Common use of Claims and Payment Clause in Contracts

Claims and Payment. 3.1 Where following the occurrence of a Relevant Event the Admission Body has failed to pay all Scheme Liabilities (in whole or in part) to the Administering Authority within thirty (30) days of receiving a written demand from the Administering Authority the Guarantor shall pay to the Administering Authority such sum or sums (not exceeding in the aggregate the Bond Amount) as the Administering Authority claims in respect of the unpaid Scheme Liabilities.