Examples of Reporting Failure in a sentence
If due to a failure on the part of the Seller to comply with the requirements to supply information to the Buyer in the Completion Notice pursuant to Clause 3, the Relevant Authority either: i) refuses to Accept any Measure in a Completion Notice reported by the Buyer, or ii) communicates that rejection is imminent for a Measure in a Completion Notice that was reported by the Buyer (a “Reporting Failure”), then the Buyer shall as soon as reasonable practicable Notify the Seller of the Reporting Failure.
If Project Co identifies the Reporting Error in amendments to the relevant reports before the City identifies the Reporting Error, the Reporting Failure Penalty shall be reduced to 10% of the value of the Reporting Error.
A Reporting Failure Penalty for a Reporting Error shall not exceed $25,000.00 per Reporting Error, unless the Reporting Error relates to fraudulent claims by Project Co.