Beneficiary Acknowledgment Clause Samples
The Beneficiary Acknowledgment clause serves to confirm that the beneficiary has received, reviewed, and accepted the terms, conditions, or benefits outlined in the agreement. In practice, this clause may require the beneficiary to sign or otherwise formally indicate their understanding and acceptance, often as a prerequisite to receiving certain rights or payments. Its core function is to ensure clear evidence of the beneficiary's informed consent, thereby reducing the risk of future disputes regarding their awareness or acceptance of the agreement's provisions.
Beneficiary Acknowledgment. Once received and acknowledged by the Plan Administrator, the beneficiary designation form shall be effective. The Insured may change a beneficiary designation at any time by submitting a new form to the Plan Administrator. Any such change shall follow the same rules as for the original beneficiary designation and shall automatically supersede the existing beneficiary form on file with the Plan Administrator. Upon the acceptance by the Bank of a new beneficiary designation form, all previously filed beneficiary designation forms shall be cancelled. The Bank shall be entitled to rely on the last beneficiary designation form filed by the Insured and accepted by the Bank prior to the Insured’s death.
Beneficiary Acknowledgment. (a) Each of Ginkgo and Amyris acknowledge that, except as set forth in Section 3 below, Escrow Agent has no obligations hereunder with respect to the sufficiency or functionality of the Escrowed Materials for any purpose.