Uninsurable Risks Becoming Insurable Clause Samples
Uninsurable Risks Becoming Insurable. Where a risk that was previously an Uninsurable Risk ceases to be so and either party becomes aware or is informed by the other party that this is the case, the party responsible for obtaining the insurance under Schedule 5 [Insurance Requirements], will forthwith take out, maintain and pay for or cause to be taken out, maintained and paid for insurance in accordance with the requirements of this Agreement in respect of the risk, and in any case:
(a) Sections 6.14, 6.15, 6.16 and 6.18 will no longer apply to the risk so long as it is not an Uninsurable Risk; and
(b) the Service Payments will be adjusted pursuant to Section 10.3 (Adjustments to Service Payments) by agreement of the parties acting reasonably or, failing such agreement, by the Dispute Resolution Procedure, from the date upon which the Uninsurable Risk became insurable, to reflect any increase in Project Co’s insurance cost as a result of having to insure the risk that ceased to be an Uninsurable Risk.
Uninsurable Risks Becoming Insurable. Where a risk that was previously an Uninsurable Risk ceases to be so and either party becomes aware or is informed by the other party that this is the case, the party responsible for obtaining the insurance under Schedule 5 [Insurance Requirements], will forthwith take out, maintain and pay for or cause to be taken out, maintained and paid for insurance in accordance with the requirements of this Agreement in respect of the risk, and in any case:
(a) Sections 6.14 [Risks Becoming Uninsurable], 6.15 [Consequences of Risks Becoming Uninsurable], 6.16 [Third Party Liability Insurance as Uninsurable Risk] and 6.18 [Continuing Attempts to Insure Uninsurable Risk] will no longer apply to the risk so long as it is not an Uninsurable Risk; and
(b) the Service Payments will be adjusted pursuant to Section 10.3 [Adjustments to Service Payments] by agreement of the parties acting reasonably or, failing such agreement, by the Dispute Resolution Procedure, from the date upon which the Uninsurable Risk became insurable, to reflect any increase in Project Co’s insurance cost as a result of having to insure the risk that ceased to be an Uninsurable Risk.
Uninsurable Risks Becoming Insurable. Where a risk that was previously an Uninsurable Risk ceases to be so and either party becomes aware or is informed by the other party that this is the case, the party responsible for obtaining the insurance under Schedule 5 [Insurance Requirements], will forthwith take out, maintain and pay for or cause to be taken out, maintained and paid for insurance in accordance with the requirements of this Agreement in respect of the risk, and in any case:
(a) Sections 6.14 [Risks Becoming Uninsurable], 6.15 [Consequences of Risks Becoming Uninsurable], 6.16 [Third Party Liability Insurance as Uninsurable Risk] and 6.18 [Continuing Attempts to Insure Uninsurable Risk] will no longer apply to the risk so long as it is not an Uninsurable Risk; and
(b) the Service Payments will be adjusted pursuant to Section 10.3 [Adjustments to Service Payments] by agreement of the parties acting reasonably or, failing such agreement, by the Dispute Resolution Procedure, from the date upon which the Uninsurable Risk became insurable, to reflect any increase in Project Co’s insurance cost as a result of having to insure the risk that ceased to be an Uninsurable Risk.