Acknowledgement and limitations Sample Clauses
The 'Acknowledgement and limitations' clause serves to formally recognize certain facts, risks, or conditions relevant to the agreement and to set boundaries on the parties' rights or obligations. Typically, this clause may require one or both parties to acknowledge understanding of specific risks, such as the limitations of a product or service, or to accept that certain warranties or liabilities are excluded. By clearly stating what is and is not covered, the clause helps manage expectations and reduces the likelihood of disputes by ensuring both parties are aware of and agree to the limitations imposed by the contract.
Acknowledgement and limitations. (a) The Recipient acknowledges that the amounts to be paid to the Department under this clause 25 are a genuine pre-estimate of the losses incurred by the Department for the defaults described in this clause 25.
(b) The Department and the Recipient agree that the amount of any repayments payable to the Department by the Recipient under this clause 25 shall not exceed the amount of the Funds paid to the Recipient.
(c) This clause 25 does not limit any other right or remedy of the Department.
Acknowledgement and limitations. The Recipient acknowledges that the amounts to be paid to either or both of the Departments under this clause 24 are a genuine pre-estimate of the losses incurred by the relevant Department(s) for the defaults described in this clause 24. The parties agree that the amount of any repayments payable to the relevant Department(s) by the Recipient under this clause 24 must not exceed the amount of the Funds paid to the Recipient by the relevant Department(s). The Recipient acknowledges that any repayment claim made by either or both of the Departments under this clause 24 will be a debt due and owing by the Recipient to the Departments jointly and severally. This clause 24 does not limit any other rights or remedies of the Departments, both jointly and severally. Any party must comply with this clause 25 in relation to any Dispute before starting court proceedings, except proceedings for urgent interlocutory relief. After a party has sought or obtained any urgent interlocutory relief, that party must follow this clause 25. Any party claiming a Dispute has arisen must give the other parties to the Dispute a Notice of Dispute. Within 10 Business Days’ after a Notice of Dispute is received (or longer period if the parties to the Dispute agree in writing), each party to the Dispute must use all reasonable endeavours to resolve the Dispute through a meeting of their senior officers who have the authority to bind their respective parties. Any Dispute which remains unresolved 20 Business Days’ after the meeting under clause 25(c) (unless such period is extended by agreement of the parties) must be referred to arbitration for resolution in accordance with the ACICA Arbitration Rules. The seat of arbitration will be Sydney, Australia. The language of the arbitration must be English. The number of arbitrators will be three. Each party retains the right to apply to any court of competent jurisdiction (subject to clause 29.14) for provisional, interim and/or conservatory relief, including injunctions, and any such request will not be deemed incompatible with the obligation to arbitrate under this Funding Agreement or a waiver of the obligation or right to arbitrate. Notwithstanding clause 25(e) ,where a Dispute relates solely to: the determination or calculation of a financial amount;