Refund of Contract Deposit Clause Samples
The 'Refund of Contract Deposit' clause outlines the conditions under which a deposit paid by one party under a contract must be returned. Typically, this clause specifies scenarios such as contract cancellation, failure to meet certain conditions, or breach by the other party, detailing the process and timeline for refunding the deposit. Its core function is to protect the party who paid the deposit by ensuring they can recover their funds if the contract does not proceed as planned, thereby reducing financial risk and providing clarity on the handling of deposits.
Refund of Contract Deposit. The Contract Deposit shall be released within 30 days after completion of the contract period subject to no recoveries are pending against the said work, provided that the Engineer is satisfied that there is no demand outstanding against the Contractor.
Refund of Contract Deposit. The Contract Deposit shall be released after completion of the DLP period and hand- ing over of junctions subject to no recoveries are pending against the said work, pro- vided that the Engineer of the contract is satisfied that there is no demand outstanding against the Contractor
Refund of Contract Deposit. The Contract Deposit shall be released within 30 days after completion of 3rd year of DLP (in case of 5 years DLP) and after issue of ‘Defect Liability Certificate’ (in case of 1 or 2 or 3 years DLP) subject to no recoveries are pending against the said work, provided that the Engineer is satisfied that there is no demand outstanding against the Contractor. No claim shall be made against the Balance Contract Deposit after the issue of Defects Liability Certificate.
Refund of Contract Deposit. Notwithstanding anything to the contrary in this Agreement, at law and/or in equity, in any instance in which, pursuant to this Agreement, Buyer shall be entitled to a refund of or return of the Contract Deposit, such right of Buyer to such refund or return shall be subject to the prior full payment, satisfaction and performance of any and all indemnity and/or other obligations of Buyer to Seller pursuant to this Agreement and the full payment, satisfaction and performance of any and all indemnity and/or other obligations of the tenant pursuant to the Operating Lease.