Proportionate Reduction Sample Clauses
A Proportionate Reduction clause establishes that payments, obligations, or entitlements under a contract will be adjusted in proportion to a specific event or change in circumstances. For example, if a service is only partially delivered or a project is scaled down, the amount owed or benefits received will be reduced accordingly, rather than being paid in full. This clause ensures fairness by aligning compensation or liability with the actual extent of performance or benefit, thereby preventing overpayment or under-delivery.
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Proportionate Reduction. A. Proportionate Reduction Clause: Ifan oil and gas lease or other Mineral Interest covers less than the entire mineral fee estate, or if a party's interest in the applicable lease or Mineral Interest is less than a 100% ownership interest, any interest conveyed or reserved pursuant to this Agreement is intended to be proportionately reduced to accord to (i) the proportion of mineral interest covered by the relevant oil and gas lease or other Mineral Interest, and (ii) the proportion of ownership held by the conveying party, in the case of a conveyance, or the burdened party, in the case of a reservation of interest.
Proportionate Reduction. The general provisions of Danish law on proportionate reduction apply. In calculating the relevant depreciation equivalent to the reduction, regard must be had to the useful value that is not available to the Customer as a result of the Fault. For matters giving rise to the payment of a penalty, a proportionate reduction may only be claimed where the Customer documents a depreciation in excess of the penalty paid.
Proportionate Reduction. In the event that the Province provides less than $19.550 million in program funding to FII in 2021/22, FII may reduce the amount specified in Section 2.1 (FII Project Funding) in proportion to the amount by which the funding to FII from the Province is less than $19.550 million.
Proportionate Reduction. In the event of failure or deficiency in title to any of the Subject Interests, the portion of the production from such Subject Interests out of which a Net Profits Interest or the Overriding Royalty Interests attributable to such Subject Interests shall be payable shall be reduced in the same proportion that such Subject Interests are reduced.
Proportionate Reduction. All leasehold interests acquired ------------------------ pursuant to this Agreement shall be proportionately reduced to reflect the mineral interest covered by the particular Lease acquired.
Proportionate Reduction. Any increase or decrease by Alcoa or Alumina in their respective ownership share in the Enterprise, unless otherwise agreed, must be proportionate among all the Enterprise Companies except in the circumstance where governmental action results in an involuntary divestiture in which event the parties will consult about appropriate responses to such action.
Proportionate Reduction. In the case that Grantor owns less than the entire, undivided surface estate, then the consideration and additional consideration shall be paid to Grantor only in the proportion that such interest bears to the whole and undivided estate. Grantor shall reimburse any amounts paid to Grantor for the portion of the undivided surface estate not owned by Grantor.
Proportionate Reduction. If the Lessor owns a less interest in the Leased Premises than the entire and undivided fee simple therein, then the Royalties and other payments herein provided for shall be paid to the Lessor only in the proportion which such interest bears to the whole and undivided fee. If the Leased Premises is owned by two or more parties, or the ownership of any interest therein should hereafter be transferred by sale, devise or operation of law, the Leased Premises, nevertheless, may be held, developed and operated as an entirety, and the Royalties and other payments herein provided for shall be divided among and paid to such several owners in the proportion that the acreage owned by each such owner bears to the entire Leased Premises.
Proportionate Reduction. In the event Lessor at the time of making this Lease owns an interest in the leased Premises that is less than one hundred per cent of the total rights in the geothermal estate, then the rentals, royalties and other consideration accruing hereunder shall be paid to Lessor only in the same proportions which Lessor’s interest bears to a one hundred per cent interest in the leased Premises. Notwithstanding the foregoing, should Lessor hereafter acquire any additional right, title or interest in or to the leased Premises, it shall be subject to the provisions hereof to the same extent as if owned by the Lessor at the date hereof, and any increase in payments of money hereunder necessitated thereby shall commence with the payment next following receipt by Lessee of satisfactory evidence of Lessor’s acquisition of such additional interest.
Proportionate Reduction. In the event of failure or deficiency in title of the State of Alaska to any of the Lands which affects any of the Subject Interests, or any modification of the Subject Interests as provided in Article Six, the portion of the Royalty Production from such affected or modified Subject Interests out of which the Royalty Interest attributable to such Subject Interests shall be payable shall be reduced in the same proportion that such Subject Interests are reduced, but such failure or deficiency in title shall not affect the definition of Royalty Production as set forth in Article One or the method of paying the Royalty Interest as set forth in Article Three or the method of computing the payments to be made under the Royalty Interest as act forth in Article Four.