General Conditions of Contracts Sample Clauses

The General Conditions of Contracts clause establishes the foundational rules and obligations that govern the relationship between the contracting parties. It typically covers essential aspects such as payment terms, timelines, dispute resolution procedures, and responsibilities for performance. By setting out these standard terms, the clause ensures both parties have a clear understanding of their rights and duties, thereby reducing the risk of misunderstandings and disputes throughout the contract's duration.
General Conditions of Contracts. 4.1 The payment terms shall provide that: (a) unless the Parties agree otherwise a minimum of ten percent (10%) of the contract price shall be held as a retention fee until after the end of a guarantee period agreed with the sub-contractor which shall vary between six (6) months and twelve (12) months, depending upon the contract, with the exception of drilling and seismic data acquisition, well surveys and other such services, provided that a sub-contractor may be given the option to provide another guarantee equivalent to the ten percent (10%) retention such as an irrevocable stand-by letter of credit or performance bond; and (b) a provision shall be made for appropriate withholding tax as may be applicable. 4.2 The governing law of all agreements signed with sub-contractors shall be, to the extent feasible, Sao-tomean Law and if not the laws of England and Wales. 4.3 Sao-Tomean law shall apply to all sub-contractors performing work in the Territory of Sao Tome and Principe. In as far as practicable, they shall use Sao-Tomean resources, both human and material, in accordance with the Petroleum Law. 4.4 Each contract shall provide for early termination, where necessary, and the Contractor shall use all reasonable endeavors to obtain a termination provision with minimal penalty. 4.5 Sub-contractors shall provide, in the case of a foreign sub-contractor, that the local part of the work, in all cases, shall be performed by the sub-contractor's local subsidiary whenever possible.
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General Conditions of Contracts. 4.1 The payment terms, to the extent viable, shall provide that: (a) Contractor is required to include in the services contracts, terms and condition that guarantees the appropriate security for the sub-contractor’s performance, including but not limited to for example, industry standard warranties, retention fees or other guarantees; and (b) a provision shall be made for appropriate withholding tax as may be applicable. 4.2 The governing law of all agreements signed with sub-contractors shall be, to the extent feasible, Sao-Tomean law. 4.3 Sao-Tomean law shall apply to all sub-contractors performing work in the Territory of Sao Tome and Principe. In as far as practicable, they shall use Sao-Tomean resources both human and material in accordance with the Petroleum Law. 4.4 Each contract shall provide for early termination where necessary and the Contractor shall use all reasonable endeavors to obtain a termination provision with minimal penalty. 4.5 Sub-contractors shall provide, in the case of a foreign sub-contractor, that the local part of the work, in all cases, shall be performed by the sub-contractor’s local subsidiary whenever possible.
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General Conditions of Contracts. The payment terms shall provide, without limitation, that:
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General Conditions of Contracts. 4.1 The payment terms shall provide that: (a) unless the Parties agree otherwise, a minimum of ten percent (10%) of the contract price shall be held as a retention fee until after the end of a guarantee - 61 - - - - • • • - • period agreed with the sub-contractor which shall vary between six (6) months and twelve •
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Related to General Conditions of Contracts

  • GENERAL CONDITIONS OF CONTRACT (National Treasury - General Conditions of Contract (revised July 2010))

  • SPECIAL CONDITIONS OF CONTRACT The following Special Conditions of Contract (SCC) shall supplement and/or amend the General Conditions of Contract (GCC).Whenever there is a conflict, the provisions herein shall prevail over those in the GCC.

  • CONDITIONS OF CONTRACT The contractor shall at all times observe and comply with federal and State laws, local laws, ordinances, orders, and regulations existing at the time of or enacted subsequent to the execution of this contract which in any manner affect the completion of the work. The contractor shall indemnify and save harmless the agency and all its officers, representatives, agents, and employees against any claim or liability arising from or based upon the violation of any such law, ordinance, regulation, order or decree by an employee, representative, or subcontractor of the contractor.

  • Additional Conditions to Obligations of Seller The obligations of Seller to consummate and effect the transactions contemplated hereby shall be subject to the satisfaction at or prior to the Closing of each of the following conditions, any of which may be waived, in writing, exclusively by Seller:

  • Conditions to Obligations of Seller The obligations of Seller to consummate the transactions contemplated by this Agreement shall be subject to fulfillment at or prior to the Closing of the following conditions (any one or more of which may be waived in whole or in part by Seller):