Advantage and acceptance Clause Samples
The 'Advantage and acceptance' clause defines the conditions under which a party gains a benefit or right under the contract and how such benefit is formally acknowledged or accepted. Typically, this clause outlines the process by which goods, services, or rights are delivered and the recipient's responsibility to confirm receipt or satisfaction, such as through written acceptance or by not raising objections within a specified period. Its core function is to establish clear criteria for when contractual obligations are considered fulfilled and to prevent disputes over whether a party has properly received or accepted what was promised.
Advantage and acceptance. 10.1 The insured amounts owed by the insurer on account of the insurance will be paid out to the beneficiary or beneficiaries specified in the policy.
10.2 If more than one beneficiary has been designated, higher numbered beneficiaries will only be eligible if all lower numbered beneficiaries are absent, have died or refuse to accept the benefit. Equally numbered beneficiaries are eligible jointly.
10.3 If a beneficiary dies before a payment for which he has been designated becomes due and payable, his right does not pass to his heir or successor in title.
10.4 If two or more beneficiaries are jointly eligible, the insurer shall only be obliged to pay a single amount against joint discharge.
10.5 A beneficiary is unworthy of receiving the benefit if the beneficiary has deliberately or recklessly caused or participated in the risk of death.
10.6 The following definitions shall apply to the beneficial entitlement referred to in the policy:
a. Spouse: The spouse at the time of death;
b. Registered partnership: The registered partner at the time of death;