Default Selection Sample Clauses
The Default Selection clause establishes a predetermined choice or outcome that applies if the parties fail to make an explicit selection or decision within a contract. In practice, this means that if a party does not specify a particular option—such as a governing law, delivery method, or payment term—the contract will automatically apply the default option outlined in this clause. This mechanism ensures continuity and clarity in contractual obligations by preventing ambiguity or disputes that could arise from indecision or oversight.
Default Selection. Where no selection is made, the Account or sub Account, you will have deemed your sub Account “any one to sign”.
Default Selection. In the event that either party shall fail to choose an arbitrator within four weeks following a request by Donegal Mutual or Southern Mutual for arbitration, the requesting party shall choose two arbitrators who shall choose the umpire.
Default Selection. In the cases stipulated in Articles 6.2 and 6.3, if the Participant does not notify the Administrator of his withdrawal option in accordance with paragraph 6.6.1, the Administrator must, upon expiry of the period stipulated in Articles 6.2 and 6.3, issue a certificate in the name of the Participant or his legal heirs in the case of Article 6.3, representing the number of whole Shares held by the Administrator on behalf of the Participant. The value of any fraction of Shares held by the Administrator on behalf of the Participant is determined based on the closing price on the Toronto Stock Exchange on the date the Share certificate is issued, and is paid by cheque.
Default Selection. In the absence of any designation, a Participant will be deemed to have directed the investment of his cash accounts in the Interest Fund.