Payments under Contract Clause Samples

Payments under Contract. Payments to the contractor are made based upon an approved daily rate for each vessel depending on whether the vessel is operating, on lay up, en route to and from refit, in preseason preparation or in post-season preparation. The contract does not provide for the payment of a daily rate during a refit period as mutually agreed by the contractor and the Department. During refit, the vessel is considered to be returned to the owner, the Province. Contract provisions are also made for the operation of shore facilities and for freight handling. Details of the daily rates for the two vessels are outlined in Figure 4. Operating $6,967 $5,731 Lay up $3,065 $2,528 Post season $3,033 $4,547 Pre season $3,032 $3,944 Transportation to and fromrefit $2,060 $2,684 Source: Contract between the Province and 10663 Newfoundland Limited In 1998-99, the contractor received a daily rate for each vessel for every day between 18 May 1998, the day the contractor assumed responsibility for both vessels, to 31 March 1999, a total of 318 days. Similarly, in 1999- 00, the contractor received a daily rate for every day of that fiscal year for a total of 366 days. In 2000-01, the contractor received a daily rate for 337 days for each vessel, but did not receive any daily rate while each vessel was on dry dock for refit for 28 days. Figure 5 outlines all payments made to 10663 Newfoundland Limited under this contract.

Payments under Contract. Any sums paid out by any insurance company under the terms of an insurance contract held in the Trust Fund either to the Trustee, or, in accordance with its direction, to any other person or persons designated as payees in such insurance contract shall be a full and complete discharge of the liability to pay such sums, and the insurance company shall have no obligation to look to the disposition of any sums so paid. No insurance company shall be required to look into the terms of this Agreement, or to question any action of the Trustee or to see that any action of the Trustee is authorized by the terms of this Agreement.

Payments under Contract. Any sums paid out by any insurance ----------------------- company under the terms of a Contract held in the Master Trust either to the Master Trustee, or, in accordance with its direction, to any other person or persons designated as payees in such Contract shall be a full and complete discharge of the liability to pay such sums, and the insurance company shall have no obligation to look to the disposition of any sums so paid. No insurance company shall be required to look into the terms of this Agreement, or to question any action of the Master Trustee or to see that any action of the Master Trustee is authorized by the terms of this Agreement.