PRIFA definition
Examples of PRIFA in a sentence
Unless the then-current information has previously been provided to the Oversight Board, within five (5) Business Days after the date hereof, each Initial PSA Creditor shall provide the Oversight Board, in writing, the Face Amount and CUSIP numbers for each of the GO Bonds, PBA Bonds, and PRIFA BANs, if any, such Party owns or has due investment management responsibility and authority for funds or accounts which own such GO Bonds, PBA Bonds, or PRIFA BANs, as the case may be.
PRIFA shall be entitled, at any time, to recover any Owed Amount (plus interest) from the Contractor by reducing any payments due to the Contractor from PRIFA by all or any portion of such Owed Amount (plus interest) and crediting the amount of such reduction (excluding interest for such purpose) against the Owed Amount.
The Contractor shall be considered and shall act solely as an independent Contractor for all material purposes under the Contract, and nothing in the Contract shall be construed to create an agency, partnership, or joint-venture relationship between the Contractor and PRIFA or between any members of the Contractor and PRIFA.
The exercise by PRIFA of its right to rescind, cancel, terminate or suspend the Contract shall not be construed as a waiver by PRIFA of any right or remedy it may have under the Contract or at law of The Commonwealth of Puerto Rico for any delay or breach by the Contractor in the performance of its obligations under the Contract.
The Contractor agrees and acknowledges that it has a conflict of interest when (i) it is required to argue on behalf of a client a position which it has a duty to oppose in order to comply with its obligations to a prior, present or potential client other than PRIFA, or (ii) its conduct is described as such in the canons of ethics applicable to the Contractor and its personnel, or in the laws of The Commonwealth of Puerto Rico, regulations or ordinances of Puerto Rico.
If the status of the Contractor with regards to the charges previously mentioned changes at any time during the term of the Contract, it shall notify PRIFA immediately.
Adverse interests include representation of clients with interests in opposition to those of PRIFA.
In the event that Substantial Completion is not achieved on or prior to the Scheduled Substantial Completion Date (as such date may be adjusted by means of a Change Order in accordance with the Contract Documents), whether or not the Contract is terminated pursuant to the General Conditions, the Contractor acknowledges that (a) PRIFA will suffer losses and damages on account of such delay, and (b) the amount of such losses or damages would be difficult, if not impossible, to ascertain and prove.
The foregoing provision shall be equally applicable in such other cases where PRIFA grants the Contractor an extension of time for compliance with any of the Contractor's obligations under the Contract, or where PRIFA fails to make any claim or demand with respect to any of its rights or remedies under the Contract.
The Contractor shall hold such information and all other information that it develops or obtains from PRIFA or otherwise regarding the Project in confidence, shall not use such information other than for performance of its obligations under the Contract, and shall require its employees, agents, Subcontractors and Sub-subcontractors to be bound to PRIFA by the same obligation of confidentiality.