OFFSET PROVISION Clause Examples
An offset provision allows one party to reduce or "offset" amounts it owes to the other party by amounts that the other party owes to it under the same agreement or related agreements. For example, if Party A owes Party B $10,000, but Party B also owes Party A $4,000, Party A can pay only the net amount of $6,000. This clause helps streamline payments between parties and reduces the risk of non-payment by ensuring that mutual debts are settled efficiently.
POPULAR SAMPLE Copied 1 times
OFFSET PROVISION. The contractor agrees that the Commonwealth may offset the amount of any state tax or Commonwealth liability of the contractor or its affiliates and subsidiaries that is owed to the Commonwealth against any payments due the contractor under this or any other contract with the Commonwealth. Management Directive 215.9 Amended (April 16, 1999) Each contract entered into by a governmental agency shall contain the following provisions by which the Contractor agrees:
OFFSET PROVISION. The Contractor agrees that the Commonwealth may set off the amount of any state tax liability or other obligation of the Contractor or its subsidiaries to the Commonwealth against any payments due the Contractor under any contract with the Commonwealth. During the term of the Contract, the Contractor agrees as follows:
OFFSET PROVISION. Each Party agrees that the Commonwealth of Pennsylvania (Commonwealth) may set off the amount of any state tax liability or other obligation of the Party or its subsidiaries to the Commonwealth against any payments due the Party under any contract with the Commonwealth.
OFFSET PROVISION. From the disabled employee’s net bi-weekly take-home wage, there shall be deducted bi-weekly workers’ disability compensation benefits to which such employee is entitled under the workers’ disability compensation laws of the State of Michigan, and the Employer will pay the difference between such bi-weekly workers’ compensation benefits and the disabled employee’s net bi-weekly take-home pay, as computed above.
OFFSET PROVISION. The Contractor agrees that the Commonwealth of Pennsylvania (Commonwealth) may set off the amount of any state tax liability or other obligation of the Contractor or its subsidiaries to the Commonwealth against any payments due the Contractor under any contract with the Commonwealth. For Purchase Orders issued by the Pennsylvania Department of Transportation (PennDOT) the terms and conditions contained herein shall apply.
OFFSET PROVISION. In the event the Company determines that you are obligated to reimburse the Company for any amounts paid to you in excess of what is due to you under this Agreement, the Company may at its sole discretion and without notice withhold from payment to you all amounts due to you from the Company under this agreement until the amount due the Company is fully paid, to the extent permitted by applicable law.
OFFSET PROVISION. The SPONSOR agrees that the Commonwealth of Pennsylvania (Commonwealth) may set off the amount of any state tax liability or other obligation of the SPONSOR or its subsidiaries to the Commonwealth against any payments due the SPONSOR under any contract with the Commonwealth.
OFFSET PROVISION. LESSOR agrees that LESSEE may set off the amount of any state tax liability or other debt of LESSOR or its subsidiaries that is owed to the Commonwealth and not being contested on appeal against any payments due the LESSOR under this or any other contract with the Commonwealth.
OFFSET PROVISION. Except as provided in herein, ESCO agrees that School District may set off the amount of any tax liability or other obligation of ESCO or its subsidiaries to the School District against any payments due ESCO under any contract with the School District.
OFFSET PROVISION. ▇▇▇▇▇▇ agrees that ▇▇▇▇▇▇ may set off the amount of any state tax liability or other debt of LESSOR or its subsidiaries that is owed to the Commonwealth and not being contested on appeal against any payments due the LESSOR under this or any other contract with the Commonwealth.