ACIC Sample Clauses
The ACIC clause refers to the standard form contract terms developed by the Australian Construction Industry Contract (ACIC) for use in building and construction projects. This clause typically sets out the rights, obligations, and procedures for parties involved in a construction contract, such as payment terms, variations, and dispute resolution mechanisms. By providing a widely recognized and balanced framework, the ACIC clause helps ensure clarity, reduce negotiation time, and allocate risk fairly between parties in construction agreements.
ACIC. Employee shall also serve without compensation as the President of American Compensation Insurance Company ("ACIC"). Employee shall perform such duties and exercise such powers as from time to time may be assigned to him consistent with his position, knowledge and experience, either orally or in writing, by the Board of Directors of ACIC. In his capacity as President of ACIC, Employee shall perform all reasonable acts customarily associated with such position, or necessary or desirable to protect and advance the best interests of ACIC, together with such other reasonable duties as may be determined and assigned to him by the Board of Directors of ACIC. Employee shall perform such acts and carry out such duties, and shall in other respects serve ACIC, faithfully and to the best of his ability.
ACIC. In consideration of the agreements herein contained, State Auto Mutual hereby agrees that there has been or will be assigned and transferred to ACIC an amount, in cash or other assets, equal to the aggregate of all liabilities of State Auto Mutual assumed by ACIC under paragraph 4(n) hereof, less a ceding commission equal to the sum of the acquisition expenses associated with the unearned premium reserves which are transferred as provided herein. There shall be included among the assets assigned and transferred to ACIC by State Auto Mutual all of the right, title and interest of State Auto Mutual in and to all assets relative to the underwriting operations of State Auto Mutual, due or that may become due, as evidenced by its books and records at the close of business on December 31, 2010, not including investments, accrued investment income, intercompany balances and bank deposits.
ACIC. ACIC hereby reinsures and assumes and State Auto Mutual hereby cedes and transfers to ACIC its Respective Percentage of all Net Liabilities as of January 1, 2011 and all Net Liabilities under all contracts and policies of insurance, (including those ceded by ACIC and reinsured by State Auto Mutual as provided in paragraph 2(n)), on which State Auto Mutual is subject to liability and which are outstanding and in force on or after the effective date hereof. Such liabilities shall include reserves for unearned premiums, outstanding losses (including unreported losses) and loss expenses and all other underwriting and administrative expenses, but shall not include intercompany balances, liabilities for federal income taxes, liabilities incurred in connection with investment transactions, liabilities for dividends to stockholders declared and unpaid, and other liabilities not incurred in connection with underwriting operations.
ACIC. In consideration of the agreements herein contained, ACIC hereby agrees that there has been or will be assigned and transferred to State Auto Mutual an amount, in cash or other assets, equal to the aggregate of all liabilities of ACIC assumed by State Auto Mutual under paragraph 2(n) hereof, less a ceding commission equal to the sum of the acquisition expenses associated with the unearned premium reserves which are transferred as provided herein. There shall be included among the assets assigned and transferred to State Auto Mutual by ACIC all of the right, title and interest of ACIC in and to all assets relative to the underwriting operations of ACIC due or that may become due as evidenced by its books and records at the close of business on December 31, 2010, not including investments, accrued investment income, intercompany balances and bank deposits.