The arrestees, using their knowledge of the controls surrounding construction contract procurement and payment and the weaknesses and enforcement of these controls, were able to falsify source documentation, effectively override invoice and payment controls, and facilitate overpayments to the contractor for their own personal monetary gain.
In one deal, O'Shea allegedly got 1% of the contract revenue as a kickback payment.
He had received a sizable contract from the military (payment guaranteed) and was looking to get financing to fulfill on the purchase order.
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"The payment arrangements underlying this contract were complex and at times circuitous but ABC has found no clear evidence that these copies should be regarded as not compliant, " the organization said.
"The payment arrangements underlying this contract were complex and at times circuitous but ABC has found no clear evidence that these copies should be regarded as not compliant, " the organization said in a statement.
Debt-relief companies also can't charge a consumer until there's a written contract in hand and at least one payment has been made to a creditor.
The air force base did not have to provide any upfront payment on the ten-year contract, and will only make a fixed rate once energy production starts.
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In return, under a voluntary contract, the farmer would receive a small annual payment or wage.
The Severance Payment : If an employee is already entitled to receive a severance payment, whether pursuant to an employment contract or company policy, there is no need to sign a severance agreement to get that money.
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Warning: The most diligent hackers can still nab the data as it moves from the retailer to the payment processor, so stipulate in the contract that the processor must cover any losses or fines that occur if there's a breach in the system, says Litan.
Instead, like buying a house with a small down payment, you pay a fraction of the contract's value yourself and borrow the rest.
What those who hire consultants generally say: defining specific goals ahead of time and tying payment to them often works out to a contract that pays off.
Swaps are privately negotiated trades between two parties to exchange cash flows on specified payment dates during the agreed-upon life of the contract.
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Your statement of work or contract for any business engagement should define the deliverable for each party, the payment terms, and what the contingency plan is if something were to go wrong.
Residential properties will now face a stiffer down-payment requirement and taxes on resale (such as 15% on the contract price for a quick flip).
With this sort of contract, the owner of a big, highly appreciated stock position gets an upfront payment from an investment firm--typically for 75% to 85% of the value of his shares--in exchange for agreeing to deliver a variable number of shares or cash in the future, with the exact amount dependent on how the stock performs.
Also included is a new Department of Defense (DOD) General Provision that would authorize the Secretary of the Navy to receive and retain payment in-kind for the settlement of the longstanding A-12 aircraft contract litigation.
Mr Volcker stressed that the identification of a particular company's contract did not necessarily mean that company "made, authorised or even knew about the illicit payment".
The phased-payment plans in the Caribbean typically required a buyer to pay a deposit upon signing a contract.
However, agencies are asking supply teachers to sign a contract - known as a Swedish Derogation - to waive this right in exchange for continuous employment or a minimum payment if work is not available.
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