PNC Sample Clauses
The PNC (Payment Not Conditional) clause establishes that a party’s obligation to make payment is not dependent on the fulfillment of other conditions or the performance of other contractual obligations. In practice, this means that even if there are disputes or outstanding issues elsewhere in the contract, the party responsible for payment must still fulfill their payment duties as scheduled. This clause is commonly used to ensure that cash flow is maintained and to prevent one party from withholding payment as leverage in unrelated disputes, thereby reducing the risk of delayed or withheld payments.
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PNC. PNC shall not assign any of its rights and obligations under this Agreement to any other person, firm, agency, corporation or other legal entity, except its affiliates, without the prior written approval of Motient, which shall not unreasonably be withheld, conditioned, or delayed.
PNC. Each Person comprising PNC represents and warrants that such Person has all requisite power and authority to execute, deliver and perform this Agreement and to consummate the transactions contemplated hereby. The execution, delivery, and performance of this Agreement and the consummation by such Person of the actions contemplated hereby will be, upon delivery, duly and validly executed and delivered by such Person and will constitute its legal, valid, and binding obligation.