Advance Payment Clause In Service Agreement
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(3) declare or distribute dividends other than dividends paid in shares of the company or make another distribution on the basis of shares of their share capital or otherwise acquire, repurchase or acquire any of its shares, unless necessary in the reduction funds or withdrawal agreements notified to the administrative body subject to the implementation of these rules of payment; Alternative V (May 2001). If the requirement for a special account is removed in accordance with point 32.409-3 (e) or (g), add the following clause instead of the basic clause. 6. The contractor`s assets are not subject to any pledge or any charge of any kind, except for current taxes that are not due, and unless this is included in the accounts to be submitted by the holder. There is no current assignment of receivables under a contract that is affected by these advance provisions. (8) to pay directors, executives or key employees compensation in any form that exceeds the rates provided for by existing agreements, which have been informed by the administration; accumulate excessive remuneration without first obtaining an agreement that it submits to all of the government`s claims; or employing someone with a rate of pay of more than one year; 2. Interest expenses resulting from the monthly calculation are deducted from payments, with the exception of advances, due to the holder. If the accrued interest rate exceeds the payment due, any interest surpluses are deferred and deducted from the additional payments. The interest presented is not remunerated. Interest on advances is waived after a satisfactory conclusion or termination of the contract for the convenience of the government. The contractor collects interest on advances paid to subcontractors in the manner described above and allocates interest to the government. Interest should not be deducted from advances made to non-profit teaching or research subcontractors for experimental, development or research work. (ii) Proceeds from the sale or withholding credits are used to reduce outstanding advances.
4. No provision in this clause is contrary to the authority under which the contractor operates or to the provision of a withdrawal or agreement of the holder. This article was written for Law-Now, CMS Cameron McKennas free online information service. To register for Law-Now, please see www.law-now.com/law-now/mondaq (g) financial institution agreement. Before making a down payment under this contract, the contractor sends to the management authority, in the form prescribed by the administration, an agreement of the financial institution in which the special account is opened and clearly indicates the specific nature of the account and the responsibilities of the financial institution under the account.