Common use of Compromise Payment Clause in Contracts

Compromise Payment. Any compromise settlement shall be indemnified only if approved: (a) by a majority of the disinterested Trustees not a party to the proceeding; or (b) by a written opinion of an independent legal counsel. If payment has been made pursuant to (a) or (b) and the recipient is subsequently found to have engaged in bad faith, wilful misfeasance, gross negligence or reckless disregard of duty, the Trust may recover such payment.

Compromise Payment. Any compromise settlement shall be indemnified only if approved: (a) by a majority of the disinterested Trustees not a party to the proceeding; or (b) by a written opinion of an independent legal counsel. If payment has been made pursuant to (a) or (b) and the recipient is subsequently found to have engaged in bad faith, wilful willful misfeasance, gross negligence or reckless disregard of duty, the Trust may recover such payment.

Compromise Payment. Any compromise settlement shall be indemnified only if approved: ; (a) by a majority of the disinterested Trustees not a party to the proceeding; or (b) by a written opinion of an independent legal counsel. If payment has been made pursuant to (a) or (b) and the recipient is subsequently found to have engaged in bad faith, wilful willful misfeasance, gross negligence or reckless disregard of duty, the Trust may recover such payment.