other Claim Drop Dead Date, in the case of any liability of the Warrantors for any Relevant Breach, the amount of any provision, reserve (other than any provision or reserve for deferred taxation) or liability contained in or otherwise taken into account in, or in the preparation of, the Accounts and/or Closing Accounts is found to be in excess of the matter for which such provision of reserve was made, or the liability is discharged or satisfied below the amount attributed to such liability in the Accounts and/or Closing Accounts, or the value of assets contained in or otherwise taken into account in or in the preparation of the Accounts and/or Closing Accounts is found to have been understated (whether by reference to the position as at closing or as a result of subsequent events), the amount of such excess or of such understatement (“Excess Amount”) shall be applied in the following manner: (a) in the event that the Warrantors shall, prior to the date on which the Excess Amount is ascertained, have made any payment in respect of the Warranties, the Buyer shall repay to the Warrantors a sum equal to such part of the Excess Amount as does not exceed such prior payment by the Warrantors or such part of such prior payment as shall not have been repaid to the Warrantors under a previous application of this paragraph 12(a); and (b) where paragraph 12(a) above does not apply, or where such paragraph does apply but there remains a balance of the Excess Amount after part of the Excess Amount has been dealt with in accordance with that paragraph, the Excess Amount or the balance of the Excess Amount (as the case may be) shall be applied in reducing any liability of the Warrantors under the Warranties that may subsequently arise.
View SourceView Similar (2)
Overprovision. The Seller may require the auditors for the time being of any relevant Target Company to certify, at the Seller’s request and expense, the existence and amount of any Overprovision and the Purchaser shall provide, or procure that each Target Company provides, at the Sellers’s expense any information or assistance required for the purpose of production by the auditors of a certificate to that effect.
View Source
Overprovision. If, on or before the seventh anniversary of Completion, the auditors or reporting accountants for the time being of the Company determine (at the request and expense of the Sellers) that there is an Overprovision, then:
View Source

Related to Overprovision

  • REDUNDANCY PROVISIONS (1) Should an employee in a Catholic school become redundant then the provisions of: (a) the Workplace Relations Act (1996); and/or (b) the Catholic Education Commission of Western Australia policy on redundancy; and/or (c) this agreement which ever is the greater, shall apply.

  • FACTS AND PROVISIONS/LEGAL REQUIREMENTS The term of the Agreement shall be from September 1, 2015, through May 31, 2018. The County may terminate its participation in the Agreement by providing 90 days advance written notice to the other participating agencies. The Department will provide its personnel assigned to OPSG Grant Program with all supplies and/or prescribed safety gear, body armor, and/or standard issue equipment necessary to perform OPSG Grant Program activities. The County agrees to defend and indemnify the County of San Diego for any claim, action, or proceeding against the County of San Diego arising solely out of the acts or omissions of the County in the performance of the Agreement. Each party to the Agreement agrees to defend itself from any claim, action, or proceeding arising out of concurrent acts or omissions of the parties. In such a case, each party agrees to retain its own legal counsel, bear its own defense costs, and waive its right to seek reimbursement of such costs except where a court finds and allocates comparative fault. Board approval is required for this Agreement, as the funding amount exceeds the authority previously delegated by the Board to the Sheriff on May 15, 2015. County Counsel has approved the attached Agreement as to form. The Honorable Board of Supervisors 5/17/2016

  • CFR PART 200 AND FEDERAL CONTRACT PROVISIONS EXPLANATION TIPS and TIPS Members will sometimes seek to make purchases with federal funds. In accordance with 2 C.F.R. Part 200 of the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (sometimes referred to as “▇▇▇▇▇”),Vendor's response to the following questions labeled "2 CFR Part 200 or Federal Provision" will indicate Vendor's willingness and ability to comply with certain requirements which may be applicable to TIPS purchases paid for with federal funds, if accepted by Vendor. Your responses to the following questions labeled "2 CFR Part 200 or Federal Provision" will dictate whether TIPS can list this awarded contract as viable to be considered for a federal fund purchase. Failure to certify all requirements labeled "2 CFR Part 200 or Federal Provision" will mean that your contract is listed as not viable for the receipt of federal funds. However, it will not prevent award. If you do enter into a TIPS Sale when you are accepting federal funds, the contract between you and the TIPS Member will likely require these same certifications.

  • Parachute Provisions If any amount payable to or other benefit receivable by the Executive pursuant to this Agreement is deemed to constitute a Parachute Payment (as defined below), alone or when added to any other amount payable or paid to or other benefit receivable or received by the Executive which is deemed to constitute a Parachute Payment (whether or not under an existing plan, arrangement or other agreement), and would result in the imposition on the Executive of an excise tax under Section 4999 of the Tax Code, then, in addition to any other benefits to which the Executive is entitled under this Agreement, the Executive shall be paid by the Company an amount in cash equal to the sum of the excise taxes payable by the Executive by reason of receiving Parachute Payments plus the amount necessary to put the Executive in the same after-tax position (taking into account any and all applicable federal, state and local excise, income or other taxes at the highest applicable rates on such Parachute Payments and on any payments under this Section 7.18) as if no excise taxes had been imposed with respect to Parachute Payments. The amount of any payment under this Section 7.18 shall be computed by a certified public accounting firm mutually and reasonably acceptable to the Executive and the Company, the computation expenses of which shall be paid by the Company. “Parachute Payment” shall mean any payment deemed to constitute a “parachute payment” as defined in Section 280G of the Tax Code.

  • No Golden Parachute Payments The Company is prohibiting any golden parachute payment to you during any “CPP Covered Period”. A “CPP Covered Period” is any period during which (A) you are a senior executive officer and (B) Treasury holds an equity or debt position acquired from the Company in the CPP.