Common use of Settlement of Obligations Clause in Contracts

Settlement of Obligations. Within fifteen (15) days after the receipt by the CONTRACTOR of the Notice of Termination of the PROJECT, the parties shall settle their respective obligations including the refund of advances made to the CONTRACTOR and payment of services rendered less the amount of liquidated and other damages and penalties imposed under this Contract or authorized by law. Services and labor costs including goods and materials which are not acceptable to the PROCURING ENTITY shall not be paid for. The period for settlement of obligations may be extended by mutual Contract by the parties. Outstanding obligations which remain unsettled after the expiration of the 15-day period or any extension thereof shall earn a penalty interest of 1% per month, compounded monthly until fully paid.

Settlement of Obligations. Within fifteen (15) days after the receipt by the CONTRACTOR of the Notice of Termination of the PROJECT, the parties shall settle their respective obligations including the refund of advances made to the CONTRACTOR and payment of services rendered less the amount of liquidated and other damages and penalties imposed under this Contract or authorized by law. Services and labor costs including goods and materials which are not acceptable to the PROCURING ENTITY shall not be paid for. The period for settlement of obligations may be extended by mutual Contract by the parties. Outstanding obligations which that remain unsettled after the expiration of the 15-day period 15 days or any extension thereof shall earn a penalty interest of 1% per month, compounded monthly until fully paid.