Circles Sample Clauses
The "Circles" clause defines the rules and parameters for forming, managing, or interacting with groups or subgroups—referred to as circles—within an organization or agreement. Typically, this clause outlines how circles are created, who can join or leave them, and what authority or responsibilities each circle holds. For example, it may specify voting rights within a circle or the process for dissolving a circle. The core function of this clause is to provide a clear framework for collaborative decision-making and delegation within a larger entity, ensuring that group activities are organized and governed effectively.
Circles. (a) Where Seller repurchases from Buyer or from any subsequent Buyer the same goods or part thereof, a circle shall be considered to exist for purposes of this clause.
(b) If this contract forms part of a circle, each party may agree with the other parties in the circle to forego actual Delivery and to participate in a settlement agreement for the settlement of contract price di¦erences. Monies due and owed to parties in the circle shall be payable on the middle day of the contract Delivery Period.
(c) If a circle can be shown to exist but no settlement agreement has been reached by the 10th calendar day following the last day of the Delivery Period, actual Delivery shall not be made and payment shall be made by each Buyer to its Seller of the excess of Seller’s invoice amount over the lowest invoice amount in the circle. Such payments shall be made promptly after the 10th calendar day following the last day of the Delivery Period.
(d) Should any party in a circle fail to make payment on the due date as required under paragraph (b) or (c) above for reasons cited in Clause 23 or for any other reason, payment shall be made between each Buyer and its Seller of the di¦erence between the Seller’s invoice amount at contract price and the market value of the commodity on date of insolvency or default, as the case may be. Such payment shall be made latest on the 2nd business day after the due date under paragraph (b) or (c) above. Payments already made under paragraph (b) or (c) above shall be refunded.
(e) All circle settlements shall be based on the mean contract quantity. If a circle under paragraph (b), (c) or (d) above exists, Clause 21 shall not apply and Clauses 18 and 20 shall not be invoked. Payments due on a non-business day shall be made not later than the following business day. All payments made after the Delivery Period shall include carrying charges from the day following the last day of the Delivery Period, to the date of payment, at the rates stipulated in this contract. These carrying charges shall be settled individually between each Buyer and its Seller.
(f) The parties agree that any dispute arising out of the voluntary settlement agreement entered into in accordance with paragraph (b) above shall be subject to arbitration as to any party thereto. Such arbitration shall be conducted in accordance with the provisions of Clause 30.
Circles. Circles or Groups of Members may be formed, but only with the consent of the General Committee, for purposes which are not inconsistent with the objects or interests of the Club. They shall be subject to such regulations as may be made by the General Committee from time to time.
Circles. Let K be a point on a circle sitting inside and touching a stationary circle of twice its diameter. Describe the path of K as the smaller circle rolls round the larger one without sliding. K
Circles. For the purposes of this clause, a circle shall consist of a series of contracts in which each Seller is also a Buyer of a commodity of the same description and quality, and with compatible delivery periods.
Circles. The Board may establish such circles as it deems necessary, both standing and temporary.