Common use of Late Payments Clause in Contracts

Late Payments. A. The provisions of this Article shall not be implemented unless specifically invoked, in writing, by one of the parties to this Contract or, in the event the Assumption of Liability Endorsement is triggered, by the Insured. However, any Subscribing Reinsurer that has its share terminated in accordance with the provisions of the Special Termination Article shall not be allowed to implement the provisions of this Article against the Company or, in the event the Assumption of Liability Endorsement is triggered, the Insured.

Late Payments. A. The provisions of this Article shall not be implemented unless specifically invoked, in writing, by one of the parties to this Contract or, in the event the Assumption of Liability Endorsement is triggered, by the Insured. However, any Subscribing Reinsurer that has its share terminated in accordance with the provisions of the Special Termination Article 3 shall not be allowed to implement the provisions of this Article against the Company or, in the event the Assumption of Liability Endorsement is triggered, the Insured.