Notice of Potential Liability Sample Clauses

Notice of Potential Liability. Each Party shall notify the other in writing as soon as reasonably possible following any event, including the receipt of any notice, warning, citation, finding, report or service of process or the occurrence of any release, spill, upset or discharge of hazardous wastes or substances, related to a Product Development Program that could reasonably be expected to give rise to liability on the part of the other Party under any law, rule or regulation prescribed by a public authority or otherwise which could reasonably be expected to have a material adverse effect on the Party's business or financial condition.

Notice of Potential Liability. A Notice of Potential Liability is a legal instrument that is lodged against the title of a property, not the individual owning the property, which prevents an owner from selling the property unless there is a clear title. The notice is registered for a period of 3 years, or until satisfied, and states that there are unpaid costs in relation to the property as per the burdens within the Deed of Conditions. A Notice of Potential Liability is a transferrable burden. This means if a property is sold, without the Notice being cleared, the burden passes to the new owner who becomes liable. If the debt remains outstanding, the Notice will be re-registered after the 3 years has lapsed and will continue to be re-registered until the debt is satisfied. There are administrative costs associated with the registration, re-registration and discharge of a Notice of Potential Liability, all are recoverable from the owner. We have a duty under the title deeds and the Tenements (Scotland) Act 2004 to act in the best interests of co-proprietors’ in the event of a sale or repossession, therefore, we will register this notice in the following circumstances: • non-payment • court actions • insufficient level of payments on the account, and / or • in the event of a death of the registered owner All costs incurred in the registration process of this notice and the discharge will be payable by the relevant client.

Notice of Potential Liability. Promptly after receipt by a party entitled to indemnification hereunder (the "Indemnified Party") of notice of any demand, claim or circumstances which, with or without the lapse of time, would give rise to a claim or the commencement (or threatened commencement) of any action, proceeding or investigation that may result in indemnifiable Losses, the Indemnified Party shall give notice of the potential liability to the party required to provide indemnification with respect to such indemnifiable Losses ("Indemnifying Party"). The notice shall (i) describe the potential liability in reasonable detail, (ii) indicate the amount (estimated, if necessary) of the Losses that have been or may be suffered by the Indemnified Party and (iii) include a statement as to the basis for the indemnification sought. Failure to provide notice in a timely manner shall not be deemed a waiver of the Indemnified Party's right to indemnification other than to the extent that such failure prejudices the defense of the claim by the Indemnifying Party.