State and Local Items Sample Clauses
The 'State and Local Items' clause defines the responsibilities of the parties regarding compliance with state and local laws, taxes, or regulations that may affect the contract. Typically, this clause clarifies which party is responsible for obtaining necessary permits, paying applicable state or local taxes, or adhering to regional legal requirements. For example, a vendor may be required to collect and remit sales tax in certain jurisdictions, or a contractor may need to secure local building permits. The core function of this clause is to allocate responsibility for state and local compliance, thereby reducing the risk of legal or financial penalties due to oversight or noncompliance.
State and Local Items. Items of income, gain, loss, deduction, credit and tax preference for state and local income tax purposes shall be allocated to and among the Members in a manner consistent with the allocation of such items for federal income tax purposes in accordance with the foregoing provisions of this Section 9.1.
