INB Clause Samples
The INB (Irrevocable Non-Refundable) clause establishes that certain payments made under the contract cannot be revoked or refunded once they are made. In practice, this means that once a party pays a specified amount—such as a deposit, fee, or installment—that payment is final and cannot be reclaimed, regardless of subsequent events or disputes. This clause is commonly used to protect the receiving party from financial risk and to ensure commitment from the paying party, thereby providing certainty and reducing the likelihood of disputes over returned funds.
INB. Manhattan Drug Company, Inc., a New York corporation and Subsidiary of the Company (formerly known as Manhattan Drug Company, Inc.) (“MDC”), borrowed three hundred thousand and 00/100 dollars ($300,000.00) from the Investor pursuant to that certain 5.0% Promissory Note issued on November 24, 2009 (the “MDC Note”), made by MDC and payable to the order of the Investor.
INB. “INB” means INB, each subsidiary of INB (other than Biotech) as of the date of this Agreement and from and after the Distribution Date, and each Person that becomes a Subsidiary of INB after the Distribution Date.