Common use of PENALTY CLAUSES Clause in Contracts

PENALTY CLAUSES. The penalties imposed for violation of service agreement clauses shall be notified by IIMC as per the terms indicated. The SERVICE PROVIDER shall be given 5 business working days to respond to the levying of penalties and submit representations if any. The representations shall be suitably considered by IIMC and decision taken shall be final and binding. The penalties imposed shall be deductible from payments due to service provider and/or from the Security Deposit. In the event the payments due to the SERVICE PROVIDER and the security deposit available with IIMC falls short of the total penalty recoverable from the SERVICE PROVIDER whether on account of the quantum of loss caused by the workmen of the SERVICE PROVIDER or otherwise, the SERVICE PROVIDER shall, on first written demand by IIMC pay to IIMC without demur or dispute the said sum as per IIMC’s demand notwithstanding the pendency of any investigation/inquiry/legal proceedings whatsoever before any Court/ Tribunal/Authority etc. The amount of loss determined by IIMC shall be final and binding on the SERVICE PROVIDER.

PENALTY CLAUSES. The penalties imposed for violation of service agreement clauses shall be notified by IIMC as per the terms indicated. The SERVICE PROVIDER shall be given 5 business working days to respond to the levying of penalties and submit representations if any. The representations shall be suitably considered by IIMC and decision taken shall be final and binding. The penalties imposed shall be deductible from payments due to service provider and/or from the Security Deposit. In the event the payments due to the SERVICE PROVIDER and the security deposit available with IIMC falls short of the total penalty recoverable from the SERVICE PROVIDER whether on account of the quantum of loss caused by the workmen of the SERVICE PROVIDER or otherwise, the SERVICE PROVIDER shall, on first written demand by IIMC pay to IIMC without demur or dispute the said sum as per IIMC’s demand notwithstanding the pendency of any investigation/inquiry/legal proceedings whatsoever before any Court/ Tribunal/Authority Authority/Arbitrator etc. The amount of loss determined by IIMC shall be final and binding on the SERVICE PROVIDERPROVIDER and the same will be recovered from the service provider.

PENALTY CLAUSES. The penalties imposed for violation of service agreement clauses shall be notified by IIMC as per the terms indicated. The SERVICE PROVIDER shall be given 5 business working days to respond to the levying of penalties and submit representations if any. The representations rep resentations shall be suitably considered by IIMC and decision taken shall be final and binding. The penalties imposed shall be deductible from payments due to service provider and/or from the Security Deposit. In the event the payments due to the SERVICE PROVIDER and the security deposit available with IIMC falls short of the total penalty recoverable from the SERVICE PROVIDER whether on account of the quantum of loss caused by the workmen of the SERVICE PROVIDER or otherwise, the SERVICE PROVIDER shall, on first written demand by IIMC pay to IIMC without demur or dispute the said sum as per IIMC’s demand notwithstanding the pendency of any investigation/inquiry/legal proceedings whatsoever before any Court/ Tribunal/Authority etc. The amount of loss determined by IIMC shall be final and binding on the SERVICE PROVIDER.