Examples of Completed Contracts in a sentence
Seller shall retain the Retained Partially Completed Contracts following the Closing, and will retain the obligations and duties under the Retained Partially Completed Contracts following Closing, but shall utilize Buyer exclusively as Seller’s agent to perform the services to the customer required to complete the Retained Partially Completed Contracts following Closing.
Following the Closing, Seller and Buyer shall cooperate to ensure that Buyer and Seller share in the Economic Benefit (defined below) of each of the Acquired Partially Completed Contracts based on the percentage of the total contract that was completed by Seller prior to the Closing as compared to the total percentage of the contract that was completed by Buyer following the Closing.
In May 2016, the FASB issued ASU 2016-12 “Revenue from Contracts with Customers (Topic 606): Narrow Scope Improvements and Practical Expedients,” which affects only the following narrow aspects of Topic 606: Assessing the Collectability Criterion; Presentation of Sales and Other Taxes Collected from Customers; Noncash Consideration; Contract Modification at Transition; Completed Contracts at Transition; and Technical Correction.
Schedule 2.21 to the Seller Disclosure Letter sets forth all of the Direct Cost that Seller has incurred in performing the Acquired Partially Completed Contracts as of the Closing Date and shall be the Direct Cost used following the Closing to calculate the percentage of total Direct Cost incurred by Seller prior to the Closing as compared to the percentage of total Direct Cost incurred by Buyer following the Closing.
After each of the Acquired Partially Completed Contracts has been completed by Buyer following the Closing, Buyer shall, as soon as practicable, provide Seller with a complete accounting of the cost incurred by Buyer in performing such contract, and Buyer shall pay Seller, or Seller shall pay Buyer, as the case may be, in order to ensure that Buyer and Seller each receive their appropriate percentage of the total Economic Benefit from each such contract.
The Closing Balance Sheet will be prepared in accordance with GAAP applied on a basis consistent with the presentation of the March 31 Balance Sheet except with respect to the classification of the TPPI Equipment and except for using estimated costs of completion, change order recoveries and claim recoveries with respect to Rejected Contracts and Completed Contracts and liability estimates with respect to matters set forth in Section 2.04(f) as of March 31, 2000 without further revisions.
If any member of the Lucas Group other than the Vendor is or was party to any of the Contracts, the Completed Contracts or the MOUs the relevant provisions of clauses 5 and 9 shall apply to such Contract, Completed Contract or MOU (as the case may be) as if the Vendor were party thereto and references in those clauses to the Vendor shall, where appropriate, be construed as references to the relevant member of the Lucas Group.
In the event that through error or mistake, any customer party to a Retained Partially Completed Contract (other than Prohibited Retained Partially Completed Contracts), directly pays Buyer for any amount owed by such customer to Seller under a party to a Retained Partially Completed Contract (other than Prohibited Retained Partially Completed Contracts), Buyer shall promptly forward such misdirected amounts to Seller.
By: Title: Schedule 2.02(b) Completed Contracts Project No. Client Name Title/Project Description 06180011 Mobil Chemical Chemical Ethylene Revamp 08743011 Xxxxxxxx Refinery Refinery Revamp 08196011 Xxxxx Xxxxxx Xxxxxxxxxxxxxxx 00000000 XXXX - Xxxxxxxxx Ethylene Plant Unknown Monsanto (Texas Belmont Construction City) Unknown Monsanto (Chocolate Belmont Construction Bayou) 06489011 DOE/ICF Xxxxxx Xxxxx Flats (LLC w/XX Xxxxx) 07930011 Pyramid Corp Middletown Railroad Station 015590011 Indian Oil Corp.
Seller and Buyer shall cooperate with each other in good faith to ensure that all customers party to a Retained Partially Completed Contract (other than Prohibited Retained Partially Completed Contracts), properly direct to Seller all payments owed to Seller thereunder.