DEBT AND DELINQUENCIES Clause Samples
The "Debt and Delinquencies" clause defines the obligations of a party regarding the disclosure and management of outstanding debts and overdue payments. Typically, this clause requires a party to affirm that it does not have significant unpaid debts or defaults, or to disclose any such financial issues to the other party. For example, in a business transaction, a seller may need to confirm that there are no undisclosed liens or overdue loans affecting the assets being sold. The core function of this clause is to ensure transparency about financial liabilities, thereby protecting the other party from unforeseen risks related to unpaid debts or financial instability.
DEBT AND DELINQUENCIES. Contractor agrees that any payments due under the Contract shall be directly applied towards eliminating any debt or delinquency it has to the State of Texas including, but not limited to, delinquent taxes, delinquent student loan payments, and delinquent child support.
DEBT AND DELINQUENCIES. Grantee agrees that any payments due under the Contract shall be directly applied towards eliminating any debt or delinquency it has to the State of Texas including, but not limited to, delinquent taxes, delinquent student loan payments, and delinquent child support.
DEBT AND DELINQUENCIES. See Section 19 (Debts and Delinquencies) of Attachment A (HHS Contract Affirmations) attached to the Contract.
DEBT AND DELINQUENCIES. The Parties agree that Section 3.3: Debt and Delinquencies of the Contract shall apply to the contracted project only.
DEBT AND DELINQUENCIES. This section is deleted in its entirety and replaced with the following:
DEBT AND DELINQUENCIES. Performing Agency agrees that any payments due under the Contract shall be directly applied towards eliminating any debt or delinquency it has to the State of Texas including, but not limited to, delinquent taxes, delinquent student loan payments, and delinquent child support.
6. Article III, Section 3.4 (relating to “Refunds and Overpayments”) shown below, which previously was deleted in its entirety, is hereby reincorporated into the Contract: