Compliance with Prerequisites for Collection by Offset Clause Samples

The "Compliance with Prerequisites for Collection by Offset" clause establishes that a party may only collect amounts owed to it by offsetting them against amounts it owes to the other party if certain specified conditions or prerequisites are met. In practice, this means that before exercising the right to offset, the party must ensure all contractual or legal requirements—such as providing notice, confirming the validity of the debt, or waiting for a specified period—are satisfied. This clause serves to prevent premature or improper use of offset rights, ensuring fairness and reducing the risk of disputes over whether an offset was validly exercised.
Compliance with Prerequisites for Collection by Offset. If, in the Creditor Agency Profile Form, the Creditor Agency has authorized Fiscal Service to collect the Debt by offsetting Federal and State tax and nontax payments, the Creditor Agency complied with all of the prerequisites for collection by administrative and tax refund offset set forth in Section III.D., and/or the prerequisites for collection by Federal salary offset set forth in Section III.E., as applicable, including in each case the obligation to provide each Debtor with the notices, opportunities, and other considerations required for offset of the applicable payments.
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Related to Compliance with Prerequisites for Collection by Offset

  • Additional Remedy for Non-Compliance with Superannuation If the Employer does not contribute the amounts in accordance with this Agreement, the relevant Trust Deed and the Fund or scheme the Employer shall be liable to make the appropriate contributions immediately upon notification of the non compliance. Further, the Employer shall pay the earnings on the relevant Trust Deed and the Fund or scheme that would have accrued during the period of non-payment. The requirement for the Employer to make retrospective payments shall not limit any common law action which may be available in relation to death, disablement or any other cover existing within the terms of a relevant fund.

  • Compliance with ▇▇▇▇▇ ▇▇▇▇▇ and Related Act requirements. All rulings and interpretations of the ▇▇▇▇▇- ▇▇▇▇▇ and Related Acts contained in 29 CFR parts 1, 3, and 5 are herein incorporated by reference in this contract.

  • Compliance with ▇▇▇▇▇▇▇▇-▇▇▇▇▇ The Company and its subsidiaries and their respective officers and directors are in compliance in all material respects with the applicable provisions of the ▇▇▇▇▇▇▇▇-▇▇▇▇▇ Act of 2002 (the “▇▇▇▇▇▇▇▇-▇▇▇▇▇ Act,” which term, as used herein, includes the rules and regulations of the Commission promulgated thereunder).

  • Compliance with Policies Each Individual Limited Partner hereby agrees that he shall comply with all policies and procedures adopted by any member of the Och-Ziff Group or which Limited Partners are required to observe by law, or by any recognized stock exchange, or other regulatory body or authority.

  • Compliance with FCPA Each of the Credit Parties and their Subsidiaries is in compliance with the Foreign Corrupt Practices Act, 15 U.S.C. §§ 78dd-1, et seq., and any foreign counterpart thereto. None of the Credit Parties or their Subsidiaries has made a payment, offering, or promise to pay, or authorized the payment of, money or anything of value (a) in order to assist in obtaining or retaining business for or with, or directing business to, any foreign official, foreign political party, party official or candidate for foreign political office, (b) to a foreign official, foreign political party or party official or any candidate for foreign political office, and (c) with the intent to induce the recipient to misuse his or her official position to direct business wrongfully to such Credit Party or its Subsidiary or to any other Person, in violation of the Foreign Corrupt Practices Act, 15 U.S.C. §§ 78dd-1, et seq.