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TAX RETENTION Sample Clauses

TAX RETENTION. 13.1 Save as otherwise expressly provided by this Agreement the Tax Retention shall be applied in paying any amount lawfully due to the Purchaser in respect of any Claim pursuant to Clause 9.2.6 hereof (a “Relevant Tax Claim”) and any amount so applied shall pro tanto satisfy the liability concerned but not further or otherwise. 13.2 For the purposes of this Clause 13 an amount due in respect of any Relevant Tax Claim shall be “lawfully” due if it has been notified to the Vendors within 3 years of the date hereof and thereafter has been determined by a Court of competent jurisdiction or relevant tribunal, in respect of which no right of appeal exists or the parties are debarred whether by passage of time or otherwise from exercising any such right of appeal or the Vendors and the Purchaser have agreed the Relevant Tax Claim in writing or where the Vendors have accepted liability in writing. 13.3 The Tax Retention shall be deposited by the Purchaser in the Studios Retention Account on Completion in accordance with Clause 4 and any interest earned thereon shall accrue to and form part of the Tax Retention and any payment of principal shall carry interest earned on that principal sum in the Studios Retention Account. 13.4 In the event that the Purchaser shall have notified the Vendors of any Relevant Tax Claim on or before the third anniversary of this agreement, when the whole or any part of the Tax Retention would otherwise be due to be repaid to the Vendors’ Solicitors (“the Tax Retention Payment Date”) then (provided that the amount of such Relevant Tax Claim or Relevant Tax Claims shall not have been paid in full to the Purchaser) the Vendors and the Purchaser shall procure that the Vendors’ Solicitors and the Purchaser’s Solicitors shall retain in the Studios Retention Account from the monies which would otherwise be released to the Vendors’ Solicitors the amount of all Relevant Tax Claims notified by the Purchaser on or before the Tax Retention Payment Date. 13.5 If any sum is retained in the Retention Account after the Tax Retention Payment Date in accordance with this Clause 13 then the Vendors and the Purchaser shall procure that the Vendors’ Solicitors and the Purchaser’s Solicitors shall continue to hold such sum in the Studios Retention Account pending the settlement or other resolution of such Relevant Tax Claims in accordance with the provisions of this Clause 13 and provided that if proceedings in respect of any such Relevant Tax Claim have no...
Sample 1
TAX RETENTION. Customer will withhold 5% of each and every invoice as per law No. 55 of 1985 and as amended by Ministerial decree No. 8 of 2003 and Law No. 2 of 2008 which shall be released to Supplier as and when Supplier presents the tax clearance certificate issued by the Ministry of finance, tax department, Kuwait to Customer.
Sample 1

Related to TAX RETENTION

  • Record Retention The Company will, pursuant to reasonable procedures developed in good faith, retain copies of each Issuer Free Writing Prospectus that is not filed with the Commission in accordance with Rule 433 under the Securities Act.

  • Independent Contractor; Workers’ Compensation Insurance The Contractor is performing as an independent entity under this Contract. No part of this Contract shall be construed to represent the creation of an employment, agency, partnership or joint venture agreement between the parties. Neither party will assume liability for any injury (including death) to any persons, or damage to any property, arising out of the acts or omissions of the agents, employees or subcontractors of the other party. The Contractor shall provide all necessary unemployment and workers’ compensation insurance for the Contractor’s employees, and shall provide the State with a Certificate of Insurance evidencing such coverage prior to starting work under this Contract.

  • Deductibles and Self-Insurance Retentions Any deductibles or self-insured retentions must be declared to and approved by the City. The City may require the Consultant to provide proof of ability to pay losses and related investigation, claims administration and defense expenses within the deductible or self-insured retention. The deductible or self-insured retention may be satisfied by either the named insured or the City.

  • Document Retention The Firm shall maintain for review by Citizens any documentation, receipts, files, invoices and time-keeping records in support of all disbursements for at least three (3) years after the file is closed by the Firm. Additional document retention requirements may be specified in the Firm’s Contract for Legal Services with Citizens. Citizens will not honor fees or expenses associated with audit preparation, proceedings or resolution, unless the expenses are requested and pre-approved by Citizens (i.e. copying services, delivery services, etc.).

Most Referenced Clauses

Most Referenced Definitions