SECURITY OF PAYMENTS Clause Examples

The Security of Payments clause establishes mechanisms to ensure that parties, typically contractors or suppliers, receive timely and guaranteed payments for work performed or goods provided under a contract. It often sets out specific procedures for submitting payment claims, timelines for payment responses, and may include provisions for interest on late payments or dispute resolution processes. By clearly defining payment rights and obligations, this clause helps prevent cash flow issues and reduces the risk of payment disputes, thereby promoting financial stability and trust between contracting parties.
SECURITY OF PAYMENTS. 50.1 The Employer recognises that the under, non or late payment of building industry participants for services rendered can affect the entitlements of workers and the security of their employment. 50.2 The Employer acknowledges its obligations under the Building and Construction Industry Payments Act 2004 (as amended) and the Subcontractors Charges Act 1974. 50.3 The Employer will not engage in illegal or fraudulent phoenix activities for the purpose of avoiding any payment due to another building contractor or building industry participant or other creditor. 50.4 The Employer will: (a) comply with all applicable laws and other requirements relating to the security of payments that are due to subcontractors; and (b) ensure that payments which are due and payable are made in accordance with applicable legislative requirements; and (c) have a documented dispute settlement process in accordance with all applicable legislative requirements that details how disputes about payments will be resolved, includes a referral process to an independent adjudicator for determination if the dispute cannot be resolved between the parties and must comply with that process; and (d) as far as practicable, ensure that disputes about payments are resolved in a reasonable, timely and cooperative way. (e) Principal contractors and contractors will ensure reasonable allowance is included in contracts taking into account historic weather conditions and forecast rainfall. (f) The Employer will keep records demonstrating its compliance with clause 50.4 above. The Employer will, within 7 days of receiving a written request from the Union who has a reasonable belief of a non-compliance with clause 50.4 above, provide evidence demonstrating its compliance. Nothing in this clause requires the Employer to provide information in a manner that is inconsistent with the Privacy Act 1988 (Cth).
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SECURITY OF PAYMENTS. 40.1 The Employer recognises that the under, non or late payment of building industry participants for services rendered can affect the entitlements of workers and the security of their employment. 40.2 The Employer acknowledges its obligations under the Building and Construction Industry Payments Act 2004 (as amended) and the Subcontractors Charges Act 1974. 40.3 The Employer will not engage in illegal or fraudulent phoenix activities for the purpose of avoiding any payment due to another building contractor or building industry participant or other creditor. 40.4 The Employer will:
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SECURITY OF PAYMENTS. The Employer recognises that the under, non or late payment of building industry participants for services rendered can affect the entitlements of workers and the security of their employment. The Employer acknowledges its obligations under the Building and Construction Industry Payments Act 2004 (as amended) and the Subcontractors Charges Act 1974. The Employer will not engage in illegal or fraudulent phoenix activities for the purpose of avoiding any payment due to another building contractor or building industry participant or other creditor. The Employer will: (a) comply with all applicable laws and other requirements relating to the security of payments that are due to subcontractors; and (b) ensure that payments which are due and payable are made in accordance with applicable legislative requirements; and (c) have a documented dispute settlement process in accordance with all applicable legislative requirements that details how disputes about payments will be resolved, includes a referral process to an independent adjudicator for determination if the dispute cannot be resolved between the parties and must comply with that process; and (d) as far as practicable, ensure that disputes about payments are resolved in a reasonable, timely and cooperative way. (e) Principal contractors and contractors will ensure reasonable allowance is included in contracts taking into account historic weather conditions and forecast rainfall. (f) The Employer will keep records demonstrating its compliance with clause 37.4 above. The Employer will, within 7 days of receiving a written request from the Union who has a reasonable belief of a non-compliance with clause 37.4 above, provide evidence demonstrating its compliance. Nothing in this clause requires the Employer to provide information in a manner that is inconsistent with the Privacy Act 1988 (Cth).
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SECURITY OF PAYMENTS. 40.1 The Employer recognises that the under, non or late payment of building industry participants for services rendered can affect the entitlements of workers and the security of their employment. 40.2 The Employer acknowledges its obligations under the Building and Construction Industry Payments Act 2004 (as amended) and the Subcontractors Charges Act 1974. 40.3 The Employer will not engage in illegal or fraudulent phoenix activities for the purpose of avoiding any payment due to another building contractor or building industry participant or other creditor. 40.4 The Employer will: 40.5 The Employer will keep records demonstrating its compliance with clause 40.4. The Employer will, within 7 days of receiving a written request from an Employee who has a reasonable belief of a non- compliance with clause 40.4, provide evidence demonstrating its compliance. Nothing in this clause requires the Employer to provide information in a manner that is inconsistent with the Privacy Act 1988 (Cth) or the FW Act.
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SECURITY OF PAYMENTS. The Employer recognises that the under, non or late payment of building industry participants for services rendered can affect the entitlements of workers and the security of their employment. The Employer acknowledges its obligations under the Building and Construction Industry Payments Act 2004 (as amended) and the Subcontractors Charges Act 1974. The Employer will not engage in illegal or fraudulent phoenix activities for the purpose of avoiding any payment due to another building contractor or building industry participant or other creditor. The Employer will: (a) comply with all applicable laws and other requirements relating to the security of payments that are due to subcontractors; and (b) ensure that payments which are due and payable are made in accordance with applicable legislative requirements including the Code and are not unreasonably withheld; and (c) have a documented dispute settlement process in accordance with all applicable legislative requirements including the Code that details how disputes about payments will be resolved, includes a referral process to an independent adjudicator for determination if the dispute cannot be resolved between the parties and must comply with that process; and (d) as far as practicable, ensure that disputes about payments are resolved in a reasonable, timely and cooperative way. The Employer will keep records demonstrating its compliance with clause 40.4 above. The Employer will, within 7 days of receiving a written request from an Employee who has a reasonable belief of a non-compliance with clause 40.4 above, provide evidence demonstrating its compliance. Nothing in this clause requires the Employer to provide information in a manner that is inconsistent with the Privacy Act 1988 (Cth).
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SECURITY OF PAYMENTS. 10.1. When replenishing the Balance with a bank card, payment processing (including entering the card number) takes place on a secure page of the processing system, which has passed international certification. Payment security is guaranteed by the processing center. This means that confidential User data (card details, registration data, etc.) are not received by the Company, their processing is fully protected and no one, including the Company, can receive the User's bank card data or other data necessary for making a payment. 10.2. When working with card data, the information security standard developed by the international payment systems Visa and MasterCard - Payment Card Industry Data Security Standard (PCI DSS) is applied, which ensures the secure processing of the User's bank card details. The applied data transfer technology guarantees the security of transactions with bank cards by using TLS (Transport Layer Security) protocols, Verified by Visa, Secure Code, MIR Accept and closed banking networks with the highest degree of protection.
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SECURITY OF PAYMENTS. 50.1 The Employer recognises that the under, non or late payment of building industry participants for services rendered can affect the entitlements of workers and the security of their employment. 50.2 The Employer acknowledges its obligations under the Building and Construction Industry Payments Act 2004 (Qld) (as amended) and the Subcontractors Charges Act 1974 (Qld). 50.3 The Employer will not engage in illegal or fraudulent phoenix activities for the purpose of avoiding any payment due to another building contractor or building industry participant or other creditor. 50.4 The Employer will: (a) comply with all applicable laws and other requirements relating to the security of payments that are due to subcontractors; (b) ensure that payments which are due and payable are made in accordance with applicable legislative requirements; (c) have a documented dispute settlement process in accordance with all applicable legislative requirements that details how disputes about payments will be resolved, includes a referral process to an independent adjudicator for determination if the dispute cannot be resolved between the parties and must comply with that process; and (d) as far as practicable, ensure that disputes about payments are resolved in a reasonable, timely and cooperative way.
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SECURITY OF PAYMENTS. At Focus’ sole discretion, these Terms may constitute a claim for payment under the Building and Construction Industry Security of Payment Act 2002 (VIC) and/or the equivalent legislation in the other Australian jurisdictions (as applica- ble).
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SECURITY OF PAYMENTS. In accordance with our commitment to secure payment, all online payments by credit or debit card are made via our bank's security system, or any other security system we may choose, which enables the encryption of your bank details during transmission. We also inform you that Actiyon can verify the reliability of the information you provide when placing a payment order.
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Related to SECURITY OF PAYMENTS

  • Priority of Payments (a) Each Note shall be of equal priority, and no portion of any Note shall have priority or preference over any portion of any other Note or security therefor. All amounts tendered by the Mortgage Loan Borrower or otherwise available for payment on or with respect to or in connection with the Mortgage Loan or the Mortgaged Property or amounts realized as proceeds thereof, whether received in the form of Periodic Payments, the Balloon Payment, Liquidation Proceeds, proceeds under any guaranty, letter of credit or other collateral or instrument securing the Mortgage Loan or Insurance and Condemnation Proceeds (other than proceeds, awards or settlements to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgage Loan Borrower in accordance with the terms of the Mortgage Loan Documents) shall be applied by the Lead Securitization Note Holder (or its designee) to the Notes on a Pro Rata and Pari Passu Basis; provided, that (x) all amounts for required reserves or escrows required by the Mortgage Loan Documents to be held as reserves or escrows or received as reimbursements on account of recoveries in respect of property protection expenses or Servicing Advances then due and payable or reimbursable to the Trustee or any Servicer under the Lead Securitization Servicing Agreement shall be applied to the extent set forth in, and in accordance with the terms of, the Mortgage Loan Documents; and (y) all amounts that are then due, payable or reimbursable to any Servicer, with respect to the Mortgage Loan pursuant to the Lead Securitization Servicing Agreement and any other compensation payable to it thereunder (including without limitation, any additional expenses of the Trust Fund relating to the Mortgage Loan (but subject to the second paragraph of Section 5(d) hereof) reimbursable to, or payable by, such parties and any Special Servicing Fees, Liquidation Fees, Workout Fees and Penalty Charges (to the extent provided in the immediately following paragraph) but excluding (i) any P&I Advances (and interest thereon) on the Lead Securitization Note, which shall be reimbursed in accordance with Section 2(b) hereof, and (ii) any Master Servicing Fees due to the Master Servicer in excess of the Non-Lead Securitization Note’s pro rata share of that portion of such servicing fees calculated at the “primary servicing fee rate” applicable to the Mortgage Loan as set forth in the Lead Securitization Servicing Agreement, which such excess shall not be subject to the allocation provisions of this Section 3) shall be payable in accordance with the Lead Securitization Servicing Agreement. For clarification purposes, Penalty Charges paid on each Note shall first, be used to reduce, on a pro rata basis, the amounts payable on each Note by the amount necessary to pay the Master Servicer, the Trustee or the Special Servicer for any interest accrued on any Servicing Advances and reimbursement of any Servicing Advances in accordance with the terms of the Lead Securitization Servicing Agreement, second, be used to reduce the respective amounts payable on each Note by the amount necessary to pay the Master Servicer, Trustee, the Non-Lead Master Servicer or the Non-Lead Trustee for any interest accrued on any P&I Advance made with respect to such Note by such party (if and as specified in the Lead Securitization Servicing Agreement or the Non-Lead Securitization Servicing Agreement, as applicable), third, be used to reduce, on a pro rata basis, the amounts payable on each Note by the amount necessary to pay additional expenses of the Trust Fund (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to the Mortgage Loan (as specified in the Lead Securitization Servicing Agreement) and finally, shall be paid to the Master Servicer and the Special Servicer as additional servicing compensation as provided in the Lead Securitization Servicing Agreement. Any proceeds received from the sale of the primary servicing rights with respect to the Mortgage Loan shall be remitted, promptly upon receipt thereof, to the Note Holders on a Pro Rata and Pari Passu Basis. Any proceeds received by any Note Holder from the sale of master servicing rights with respect to its Note shall be for its own account.

  • Collection of Payments Borrower authorizes Bank to collect all principal, interest and fees due under each credit subject hereto by debiting Borrower’s deposit account number 4159583848 with Bank, or any other deposit account maintained by Borrower with Bank, for the full amount thereof. Should there be insufficient funds in any such deposit account to pay all such sums when due, the full amount of such deficiency shall be immediately due and payable by Borrower.

  • Facility of Payment If a benefit is payable to a minor, to a person declared incompetent, or to a person incapable of handling the disposition of his or her property, the Company may pay such benefit to the guardian, legal representative or person having the care or custody of such minor, incompetent person or incapable person. The Company may require proof of incompetence, minority or guardianship as it may deem appropriate prior to distribution of the benefit. Such distribution shall completely discharge the Company from all liability with respect to such benefit.

  • Evidence of Payments As soon as practicable after any payment of Indemnified Taxes or Other Taxes by the Borrower to a Governmental Authority, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.