CHOP Clause Samples
The CHOP clause, commonly used in construction contracts, refers to a Contractor's Holdback or Payment provision. It typically outlines the portion of payment that is withheld by the owner or client until certain project milestones are met or until the project is substantially complete. For example, a contract may specify that 10% of each progress payment is retained until final inspection and approval. The core practical function of the CHOP clause is to ensure that contractors complete their work to the required standard and address any deficiencies before receiving full payment, thereby protecting the interests of the client and encouraging project completion.
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CHOP. In consideration of the terms of this Agreement, Company represents and warrants as of the Effective Date and covenants during the Term, that the Children’s Hospital of Philadelphia (“CHOP”) [**] as of the Effective Date [**]; provided that, for the avoidance of doubt, [**].
CHOP. CHOP agrees to maintain in confidence and not to disclose to any third party any SPONSOR CONFIDENTIAL INFORMATION and MATERIALS received pursuant to this AGREEMENT. SPONSOR will provide such CONFIDENTIAL INFORMATION and MATERIALS only after providing the PRINCIPAL INVESTIGATOR with information regarding the nature of the CONFIDENTIAL INFORMATION and MATERIALS to be disclosed and obtaining the PRINICIPAL INVESTIGATOR'S agreement to receive such information. CHOP agrees to ensure that its employees have access to CONFIDENTIAL INFORMATION only on a need-to-know basis and are obligated in writing to abide by CHOP's obligations hereunder. The foregoing obligation shall not apply to:
(a) information that is known to CHOP or independently developed by CHOP prior to the time of disclosure, in each case, to the extent evidenced by written records promptly disclosed to SPONSOR upon receipt of the CONFIDENTIAL INFORMATION;
(b) information disclosed to CHOP on a non-confidential basis by a third party that has a right to make such disclosure;
(c) information that becomes patented, published or otherwise part of the public domain other than as a result of acts by CHOP; or
(d) information that is required to be disclosed by order of United States governmental authority, law, rule of court, regulation, subpoena, or a court of competent jurisdiction; provided that CHOP shall use its reasonable efforts to obtain confidential treatment of such information by such authority or court. Notwithstanding any earlier termination of this AGREEMENT, the PARTIES’ obligations concerning nondisclosure and non-use of CONFIDENTIAL INFORMATION contained in this AGREEMENT shall continue for five (5) years from the date of each disclosure.
CHOP. Any notice or written instruction given by the Client to the Broker shall be valid whether the same is given with or without the Firm's stamp or chop.
CHOP. Any notice or written instruction given by the Client to UOBKH(HK)L under this Agreement shall be valid whether such notice or instruction is given with or without the Partnership's stamp or chop.