Set off clause australia
Web17 Nov 2024 · What is set-off? Commercially, set-off is a mechanism used by parties to manage cash flow. It effectively allows for the offset of opposing financial claims to …
Set off clause australia
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Web22 Aug 2016 · The NSW Civil Procedure Act 2005 ( Act ) in section 21 creates a statutory right of set off for mutual debts ("debts" are defined as liquidated claims) but not unliquidated claims. A claim for a breach of warranty is an unliquidated claim. This right can be excluded by contract: see subsection (3). Web2 Aug 2024 · A set-off clause is an optional clause in an employment contract that allows an employer to pay their employees with a higher base pay rate to accommodate for the award entitlements that employee is entitled to receive. In simpler terms, rather than an employer paying their employees the modern award base rate in addition to any award ...
WebSample Clauses. Set-Off. The State may set off any sums which the Party owes the State against any sums due the Party under this Agreement; provided, however, that any set off … Web2 Aug 2024 · In the legal world the term set-off means to put something aside in exchange for something else. So as the name suggests, a set-off clause is essentially the employer …
Web10 Nov 2024 · A set-off clause is a term used in a contract that describes how one party can deduct amounts from a payment that is owing to another party. Set-off clauses ensure … Web11 Sep 2024 · Whenever possible subcontractors should closely scrutinise any set-off clause in a construction contract prior to signing the contract. ... Level 5, Evandale Place, 142 Bundall Road (Corner of Karp Court), Bundall, QLD, Australia; PO Box 6344, Gold Coast Mail Centre, Bundall QLD 9726 +61 07 5574 0111 +61 07 5574 2600; …
WebMy client council awarded a construction contract (gas servicing and heating installations) under JCT Measured Term Contract 2011 Conditions (MCT 2011); no contractual set-off clause included. It now transpires that certain overpayments were made following contractor applications over the first few months of the contract period.
Web5 Jun 2024 · In the employment agreement, the set-off clause stated that the annualised salary was “inclusive of any award provisions/entitlement that may be payable under an … pinellas bail bondsWebSample Clauses. Right of Set-off. Upon (i) the occurrence and during the continuance of any Event of Default and (ii) the making of the request or the granting of the consent specified by Section 6.01 to authorize the Agent to declare the Notes due and payable pursuant to the provisions of Section 6.01, each Lender and each of its Affiliates is ... pinellas bayway southboundWeb18 Sep 2024 · It is common practice for set-off clauses to list a range of specific award obligations in detail, but provide that the salary can also be used to set off any other … pinellas bayway facilityWebset-off clause in the User’s Guide to the 1992 Agreement. It applies if there has been an event of default or a termination event under section 5(b)(v) of the 2002 Agreement. It applies at the option of the non-defaulting party and sets off any early termination amount payable to a party against any other amounts owing by that party to the ... pinellas beaches patchWeb18 Sep 2024 · It is common practice for set-off clauses to list a range of specific award obligations in detail, but provide that the salary can also be used to set off any other payment obligations or entitlements. Sometimes this can be done by listing specific award clauses by number and title. pinellas bayway toll costWebSet offs Part 1. The legitimacy of set offs is a difficult concept. A set off in this context arises when an employer seeks to rely upon an over award payment to offset the employer’s obligations under a modern award or enterprise agreement to pay other award entitlements. A simple example of this in practice to comprehend is where an ... pinellas beach thongsWebSet-off clauses. A note on boilerplate clauses that create or limit contracting parties' rights to set off monetary cross-claims against each other. It also outlines the following non … pinellas beach thongs gandy