Liability Reports Clause Samples
The Liability Reports clause establishes the requirement for one or both parties to provide regular or event-driven reports detailing any liabilities incurred under the agreement. Typically, this involves specifying the format, frequency, and content of such reports, such as listing outstanding claims, potential exposures, or indemnification events. By mandating clear and timely communication of liabilities, this clause helps both parties monitor risk, ensure transparency, and address potential issues before they escalate.
Liability Reports. Liability reports will be required on a daily and monthly basis at a minimum. They should provide a summary of the outstanding funds which carry from business day to business day. At a minimum, they must include:
a. Amount of prizes which were awarded, but have not yet been claimed;
b. Detail of prizes for which redemption period expired during this reporting period;
c. Unredeemed Game Play Credits;
d. Expired Game Play Credits; and
e. Daily and cumulative contributions to progressive prize pools which have not yet been awarded.
Liability Reports. MTI will provide to DMC Stratex on a monthly basis a liability report detailing by part number the amount of liability incurred by MTI due to cancellation or delay by DMC Stratex.