Major Claim definition

Major Claim means a claim for which the loss is estimated at any time to exceed AU$5 million, or that relates to a CAT event as defined by the Insurance Council of Australia, or that is reasonably complex or contentious.

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Major Claim means any Relevant Claim or a claim for a breach of Clause 6.4(a) which exceeds $6,000,000 (six million dollars);

Major Claim means (a) with respect to Seller, (i) any Excluded Liabilities or (ii) any breach of Seller's representations in Section 4.1 (except the last sentence thereof), 4.2 (except the first sentence thereof), 4.3 and 4.11, and (b) with respect to Buyer, (i) any Assumed Liabilities, (ii) any breach of Buyer's representations in Sections 5.1 or 5.2 (except for the first sentence thereof) or (iii) any breach of (x) Buyer's obligation to pay the Purchase Price in accordance with the provisions of this Agreement and the Note. Except as otherwise set forth in Section 5.4 of the License Agreement, no party will be entitled to recover for Losses in excess of the Purchase Price for all claims arising out of this Agreement, the Ancillary Agreements and the transactions contemplated hereby and thereby, including Major Claims. Excluding claims arising under the License Agreement, no party may initiate any claim for indemnification pursuant to this Section 13 after the fourteen-month anniversary of the Closing Date.

Examples of Major Claim in a sentence

However, if three (3) weeks after the notice of Claim has been received by the non-claimant, Contractor’s and Owner Parties’ project managers believe the Preliminary Claim will not be resolved, the Claim shall be submitted to the Major Claim (defined below) process.
If the breach is not capable of remedy or, if capable of remedy, is not remedied to the satisfaction of the Non Defaulting Party acting reasonably prior to the Completion Date, then the Non Defaulting Party may by notice to the Defaulting Party elect to proceed to Completion or, if the breach would result in a valid Major Claim, terminate this Agreement.
If the parents cannot settle the matter through the mediation process within such 90-day period, either parent may submit such Major Claim to the exclusive jurisdiction of the Selected Courts, which shall adjudicate the Major Claim on a de novo basis.
However, if three (3) weeks after the notice of Claim has been received by the non-claimant, Design-Builder’s and Owner Parties’ project managers believe the Preliminary Claim will not be resolved, the Claim shall be submitted to the Major Claim (defined below) process.
Notwithstanding any other provision hereof, with respect to any Major Claim, Parent may, by written notice to the Stockholder Representative, elect to assume and direct the defense of such Major Claim and to employ counsel of its own choosing to defend any such Major Claim or demand asserted against the Indemnitee (it being understood that Parent shall control such defense in such circumstances).
The mediation shall be conducted in accordance with rules and procedures determined by the Wise Counselor, which shall be designated to facilitate resolution of the Major Claim by a consensus of the parents.
Except as otherwise set forth in Section 5.4 of the License Agreement, no party's aggregate liability (for indemnification or otherwise) arising out of this Agreement, the Ancillary Agreements and the transactions contemplated hereby and thereby shall exceed $1.5 million, provided that this limitation shall not apply in the case of any Major Claim.
If Parent elects to assume and direct the defense of any Major Claim, then, irrespective of any other provision hereof, Parent shall not be entitled to indemnification for 50% of its defense costs and expenses incurred in connection with such Major Claim (e.g., attorneys’, other professional’s and expert’s fees), which unindemnifiable costs and expenses shall be borne by Parent.

More Definitions of Major Claim

Major Claim means any claim or claims against the Borrower or SAVVIS, Inc. in respect of which the aggregate amount sought against the Borrower or SAVVIS, Inc. and/or any and all insurers (before adjustment for any relevant franchise or deductible) exceeds £250,000.00.

Major Claim means any Relevant Claim or a claim for a breach of Clause

Major Claim means (a) a Claim or a series of related Claims ----------- for monetary damages in excess of $100,000,000, or (b) a Claim or a series of related Claims in which the relief sought consists wholly or partly of injunctive relief, and the injunctive relief sought, if granted, would have a value (when added to the monetary damages sought, if any), in excess of $100,000,000.

Major Claim means a claim or suit by a third party against a Parent Indemnitee in which such third party (i) seeks monetary damages in excess of the amount remaining in the applicable Escrow Account less the sum of the amount subject to any other claims outstanding with respect to such Escrow Account (such lesser amount the “Available Escrow Account”), (ii) seeks unspecified damages that Parent reasonably believes are likely to exceed the applicable Available Escrow Account, or (iii) seeks non-monetary relief other than relief that is immaterial to Parent, the Company and their Subsidiaries, taken as a whole including without limitation by virtue of its impact on their condition (financial or otherwise), properties, assets (including intangible assets), business, operations or results of operations; provided, however, that in the case of a Tax claim or audit the amount of monetary damages sought shall be deemed to be a claim for monetary damages of $1,000 until such time as the relevant taxing authority provides a written claim for a specified amount of underpayment and thereafter will be the amount specified plus any applicable interest to such date.