Compensating Party definition
Examples of Compensating Party in a sentence
If and to the extent that such indemnification or the indemnification from the total amount of the Common Liability Reserves does not cover full indemnification, the Compensating Party shall be entitled to seek the remaining indemnification from the other Parties in accordance with their share of the Project budget, limited however to the amount received by such Party from the Commission, including the amount withheld for the Common Liability Reserve.
The Compensating Party benefiting from the Common Liability Reserve in accordance with this Section shall assign its claim against the Defaulting Party to the other Parties.
In such case the Compensating Party shall be entitled to seek the indemnification provided for in Art.
If and to the extent that the Defaulting Party is obviously not able or willing to fulfill its obligations under Section 8.34.1 the Compensating Party shall be indemnified with money from the Common Liability Reserve.
If the Compensating Party chooses to defend any Third Party Claim hereunder, the Parties shall cooperate in the defence thereof.
Without any admission of liability, (Compensating Party) has paid a sum of S$ which (Owner receiving compensation) hereby acknowledges receipt thereof in full and final settlement of all damages and cost incurred and/or to be incurred as a result of the accident.
Thereafter, the Notified Party shall deliver to the Compensating Party, within 10 Business Days after the Notified Party’s receipt thereof, copies of all notices and documents (including court papers) received by the Notified Party relating to the Third Party Claim.
Should either party (“Compensating Party”) violate or not fully perform any of its undertakings or warranties made under this Agreement or should its undertakings or warranties be untrue, the Compensating Party shall indemnify and hold harmless the other party and its right and obligation successors and representatives (“Compensated Party”), unless exempted by the other party in writing.
The Compensating Party may elect not to exercise, or to waive, at any time the right to be consulted by the Compensated Party and/or (if the Buyer is the Compensated Party) the Company with respect to any particular Third Party Claim and the conduct of the proceedings thereof.
The Compensating Party shall not pay, settle, compromise or discharge such Third Party Claim without the other Party’s prior written consent, which shall not be unreasonably withheld or delayed, unless such settlement consists solely of monetary damages paid by the Compensating Party.