Payment by deduction Clause Samples
The 'Payment by deduction' clause allows a party to satisfy payment obligations by deducting amounts owed from sums otherwise payable to the other party. In practice, this means if one party owes money to the other under the contract, they can subtract that amount from payments they are required to make, such as deducting damages or set-offs from an invoice. This clause streamlines the settlement of mutual debts and reduces the administrative burden of separate payments, ensuring that outstanding amounts are efficiently reconciled between the parties.
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Payment by deduction. During the life of this Agreement, the University agrees in accordance with, and to the extent of, any applicable State or Federal laws to deduct monthly membership dues and service fees in an amount established by the Union proportionately each pay period, from the wages due all employees of the bargaining unit who individually and voluntarily give the University written authorization to do so and shall forward such dues to the Treasurer of the Union at an address furnished in writing to the Payroll Office by the Union on or before the seventh (7th) day after each pay date. Such written authorization shall continue for the duration of this Agreement unless the employee gives written notice of termination of employment to the University and the Union at least fifteen (15) days prior to any pay period of this Agreement. The Union agrees to indemnify and save the University, its trustees, employees and agents, harmless against any and all claims, suits or other forms of liability arising out of the deduction of money for Union dues from any employee's pay, including but not limited to damages, penalties, expenses of litigation and attorney's fees. The Union assumes full responsibility for the disposition of the monies so deducted once they have been turned over to the Union as set forth above.
Payment by deduction. The Bank shall be entitled to effect payment (to the extent not already discharged) of all fees expenses and other sums due and payable by the Borrower under this Clause 8 out of and by deduction from any Advance and the Borrower hereby irrevocably authorises the Bank to do so.
Payment by deduction. The BANK shall be entitled to effect payment (to the extent not already discharged) of all expenses, duties, fees and other sums due and payable by the BORROWER under this Clause 8 out of and by deduction from the FACILITY and/or the accounts of the BORROWER with the BANK and the BORROWER irrevocably agrees that, without prejudice to any other rights and remedies of the BANK, the BANK shall be entitled (but not obligated), at any time and from time to time, without prior notice, to debit such payments against the BORROWER's account or other account(s) maintained with the BANK and/or to debit into such accounts any unpaid advances or part thereof being principal and interest as they fall due, the costs and expenses and other moneys undertaken to be paid under the SECURITY DOCUMENTS provided that no such debiting shall be deemed to be payment of the amount due (except to the extent of any amount in credit in the BORROWER's current or other accounts) or a waiver of any EVENT OF DEFAULT under this AGREEMENT or any other agreement relating to the FACILITY.
Payment by deduction. The Bank shall in addition to its other remedies be entitled to effect payment (to the extent not already paid or discharged) of all fees, expenses and other sums due and payable by the Borrower under the Transaction Documents out of and by deduction from the Drawing hereunder and/or debit the same against any account which the Borrower may have with the Bank and the Borrower hereby authorises the Bank to do so and the Bank shall notify the Borrower of such deduction or debit as soon as practicable thereafter.
Payment by deduction. The Agent shall be entitled to settle (to the extent not already discharged) all fees, expenses and other sums due and payable by any Borrower under Clause 24 (Fees) and Clause 25 (Costs and Expenses) the amount of which have been agreed by the Principal Borrower) out of and by deduction from the relevant Borrowers' account.
Payment by deduction. Where the Guarantor has failed to make the -------------------- requisite payment by the relevant due date, the Finance Parties shall in addition to its other remedies be entitled to effect payment (to the extent not already paid or discharged) of all fees, expenses and other sums due and payable by the Guarantor under this Guarantee out of and by deduction against any account which the Guarantor may have with the Finance Parties or any of them and the Guarantor hereby authorises each of the Finance Parties to do so.
Payment by deduction. Where the Guarantor has failed to make the -------------------- requisite payment by the relevant due date, the Hedging Counterparty shall in addition to its other remedies be entitled to effect payment (to the extent not already paid or discharged) of all fees, expenses and other sums due and payable by the Guarantor under this Guarantee out of and by deduction against any account which the Guarantor may have with the Hedging Counterparty and the Guarantor hereby authorises Hedging Counterparty to do so.
Payment by deduction. The Agent shall be entitled to effect payment (to the extent not already discharged) of all fees, expenses and other sums due and payable by the Borrower under this agreement out of and by deduction from the Loan or from the sale of pledged Precious Metal as the Agent may choose and the Borrower irrevocably authorises the Agent to do so.