Common use of Assignment of Funds Clause in Contracts

Assignment of Funds. Demolition 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 (“Demolition Contractor”) and subject to payment of all invoices, bills, claims, or liens for services rendered for the performance of any portion of the Demolition Work called for in this Agreement with Owner or any other Contract between Owner and Demolition Contractor. Owner reserves the right to set-off against any funds which may be due Demolition 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 Demolition Contractor.”