RECOVERY CLAUSE Sample Clauses

A Recovery Clause establishes the right of a party to reclaim losses, damages, or costs incurred due to another party's actions or breaches under a contract. Typically, this clause outlines the procedures for seeking reimbursement, such as providing notice of the loss and substantiating the amount claimed, and may specify the types of recoverable damages, like direct or consequential losses. Its core practical function is to ensure that parties have a clear mechanism for financial redress, thereby allocating risk and promoting accountability within the contractual relationship.
RECOVERY CLAUSE. (i) In case of any damage of equipment/machinery due to negligence of contractor or any other reasons attributed to contractor the decision of Engineer-in-charge regarding the amount of recovery shall be final and binding subject to a maximum of 10% of contract value. Recovery will be affected from the monthly bills and/or retention money/security deposit. (ii) If the contractor fails to execute the work as per directions of Engineer (I/c) within the time frame given in work order and as per day to day instructions by Engineer-in-charge, GIPCL shall get the work done by third party at the risk & cost of the contractor with 10% additional overhead charges of GIPCL.
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RECOVERY CLAUSE. In the event the Coverage Provider recover amounts they have paid under these Coverage Guidelines, the Coverage Provider will reinstate the Limit of Liability of these Coverage Guidelines to the extent of such recovery, less its costs incurred in administering and obtaining such recovery. The Coverage Provider assume no duty to seek a recovery of any amounts paid under these Coverage Guidelines.
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RECOVERY CLAUSE. In case of any damage of equipment/machinery due to negligence of agency or any other reasons attributed to agency the decision of Engineer-in-charge regarding the amount of recovery shall be final and binding subject to a maximum of 10% of contract value. Recovery will be affected from the monthly bills and/or retention money/security deposit.
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RECOVERY CLAUSE. The Company is not obliged to make any payments by reason of occupational disability other than those prescribed by law, if and in so far as, in relation to such disability, the Employee has a claim against third parties for compensation for loss of salary. If, however, the Employee transfers this claim for compensation to the Company (assignment), it will make advance payments to him up to the amount of the extra-statutory benefits which he would have received if he had not enjoyed the said right of claim.
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Related to RECOVERY CLAUSE

  • BREAK CLAUSE IF YOU HAVE OPTED FOR A FIXED TERM CONTRACT YOU WILL NOT HAVE THE DETAILS OF A BREAK CLAUSE NOTED IN YOUR PARTICULARS. 5.1. The Landlord shall be entitled to serve upon the Tenant Statutory Notice of not less than two calendar months to break this tenancy. Such Notice: 5.1.1. Shall be at least 2 months’ notice to break this Tenancy 5.1.2. Shall not expire before the end of the «D0000_401C_0#Landlord_notice_take_effect» month of the term 5.

  • Mandatory Clauses Mandatory Clauses Part 2: Mandatory Clauses of the Approved Addendum, being the template Addendum B.1.0 issued by the ICO and laid before Parliament in accordance with s119A of the Data Protection Act 2018 on 2 February 2022, as it is revised under Section 18 of those Mandatory Clauses.

  • EXECUTORY CLAUSE In accordance with Section 41 of the State Finance Law, the State shall have no liability under this contract to the Contractor or to anyone else beyond funds appropriated and available for this contract.

  • Penalty Clause a. Non-execution of supply order - For the reasons of failure to supply partially or completely within 30 days, if the Procurement cell has to buy the items from the RC 2 (L-2), RC 3 (L-3) or approved local vendor firm, the rate difference in cost will be recovered from ▇▇ ▇▇▇▇▇▇ i.e. L1 /Billing Agency as appointed by the Rate Contract Holder. The difference amount will be deducted from the forthcoming bills of the supplier pertaining to any product. Repeated failure (Three times) to supply in part or in full may amount to termination of rate contract for the product (s) and forfeiture of Performance Security. Reasons of failure to supply the material will be communicated by the firm to the Procurement cell timely. b. Late delivery clause -The date & time of the delivery as stipulated in the supply order shall be deemed to be the essence of the contract and delivery must be completed no later than the date(s) as specified in the supply order. Unsupplied items of each supply order which will not be supplied during stipulated time period of 30 days should be treated as cancelled and will be procured from RC-2/RC-3 or approved local vendor and difference amount deducted from forthcoming bills of RC1 (L1)/Billing Agency as appointed by the Rate Contract Holder. c. Non production of item – Difference in the value between existing source and source from where supplies are being obtained for remaining tendered quantity will be recovered from the billing agency.

  • Evolutionary Clause 1. Where either Party considers that it would be useful and in the interest of the economies of the Parties to develop the relations established by this Agreement by extending them to fields not covered thereby, it shall submit a reasoned request to the other Party. The Parties may instruct the Joint Committee to examine this request and, where appropriate, to make recommendations to them, particularly with a view to opening negotiations. 2. Agreements resulting from the procedure referred to in paragraph 1 will be subject to ratification or approval by the Parties to this Agreement in accordance with their national legislation.