Default in appointment Clause Samples
The 'Default in appointment' clause defines the consequences and procedures that apply if a party fails to fulfill its obligations regarding the appointment of a person or entity, such as a trustee, agent, or arbitrator, as required by the agreement. Typically, this clause outlines what happens if a party does not make an appointment within a specified timeframe, often allowing the other party or a designated authority to make the appointment instead. This mechanism ensures that the process does not stall due to inaction or delay, thereby maintaining the smooth operation of the agreement and preventing deadlock situations.
Default in appointment. All acts done by any meeting of the Committee Members or of a sub-committee of the Executive Committee shall, notwithstanding that it be afterwards discovered that there was some defect in the appointment of such Committee Member, be as valid as if such person had been duly appointed.