Retaining VAT Sample Clauses

Retaining VAT. (i) The Seller represents that at the day of conclusion of this Contract there were no reasons for cancellation of registration of Seller for value added tax pursuant to § 81 par. 4 point. b) the second paragraph of Act no. 222/2004 Coll, on Value Added Tax, as amended (hereinafter "VAT Act") and the Seller is not published in the relevant list of persons maintained by the Financial Directorate of the Slovak Republic. (ii) Seller declares that on the day of conclusion of this Contract his statutory body, a member of his statutory body or a partner of the Seller is not a statutory body, a member of the statutory body or a shareholder of Buyer. (iii) In case that, at any time after conclusion of the Contract and before the discharge of the Contract: a) reasons occur at the Seller for cancellation of registration for value added tax under Section 81(4)(b)(2) of the Act No. 222/2004 Coll. on VAT Act and/or the Seller is published in the relevant list of persons maintained by the Financial Directorate of the Slovak Republic, or b) the statutory body, a member of the statutory body or a partner of the Seller becomes the statutory body, a member of the statutory body or a Shareholder of Buyer, or c) the Seller enters into the liquidation,or bankruptcy or restructuralization proceedings are commenced against the Seller the Seller shall notify Buyer of this fact in writing within 3 days from occurrence of this fact. Should the Seller fail to notify Buyer in writing of any of the facts specified in (a), (b) and (c) above, Buyer shall be entitled to compensation of any damage due to Seller’s failure to fulfil the notification duty, in particular, to compensation of value added tax which Buyer, as a guarantor, paid instead of the Seller pursuant to Section 69(14) and Section 69b of the VAT Act. (iv) The Parties have also agreed that, if any of the facts specified in (a), (b) and (c) exists (is fulfilled) at the moment of conclusion of the Contract or arises (occurs) at any time after conclusion of the Contract and discharge of the Contract, Buyer shall have the right to retain the sum equal to the amount of value added tax shown on the respective invoice from the due part of the Purchase Price invoiced by the Seller. Buyer shall pay the retention money to the Seller within 30 days from the moment when the Seller proves that the value added tax was paid to the tax office in the full amount. (v) In case that Buyer, as a guarantor pursuant to Section 69(14) and Section 6...
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