SET OFF CLUASE Sample Clauses

SET OFF CLUASE. 12.1 In the event any sum of money or claim becomes recoverable from or payable by LICENSEE to the LICENSOR either against this License Agreement or otherwise in any manner, such money or claim can be (without restricting any right of set off for counter claim given or employed by law) deducted or adjusted against any amount or sum of money then due or which at any time thereafter may become due to the LICENSEE under this License Agreement or any other agreement or contract between the LICENSOR and the LICENSEE. 12.2 The aforesaid sum of money payable to the LICENSEE Company shall include any security, which can be converted into money. 12.3 After exercising the right of set off a notice shall always be given immediately by the licensor to the licensee.
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Related to SET OFF CLUASE

  • Set-Off The State may set off any sums which the Party owes the State against any sums due the Party under this Agreement; provided, however, that any set off of amounts due the State of Vermont as taxes shall be in accordance with the procedures more specifically provided hereinafter.