Contractor Offset Sample Clauses
The Contractor Offset clause establishes the right for one party, typically the client, to deduct or offset amounts owed to the contractor against sums the contractor owes to the client under the contract. In practice, if the contractor is due a payment for completed work but also owes the client for damages, penalties, or previous overpayments, the client can subtract these amounts from the payment due. This clause ensures that financial obligations between the parties are balanced efficiently, reducing the need for separate transactions or disputes over outstanding amounts.
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Contractor Offset. Pursuant to CRS 24-30-202.4, as amended, the State Controller may withhold payment for debts owed to state agencies under the Contractor offset intercept system for: (a) unpaid child support debt or child support arrearages; (b) unpaid balance of tax, accrued interest, or other charges specified in Article 21, Title 39, CRS; (c) unpaid loans due to the Student Loan Division of the Department of Higher Education; (d) owed amounts required to be paid to the unemployment compensation fund; and (a) other unpaid debts owing to the state or any agency thereof, the amount of which is found to be owing as a result of final agency determination or reduced to judgment as certified by the State Controller.
Contractor Offset. The City shall have the right to offset against and deduct from the payment payable to Contractor any amounts due to the City from Contractor, including, but not limited to, unauthorized or disputed expenses. If the City pays any sum or incurs any obligations or expense because of the failure, inability, neglect, or refusal of Contractor to perform or fulfill any of the terms or conditions of this Agreement that it is obligated to perform or fulfill, then the City shall have the right to deduct said expenses from the monthly payment.
Contractor Offset. [Not Applicable to intergovernmental agreements] If required by CRS §24-30-202.4 (3.5), the University Controller or designate may withhold payment under the State’s Contractor offset intercept system for debts owed for: (a) unpaid child support debts or child support arrearages; (b) unpaid balances of tax, accrued interest, or other charges specified in CRS §▇▇-▇▇-▇▇▇, et seq.; (c) unpaid loans due to the Student Loan Division of the Department of Higher Education; (d) amounts required to be paid to the Unemployment Compensation Fund; and (e) other unpaid debts owing to the State as a result of final agency determination or judicial action.