Examples of Partial Acceptance in a sentence
Payment TermsFor Purchase within India :- 1) Credit period less than 45 days15* For Foreign Purchase :- 1) Payment through At Sight Letter of Credit102)Payment through Letter of Credit with usance credit of 45 days53) Sight Draft with credit period less than 45 days52.Penalty for Delayed Delivery1) Non – Acceptance102) Partial Acceptance ( X% )(10 – X) * All bank charges shall be to seller’s account.
The Notice of Partial Acceptance shall fix a date within which all such works shall be performed and the defects and deficiencies corrected.
When all work has been performed and defects and deficiencies corrected other than those on this list, he will recommend to the Owner that a Notice of Partial Acceptance be issued to the Contractor.
From the amount shown on such certificate to be due to the Contractor shall be deducted the amount required to be retained under the applicable lien legislation and twice the amount shown on the Notice of Partial Acceptance to be 200% of the estimated cost of performing the remaining work and correcting the defects and deficiencies.
Otherwise, a Notice of Partial Acceptance or where none is issued, a Notice of Acceptance shall be conclusively deemed between the Owner and the Contractor to start the period within which liens must be filed by the Contractor in accordance with the Builder’s Lien Act.
If the owner accepts this recommendation, he will issue a Notice of Partial Acceptance which shall list the work to be performed and the defects and deficiencies to be corrected and 200% of the estimated cost thereof.
If a Notice of Partial Acceptance has been issued, the guarantee period shall begin from the date of such Certificate except for the work still to be performed and the defects and deficiencies still to be corrected which are listed on such Certificate.
If THE UNIVERSITY determines that Partial Acceptance of the unit or portion of the Project is appropriate and finds upon inspection that the unit or portion is satisfactorily completed in compliance with the Contract, THE UNIVERSITY may accept that unit as being completed and the Contractor may be relieved of the responsibility of doing further work on or maintaining that unit or portion of the Project.
From the amount shown on such certificate to be due to the Contractor shall be deducted the amount required to be retained under the applicable lien legislation and twice the amount shown on the Notice of Partial Acceptance to be the estimated cost of performing the remaining work and correcting the defects and deficiencies.
THE UNIVERSITY reserves the right to reject the request made by the Contractor if THE UNIVERSITY, in its sole discretion, determines that the unit or portion of the project should not be the subject of a Partial Acceptance.