Faulty Information Clause Samples
The Faulty Information clause defines the responsibilities and consequences when one party provides incorrect, misleading, or incomplete information during the course of an agreement. Typically, this clause outlines the obligation of each party to ensure the accuracy of any information they supply and may specify remedies or liabilities if faulty information leads to losses or contractual issues. Its core function is to allocate risk and encourage transparency, helping to prevent disputes arising from misinformation and ensuring that all parties can rely on the data exchanged.
Faulty Information. Bank shall be liable for any losses, other than consequential damages, proximately caused by its honor of a Check that was not properly payable, or its dishonor of a Check that was properly payable, if the honor or dishonor occurred because Bank:
(a) should have shown the check on an Exception Check Report but failed to do so; or (b) showed the check on an Exception Check Report but referenced the wrong check number, unless Bank provided Company with timely information that disclosed the error.
Faulty Information. Subject to the limitations of liability contained in Article I of the Agreement and provided Customer provides correct information in the Issues Register, Bank shall be liable for losses proximately caused by its honor of a Check that was not properly payable, or its dishonor of a Check that was properly payable, if the honor or dishonor arose exclusively through its own fault and not the fault of or caused by any third person.
Faulty Information. COMPANY shall reimburse AEC for all shipping and other costs incurred with respect to the processing of an order if COMPANY caused information, other than the correct order information (as provided by a customer), to be provided to AEC.
Faulty Information. When using FC Services, you agree to provide Issue Data, disposition instructions and other information or instructions to us in the form and format that we specify. You assume full responsibility for the completeness and accuracy of all information furnished to us. You understand that it is important for the information to be exact (e.g., the correct amount of an item must include both dollars and cents). We are not responsible for detecting or correcting ambiguous, incomplete, untimely or inaccurate information provided by you. Our willingness to process nonconforming information will not be considered a waiver of any requirement of these Terms, and we may discontinue processing nonconforming information without prior notice.
Faulty Information. You agree to provide check information to us in the form, format and manner that we specify. You assume full responsibility for the completeness and accuracy of all information furnished to us. You understand that it is important for the information to be exact (for example, the correct amount of an item must include both dollars and cents). Our willingness to process nonconforming information will not be considered a waiver of any requirement of this Agreement, and we may discontinue processing nonconforming information without prior notice.
Faulty Information. Subject to the terms and conditions of the Cash Management Master Agreement, Bank shall be liable for losses, other than incidental or consequential damages, proximately caused by its honor of a check that was not properly payable, or its dishonor of a check that was properly payable, if the honor or dishonor occurred because Bank, in accordance with the provisions of Section 2 of this Appendix:
(a) should have shown the check on an Exception Check Report but failed to do so; or
(b) showed the check on an Exception Check Report but referenced the wrong check number, unless Bank provided Customer with timely information that disclosed the error.
Faulty Information. Bank shall be liable for any actual losses, other than consequential damages, approximately caused by its honor of a check that was not properly payable or its dishonor of a check that was properly payable if the honor or dishonor occurred because Bank, in accordance with the provisions of this Agreement:
1. Should have shown the check as an Exception Check but failed to do so; or
2. Showed the check on an Exception Check Report but referenced the wrong check number unless Bank provided Customer with timely correct information, or unless Customer had actual knowledge of the error. In no event shall Bank be liable for any incidental, consequential, special, punitive, or indirect loss or damage which Customer may incur or suffer in connection with this Agreement including without limitation loss or damage from subsequent wrongful dishonor resulting from Bank’s acts or omissions pursuant to this Agreement. Without limiting the generality of the foregoing provisions, Bank shall be excused from failing to act or delay in acting if such failure or delay is caused by legal constraint, interruption of transmission or communication facilities, equipment failure, war, emergency conditions or other circumstances beyond Bank’s control. Subject to the foregoing limitations, Bank’s liability shall be limited to the extent that Customer has incurred a direct loss. Bank’s liability for loss of interest shall be calculated by the average Federal Funds rate at the Federal Reserve Bank of New York for the period involved. To the extent Customer suffers a loss under the Agreement, Bank assigns to Customer any claim Bank would have against a depositary or collecting bank to recover the loss, including any claim of breach of warranty under Sections 4‐207, 4‐208, and 4‐209.
Faulty Information. The Bank shall not be liable for any losses, other than consequential damages, proximately caused by its honor of a check that was not properly payable, or its dishonor of a check that was properly payable, if the honor or dishonor occurred because the Bank acts, in accordance with the provisions of Section 2.1, 2.4, 2.5, 2.6, and 2.7 of this Positive Pay Agreement:
a. If the Bank honors a Check Exception in accordance with Section 2.1, 2.4, 2.5, and 2.6, such honor shall be rightful, and the Customer waives any right it may have to assert that the Check Exception was not properly payable under U.C.C. section 4-401;
b. If the Bank should have shown the check as a Check Exception but failed to do so; or,
c. If the Bank showed the check as a Check Exception but referenced the wrong check number, unless the Bank provided the Customer with timely information that disclosed the error.