COMMON UNDERSTANDING definition
COMMON UNDERSTANDING. The Companies and the Reinsurer hereby acknowledge and agree that this Agreement has been negotiated and entered into in good faith and at arms length. The Companies and the Reinsurer hereby acknowledge and agree that the terms and conditions of this Agreement are fair and reasonable under the circumstances.
Examples of COMMON UNDERSTANDING in a sentence
AIB, AT&T, EDIFY, BISYS, AND CHECKFREE MUST REACH A COMMON UNDERSTANDING OF SECURITY REQUIREMENTS AND THE STEPS NECESSARY TO MAXIMIZE THE SECURITY OF THE SERVICE AND BANK SYSTEMS.