Common use of Assignment of Funds Clause in Contracts

Assignment of Funds. Contractor shall not assign any of the funds to be received under or through this Agreement unless such Assignment has the written approval of Owner. In order to be so approved, any such assignment shall include the following language: “It is agreed the funds to be paid to the Assignee under this Assignment are subject to satisfactory performance of the Agreement under which this Assignment is made (“this Agreement”) by the Assignor (“Contractor”) and subject to payment of all invoices, bills, claims, or liens for services rendered or materials supplied for the performance of any portion of the Work called for in this Agreement with Owner or any other Contract between Owner and Contractor. Owner reserves the right to set-off against any funds which may be due Contractor by Owner or funds to be paid the Assignee the amount of a claim or liens arising under or through this or any other Agreement with Contractor.

Assignment of Funds. Contractor shall not assign any of the funds to be received under or through this Agreement unless such Assignment has the written approval of Owner. In order to be so approved, any such assignment shall include the following language: “It is agreed the funds to be paid to the Assignee under this Assignment are subject to satisfactory performance of the Agreement under which this Assignment is made (“this Agreement”) by the Assignor (“Contractor”) and subject to payment of all invoices, bills, claims, or liens for services rendered or materials supplied for the performance of any portion of the Work called for in this Agreement with Owner or any other Contract between Owner and Contractor. Owner reserves the right to set-off set‐off against any funds which may be due Contractor by Owner or funds to be paid the Assignee the amount of a claim or liens arising under or through this or any other Agreement with Contractor.