Delinquency Determination Clause Samples

A Delinquency Determination clause defines the process by which a party is officially recognized as being late or in default on a payment or obligation under a contract. Typically, this clause outlines the criteria for what constitutes delinquency, such as missed payment deadlines or failure to meet specific performance milestones, and may specify any notice requirements or grace periods before delinquency is formally established. Its core practical function is to provide a clear and objective mechanism for identifying and addressing late payments or defaults, thereby reducing ambiguity and helping both parties manage risk and enforce contractual obligations.
Delinquency Determination. 3.2.1.1. If a subrecipient fails to make repayment of the amount identified in the recoupment letter or enter an agreement approved by TDEM to repay the funding with the Division within 120 days from the date the original recoupment letter was sent, the Division may determine that the account is delinquent. 3.2.1.2. At TDEM’s sole discretion, TDEM may authorize payment plans that fully reimburse the full amount owed over a 1–9-month period or prior to the end of the grant period. From time to time, variances in approved timelines may occur based on the phase of the grant process and other timelines determined by FEMA such as periods of performance and closeout liquidation periods. 3.2.1.3. Should a subrecipient enter into a payment plan and then fail to make more than one timely payment, the payment plan shall be considered invalid and the full balance shall be due within 30 calendar days. If payment is not made within 30 days, the actions contained within Section 3.1.7 and Section 3.2.
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Related to Delinquency Determination

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  • Company Determination Final Any determination that the Company or the Board of Directors must make pursuant to this Article is conclusive.

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