Consequence of Lapse Sample Clauses
The "Consequence of Lapse" clause defines what happens when a contract, offer, or right expires without being exercised or renewed. Typically, this clause outlines the specific outcomes, such as the loss of certain rights, the return of deposits, or the cessation of obligations between the parties. Its core practical function is to provide clarity and certainty about the status and effects of a lapsed agreement, thereby preventing disputes or misunderstandings about the parties' responsibilities after the lapse.
Consequence of Lapse. If required insurance lapses during the Term, the JBE is not required to process invoices after such lapse until Contractor provides evidence of reinstatement that is effective as of the lapse date.
Consequence of Lapse. If required insurance lapses during the Term, the Court is not required to process invoices after such lapse until Contractor provides evidence of reinstatement that is effective as of the lapse date.
Consequence of Lapse. Should any required insurance not be procured or lapse during the term of this Agreement, requests for payment originating after such lapse will not be processed until the District receives satisfactory evidence of reinstated coverage as required by the Agreement. If insurance is not reinstated, the District, may, at its sole option, terminate this Agreement effective on the date of such lapse of insurance.
Consequence of Lapse. If required insurance lapses during the Term, the Judicial Council is not required to process invoices after such lapse until Title Company provides evidence of reinstatement that is effective as of the lapse date.
Consequence of Lapse. If required insurance lapses during the Term, the JCC is not required to process invoices after such lapse until Contractor provides evidence of reinstatement that is effective as of the lapse date.