Reduction or suspension Clause Samples

The 'Reduction or suspension' clause allows one party to temporarily decrease or halt its obligations under a contract, typically in response to specific events or circumstances. For example, if a supplier is unable to deliver goods due to a force majeure event, this clause may permit them to reduce or suspend deliveries without breaching the contract. Its core practical function is to provide flexibility and risk management for parties when unforeseen events make full performance temporarily impossible or impractical.
Reduction or suspension. The Contracting Officer may reduce or suspend progress payments, increase the rate of liquidation, or take a combination of these actions, after finding on substantial evidence any of the following conditions: (1) The Contractor failed to comply with any material requirement of this contract (which includes paragraphs (f) and (g) of this clause). (2) Performance of this contract is endangered by the Contractor's -- (i) Failure to make progress or (ii) Unsatisfactory financial condition. (3) Inventory allocated to this contract substantially exceeds reasonable requirements. (4) The Contractor is delinquent in payment of the costs of performing this contract in the ordinary course of business. (5) The fair value of the undelivered work is less than the amount of unliquidated progress payments for that work. (6) The Contractor is realizing less profit than that reflected in the establishment of any alternate liquidation rate in paragraph (b) of this clause, and that rate is less than the progress payment rate stated in subparagraph (a)(1) of this clause.
View SourceView Similar (79)
Reduction or suspension. The Contracting Officer may reduce or suspend progress payments, increase the rate of liquidation, or take a combination of these actions, after finding on substantial evidence any of the following conditions: (1) The Contractor failed to comply with any material requirement of this contract (which includes paragraphs (f) and
View SourceView Similar (7)
Reduction or suspension. 6.1 In the case of revolving credit facility and loans payable in installments, if the credit transactions are deemed to have been materially affected in an adverse manner by rapid change in national economy or financial market conditions or substantial deterioration of the credit standing of the Borrower, the Bank may, by giving notice to the Borrower, reduce the agreed credit (limit) amount as set forth in Article 1 or temporarily suspend issuance of credit even during the credit period. In such case, the Borrower shall immediately repay any excess amount arising from the reduced credit limit. 6.1.1 The term, “rapid change in national economy or financial market conditions,” shall mean any of the following events: (i) the credit rating of Korea or the Bank is downgraded by two or more levels and the Bank’s financing is expected to face a material risk caused by factors such as a drastic increase in financing costs represented by interest rates; (ii) Korea seeks emergency funds from an international organization due to causes such as foreign currency crisis; (iii) the Bank seeks a liquidity adjustment loan from the Bank of Korea due to causes such as insufficient reserves; or (iv) any other radical change has occurred to the national economy or financial market conditions. 6.1.2 The term, “substantial degradation of the credit standing of the Borrower,” shall mean any of the following events: (i) the credit rating of the Borrower is markedly downgraded (by two or more levels, etc.) (ii) it is difficult to conduct credit transactions in a normal manner as a result of change in major shareholder(s) or business management; (iii) the external auditor provides a negative opinion or rejects to provide its opinion; (iv) trustful broadcasting media, including major daily newspapers, TV, etc., make a report, which may result in substantial degradation of the credit standing of the Borrower, and such report is confirmed; (v) an investigation, which may greatly affect the credit standing of the Borrower, or a litigation, which may significantly affect the business of the Borrower, is commenced; and (vi) the credit is accelerated pursuant to Article 7 of the General Terms and Conditions (for corporation). (vii) any events conforming to the above cases have occurred. 6.2 If any of the events set forth in Article 6.1 above is cured and credit transactions may be conducted in a normal manner, the Bank shall immediately cancel the reduction or suspension, as the case may...
View SourceView Similar (2)
Reduction or suspension. 1. In the case of revolving credit facility and loans extended in installments, if the credit transactions are deemed to have been materially affected in an adverse in an adverse manner by repaid change in national economy or financial market conditions or substantial deterioration of the credit standing of the Borrower, the Bank may, by giving notice to the Borrower, reduce the agreed credit(limit)amount as set forth in Article 1 or temporarily suspend extension of credit even during the credit period . In such case, the Borrower shall immediately repay any amount in excess of the reduced credit limit. 2. If any of the event set forth in paragraph 1 above is cured and credit transactions may be conducted in a normal manner, the Bank shall immediately cancel the reduction of credit (limit)amount or suspension of credit extension(as the case may be)
View Source

Related to Reduction or suspension

  • TERMINATION OR SUSPENSION § 9.1 If the Owner fails to make payments to the Architect in accordance with this Agreement, such failure shall be considered substantial nonperformance and cause for termination or, at the Architect’s option, cause for suspension of performance of services under this Agreement. If the Architect elects to suspend services, the Architect shall give seven days’ written notice to the Owner before suspending services. In the event of a suspension of services, the Architect shall have no liability to the Owner for delay or damage caused the Owner because of such suspension of services. Before resuming services, the Owner shall pay the Architect all sums due prior to suspension and any expenses incurred in the interruption and resumption of the Architect’s services. The Architect’s fees for the remaining services and the time schedules shall be equitably adjusted. § 9.2 If the Owner suspends the Project, the Architect shall be compensated for services performed prior to notice of such suspension. When the Project is resumed, the Architect shall be compensated for expenses incurred in the interruption and resumption of the Architect’s services. The Architect’s fees for the remaining services and the time schedules shall be equitably adjusted. § 9.3 If the Owner suspends the Project for more than 90 cumulative days for reasons other than the fault of the Architect, the Architect may terminate this Agreement by giving not less than seven days’ written notice. § 9.4 Either party may terminate this Agreement upon not less than seven days’ written notice should the other party fail substantially to perform in accordance with the terms of this Agreement through no fault of the party initiating the termination. § 9.5 The Owner may terminate this Agreement upon not less than seven days’ written notice to the Architect for the Owner’s convenience and without cause. § 9.6 If the Owner terminates this Agreement for its convenience pursuant to Section 9.5, or the Architect terminates this Agreement pursuant to Section 9.3, the Owner shall compensate the Architect for services performed prior to termination, Reimbursable Expenses incurred, and costs attributable to termination, including the costs attributable to the Architect’s termination of consultant agreements. § 9.7 In addition to any amounts paid under Section 9.6, if the Owner terminates this Agreement for its convenience pursuant to Section 9.5, or the Architect terminates this Agreement pursuant to Section 9.3, the Owner shall pay to the Architect the following fees:

  • TEN TERMINATION OR SUSPENSION CONTRACTOR shall be considered in material default of this Agreement and such default will be considered cause for OWNER to terminate this Agreement, in whole or in part, as further set forth in this section, for any of the following reasons: (a) failure to begin work under the Agreement within the times specified under the Notice(s) to Proceed, or (b) failure to properly and timely perform the services to be provided hereunder or as directed by OWNER, or (c) the bankruptcy or insolvency or a general assignment for the benefit of creditors by CONTRACTOR or by any of CONTRACTOR's principals, officers or directors, or (d) failure to obey laws, ordinances, regulations or other codes of conduct, or (e) failure to perform or abide by the terms or spirit of this Agreement, or (f) for any other just cause. The OWNER may so terminate this Agreement, in whole or in part, by giving the CONTRACTOR seven (7) calendar day’s written notice.

  • DISCHARGE OR SUSPENSION The Employer shall not discharge nor suspend any employee with- out just cause, but in respect to discharge or suspension shall give at least one (1) warning notice of a complaint against such employ- ee to the employee, in writing, and a copy of the same to the Union, except that no warning notice need be given to an employee before he/she is discharged if the cause of such discharge is dishonesty, drinking alcoholic beverages or being under the influence of drugs or in illegal possession of drugs during the workday (including meal period) or drunkenness, recklessness resulting in serious acci- dent while on duty, or the carrying of unauthorized passengers while on the job or offenses of equal seriousness. Except for seri- ous accidents, a driver will not be removed from the payroll during an investigation of an accident. The driver can be assigned to non-driving work during this period. Before disciplinary action is taken, a meeting shall be held with the employee and the employee shall have the right to choose a ▇▇▇▇▇▇▇ who is readily available and on the premises. In the case of discharge for any offense other than the above mentioned, including suspension, the disciplinary action will be held in abeyance for two (2) weeks to give the Local Union the opportunity to intervene prior to the action being taken. The warning notice, suspension or discharge as herein provided shall not remain in effect for a period of more than nine (9) months from the date of said warning notice, suspension or discharge. Any disciplinary action will list the violation(s) and be by proper written notice to the employee and the Union affected. Disci- plinary letters must be issued by the Company within ten (10) working days after the incident. Any employee may request an in- vestigation as to his/her discharge or suspension. Should such in- vestigation prove that an injustice has been done an employee, he/ she shall be reinstated. The C.P.A.P.G.C. or the impartial arbitrator shall have the authority to order full, partial or no compensation for time lost. Appeal from discharge or suspension must be taken with- in ten (10) days by written notice and a decision reached within thirty (30) days from the date of suspension or discharge. An em- ployee shall be given a copy of any Company form or document signed by the employee if requested. The Company will not use absenteeism or accidents in conjunction with any other disciplinary action.

  • Service Termination, Cancellation, or Suspension If you wish to cancel the Service, you may contact us as set forth in Section 6 of the General Terms above. Any payment(s) that have begun processing before the requested cancellation date will be processed by us. You agree that we may terminate or suspend your use of the Service at any time and for any reason or no reason. Neither termination, cancellation nor suspension shall affect your liability or obligations under this Agreement.

  • Termination or Suspension Under Federal Law (i) If the Employee is removed and/or permanently prohibited from participating in the conduct of the Company’s affairs by an order issued under Sections 8(e)(iv) or 8(g)(i) of the Federal Deposit Insurance Act (“FDIA”) (12 U.S.C. 1818(e)(4) and (g)(1)), all obligations of the Company under this Agreement shall terminate, as of the effective date of the order, but vested rights of the Employee shall not be affected. (ii) If the Bank is in default (as defined in Section 3(x)(1) of the FDIA), all obligations under this Agreement shall terminate as of the date of default; but the vested rights of the Employee shall not be affected. (iii) All obligations under this Agreement shall terminate, except to the extent it is determined that the continuation of this Agreement is necessary for the continued operation of the Bank; (A) by the OCC or its designee, at the time that the Federal Deposit Insurance Corporation (“FDIC”) enters into an agreement to provide assistance to or on behalf of the Bank under the authority contained in Section 13(c) of FDIA; or (B) by the OCC, or its designee, at the time that the OCC or its designee approves a supervisory merger to resolve problems related to operation of the Bank or when the Bank is determined by the OCC to be in an unsafe or unsound condition. Such action shall not affect any vested rights of the Employee. (iv) If a notice served under Section 8(e)(3) or (g)(1) of the FDIA suspends and/or temporarily prohibits the Employee from participating in the conduct of the Bank’s affairs, the Bank’s obligations under this Agreement shall be suspended as of the date of such service, unless stayed by appropriate proceedings. However, the vested rights of the Employee as of the date of suspension will not be affected. If the charges in the notice are dismissed, the Bank may in its discretion (A) pay the Employee all or part of the compensation withheld while its contract obligations were suspended, and (B) reinstate (in whole or in part) any of its obligations which were suspended.