Common use of Withholding or Cancellation of Funds Clause in Contracts

Withholding or Cancellation of Funds. The City reserves the right to withhold payments pending timely delivery of program reports or documents as may be required under this Contract. The Owner agrees that funds determined by the City to be surplus upon completion of the Project will be subject to cancellation by the City. The City shall be relieved of any obligation for payments if funds allocated to the City cease to be available for any cause other than misfeasance of the City itself. Payment may be suspended by the City in the event of a default by Owner. Payments may also be contingent upon the Owner's financial management system meeting the requirements of 2 CFR Part 200.

Withholding or Cancellation of Funds. The City reserves the right to withhold payments pending timely delivery of program reports or documents as may be required under this Contract. The Owner Developer agrees that funds determined by the City to be surplus upon completion of the Project will be subject to cancellation by the City. The City shall be relieved of any obligation for payments if funds allocated to the City cease to be available for any cause other than misfeasance of the City itself. Payment may be suspended by the City in the event of a default by OwnerDeveloper. Payments may also be contingent upon the OwnerDeveloper's financial management system meeting the requirements of 2 CFR Part 200.

Withholding or Cancellation of Funds. The City reserves the right to withhold payments pending timely delivery of program reports or documents as may be required under this ContractAgreement. The Owner Subrecipient agrees that funds determined by the City to be surplus upon completion of the Project will be subject to cancellation by the City. The City shall be relieved of any obligation for payments if funds allocated to the City cease to be available for any cause other than misfeasance of the City itself. Payment may be suspended by the City in the event of a default by OwnerSubrecipient. Payments may also be contingent upon the OwnerSubrecipient's financial management system meeting the requirements of 2 CFR Part 200.