ERROR AND OMISSION Clause Samples

The Error and Omission clause defines how mistakes or oversights in a contract or related documents are addressed. Typically, this clause allows for the correction of clerical errors, typographical mistakes, or unintentional omissions without invalidating the entire agreement. For example, if a figure is misprinted or a minor detail is left out, the parties can amend the contract to reflect the intended terms. The core function of this clause is to ensure that minor errors do not undermine the validity or enforceability of the contract, thereby promoting fairness and clarity in contractual relationships.
POPULAR SAMPLE Copied 4 times
ERROR AND OMISSION. Any unintentional or accidental failure of the Ceding Company or the Reinsurer to comply with the terms of this Agreement which can be shown to be the result of an oversight, misunderstanding or clerical error, will not be deemed a breach of this Agreement. Upon discovery, the error will be corrected so that both parties are restored to the position they would have occupied had the oversight, misunderstanding or clerical error not occurred. Should it not be possible to restore both parties to such a position, the Ceding Company and the Reinsurer shall negotiate in good faith to equitably apportion any resulting liabilities and expenses. This provision applies only to oversights, misunderstandings or clerical errors relating to the administration of reinsurance covered by this Agreement. This provision does not apply to the administration of the insurance provided by the Ceding Company to its insured or any other errors or omissions committed by the Ceding Company with regard to the policy reinsured hereunder.
View SourceView Similar (7)
ERROR AND OMISSION. Any unintentional or accidental failure of the Ceding Company or the Reinsurer to comply with the terms of this Agreement which can be shown to be the result of an oversight, misunderstanding or clerical error, will not be deemed a breach of this Agreement. Upon discovery, the error will be corrected so that both parties are restored to the position they would have occupied had the oversight, misunderstanding or clerical error not occurred, except that no payment shall be made with respect to interest or other amounts that might have been earned through employment of any funds that would have been available if the oversight, misunderstanding or clerical error had not occurred. Should it not be possible to restore both parties to such a position, the Ceding Company and the Reinsurer shall negotiate in good faith to equitably apportion any resulting liabilities and expenses. This provision applies only to oversights, misunderstandings or clerical errors relating to the administration of reinsurance covered by this Agreement. This provision does not apply to the administration of the insurance provided by the Ceding Company to its insured or any other errors or omissions committed by the Ceding Company with regard to the policy reinsured hereunder.
View SourceView Similar (2)
ERROR AND OMISSION. The vendor shall not be allowed to take advantage of any error or omission in these specifications. The vendor is required to review these specifications carefully and notify the City of Dallas Purchasing Department.
View SourceView Similar (2)
ERROR AND OMISSION. 10 18. INSOLVENCY ............................................................................................ 10 19. ARBITRATION ........................................................................................... 11 a. GENERAL ...................................................................................... 11 b. NOTICE ....................................................................................... 11 c. PROCEDURE .................................................................................... 11 20. OFFSET ................................................................................................ 12 21. GOOD FAITH: FINANCIAL SOLVENCY ........................................................................ 12
View SourceView Similar (2)

Related to ERROR AND OMISSION

  • Errors and Omissions All reports, files and other documents prepared and submitted by Contractor shall be complete and shall be carefully checked by the professional(s) identified by Contractor as project manager and key personnel attached hereto, prior to submission to the County. Contractor agrees that County review is discretionary and Contractor shall not assume that the County will discover errors and/or omissions. If the County discovers any errors or omissions prior to approving Contractor’s reports, files and other written documents, the reports, files or documents will be returned to Contractor for correction. Should the County or others discover errors or omissions in the reports, files or other written documents submitted by the Contractor after County approval thereof, County approval of Contractor’s reports, files or documents shall not be used as a defense by Contractor in any action between the County and Contractor, and the reports, files or documents will be returned to Contractor for correction.

  • Acts and Omissions Employees of or Subcontractors to the Contractor shall perform the Work required by this Contract. The Contractor is responsible to the Owner for acts and omissions of the Contractor's employees, Subcontractors and their agents and employees, and other persons.

  • Technology Errors and Omissions The Contractor shall maintain during the term of the Contract Technology Errors and Omissions Insurance for claims for damages arising from computer related services including, but not limited to, the following: consulting, data processing, programming, system integration, software development, installation, distribution or maintenance, systems analysis or design, training, staffing or other support services, any electronic equipment, computer software developed, manufactured, distributed, licensed, marketed or sold. If the policy is written on a claims made basis, Contractor must provide to OGS proof that the policy provides the option to purchase an Extended Reporting Period (“tail coverage”) providing coverage for no less than one (1) year after work is completed in the event that coverage is cancelled or not renewed. This requirement applies to both primary and excess liability policies, as applicable.

  • Professional Liability (Errors and Omissions) For consultant contracts, insurance appropriate to Consultant’s profession, with limit no less than $1,000,000 per occurrence or claim, $2,000,000 aggregate.

  • CONTRACTOR BREACH, ERRORS AND OMISSIONS Any breach of the terms of this contract, or material errors and omissions in the work product of the contractor must be corrected by the contractor at no cost to the State, and a contractor may be liable for the State's costs and other damages resulting from errors or deficiencies in its performance.