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.
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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.
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.
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.
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