Alternate Risk Financing Measures Sample Clauses
The Alternate Risk Financing Measures clause defines the methods by which parties may manage or transfer risk outside of traditional insurance arrangements. This can include mechanisms such as self-insurance, captive insurance companies, risk retention groups, or other financial instruments designed to cover potential losses. By outlining acceptable alternative risk financing options, the clause provides flexibility for parties to meet contractual risk requirements in ways that best suit their operational or financial circumstances, ultimately ensuring that risk is adequately addressed even if standard insurance is not used.
Alternate Risk Financing Measures. From time to time during the Term, the Province may, but will not be obliged to, pursue and implement, subject to and in accordance with the provisions of Part 7 [Province Changes and Project Co Proposals] and Schedule 11 [Changes], alternate risk financing measures for the Project if the Province considers in its discretion that such alternate measures would result in coverage substantially similar to the insurance coverages described in Schedule 15 [Insurance Requirements] being obtained in a more cost efficient manner.