WITHHOLDING AND SETOFF Sample Clauses
The WITHHOLDING AND SETOFF clause allows one party to withhold payments or offset amounts owed against sums due from the other party under the contract. In practice, this means if one party believes they are owed money or compensation, they can deduct that amount from payments they would otherwise make, rather than paying the full amount and seeking reimbursement later. This clause helps manage financial risk and streamlines the resolution of payment disputes by providing a clear mechanism for adjusting payments when obligations are not fully met.
WITHHOLDING AND SETOFF. The Company shall withhold from Compensation all federal, state and local taxes or other governmental obligations which Company is compelled to deduct by law with respect to the Employee. The Company may deduct from Compensation such other amounts which the Employee may owe the Company in connection with this Agreement or the Employee's employment; PROVIDED THAT, the Employee has explicitly authorized such deduction in writing in advance in each instance or has agreed to participate in a benefit plan requiring a contribution from the Employee.
WITHHOLDING AND SETOFF. The Seller irrevocably authorizes the Buyer to withhold and setoff from the payments the sum that the Seller shall owe the Buyer with respect to False Freight, which are duly evidenced and accepted by the Seller in conformity with what has been established in this Agreement. The charge shall not be cumulative. In the event the Seller shall owe money to the Buyer or a company affiliated to the Buyer for the supply of materials, supplies or services, the Seller authorizes the Buyer to carry out withholdings and setoffs corresponding to the payments in order to pay owed and past due sums.
WITHHOLDING AND SETOFF. In the event the Seller shall come to owe money to the Buyer or a company affiliated to the Buyer for the supply of materials, raw materials or services, the Seller authorizes the Buyer to carry out the withholdings and setoffs corresponding to the payments in order to pay owed and past due sums that are liquid and enforceable. Likewise, the Buyer is authorized to withhold liquid and enforceable obligations on account of Invesmar Limited regarding the stock purchase agreement mentioned at the beginning of this Agreement.