Common Liability Reserve Sample Clauses

Common Liability Reserve. The Co-ordinator shall receive all payments made by the European Commission. The Co-ordinator shall withhold five xxxxxx cent (5 %) of all advance payments made by the Commission as a Common Liability Reserve to cover the financial liabilities in accordance with Contract Annex II. The reserve shall be released in part or as a whole to the Parties by the Trustees in accordance with Section 8.3.2 of the Consortium Agreement when the General Assembly has unanimously decided that there is no further need for precaution with regard to financial risks, or when the European Commission has accepted all deliverables and costs whichever is the earlier. Except for the part of the advance payments withheld for the Common Liability Reserve, the Co-ordinator will transfer, in accordance with the Contract and the budget allocation decided by the General Assembly, the appropriate sums to the respective Parties with minimum delay, but not later than thirty (30) calendar days from the receipt thereof from the European Commission. The Co-ordinator shall notify each Party promptly of the date and amount transferred to its respective bank account, as listed in Annex C, and shall give the relevant references. The . The Co-ordinator undertakes to keep advance payments allocated by the Contract Annex I or by budget allocation in accordance with a decision of the General Assembly to a Joint Budget, in a trust account separated from its normal business accounts and his own assets and property. Such separation shall be made by means of, but not limited to, a notary public deposit or similar deposit provided for in the national laws and regulations of the country where the money is deposited in a trust account which means have been decided upon by the General Assembly. The General Assembly shall designate two Parties, whowhich shall act together with the Co-ordinator as the Trustees. Any disposition regardingabout the Joint Budget shall be made by at least two of the three Trustees together in accordance with this Consortium Agreement and /or any directions given by decision of the General Assembly. Any costs incurred by the deposit of the Joint Budget shall, if not reimbursed as management costs by the Commission, be borne by the Parties in accordance with their Project Share. The Co-ordinator may withhold the deposit costs to be borne by a Party from the advance payment.
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Related to Common Liability Reserve

  • Cap on Liability Notwithstanding anything to the contrary contained in this Agreement or in any Closing Document, the liability of the Sellers for Losses arising pursuant to or in connection with the representations, warranties, indemnifications, covenants or other obligations (whether express or implied) of the Sellers under this Agreement (or in any Closing Document) shall not exceed $50,000,000 in the aggregate under this Agreement and the Other PSAs combined (the “Cap”), however, the Buyer shall not make any claims for Losses in connection with the representations, warranties, indemnifications, covenants or other obligations (whether express or implied) of the Sellers under this Agreement unless such claims exceed $1,000,000 in the aggregate under this Agreement and the Other PSAs combined (the “Basket”) (at which point the Buyer shall be entitled to make a claim for the aggregate amount of Losses and not just amounts in excess of the Basket). Notwithstanding anything to the contrary contained herein, the Basket and Cap limitations set forth herein shall not apply to Losses suffered or incurred as a result of any breaches of the covenants and obligations of the Sellers set forth in Section 9.1, Article X, Article XII, and Section 14.3.

  • Union Liability Nothing in the Agreement or its Supplements relating to health, safety or training rules or regulations shall create or be construed to create any liability or responsibility on behalf of the Union for any injury or accident to any employee or any person or does the Union assume any such liability or responsibility. The Employer will not commence legal action against the Union, on a subrogation theory, contribution theory, or otherwise, as a re- xxxx of the Union’s negotiation of safety standards contained in this Agreement or failure to properly investigate or follow-up Employ- er compliance with those safety standards.

  • Credit Union Liability If we do not properly complete a transaction according to this Agreement, we will be liable for your losses or damages not to exceed the amount of the transaction, except as otherwise provided by law. We will not be liable if: (1) your account contains insufficient funds for the transaction; (2) circumstances beyond our control prevent the transaction; (3) your loss is caused by your or another financial institution's negligence; or (4) your account funds are subject to legal process or other claim. We will not be liable for consequential damages, except liability for wrongful dishonor. We exercise ordinary care if our actions or nonactions are consistent with applicable state law, Federal Reserve regulations and operating letters, clearinghouse rules, and general financial institution practices followed in the area we serve. You grant us the right, in making payments of deposited funds, to rely exclusively on the form of the account and the terms of this Agreement. Any conflict regarding what you and our employees say or write will be resolved by reference to this Agreement.

  • NON-LIABILITY The Developer acknowledges that the City's review and approval of plans for the development of the Property is done in furtherance of the general public health, safety and welfare, and that no specific relationship with, or duty of care to the Developer or third parties associated with the Developer is assumed by such review and approval, or immunity waived, as is more specifically set forth in Government Immunity Act C.R.S. 00-00-000, et seq.

  • Limit on Liability Intel is providing the Materials for free and Your use of them is at Your own risk. Intel will not be liable to You under any legal theory for any losses or damages in connection with the Materials, including consequential damages, even if the possibility of damages was foreseeable or known. If any liability is found, Intel’s total, cumulative liability to You will not exceed $100.00 U.S. for all claims arising from or related to this Agreement. These liability limitations are a fundamental basis of our bargain and Intel would not have entered into this Agreement without them. 7.

  • Excess/Umbrella Liability Excess/umbrella liability insurance may be included to meet minimum requirements. Umbrella coverage must indicate the existing underlying insurance coverage.

  • Pollution Liability Contractors shall provide proof of pollution liability insurance arising out of all operations of the Contractors and subcontractors, due to discharge, dispersal, release, or escape of contaminants or pollutants into or upon land, the atmosphere or any watercourse or body of water with bodily injury and property damage limits of not less than $1,000,000 per occurrence and $2,000,000 annual aggregate for:

  • CREDIT UNION LIABILITY FOR FAILURE TO MAKE TRANSFERS If we do not complete a transfer to or from your account on time or in the correct amount according to our agreement with you, we may be liable for your losses or damages. However, we will not be liable for direct or consequential damages in the following events: - If, through no fault of ours, there is not enough money in your accounts to complete the transaction, if any funds in your accounts necessary to complete the transaction are held as uncollected funds pursuant to our Funds Availability Policy Disclosure, or if the transaction involves a loan request exceeding your credit limit. - If you used your card or access code in an incorrect manner. - If the ATM where you are making the transfer does not have enough cash. - If the ATM was not working properly and you knew about the problem when you started the transaction. - If circumstances beyond our control (such as fire, flood, or power failure) prevent the transaction. - If the money in your account is subject to legal process or other claim. - If funds in your account are pledged as collateral or frozen because of a delinquent loan. - If the error was caused by a system of any participating ATM network. - If the electronic transfer is not completed as a result of your willful or negligent use of your card, access code, or any EFT facility for making such transfers. - If the telephone or computer equipment you use to conduct audio response, online/PC, or mobile banking transactions is not working properly and you know or should have known about the breakdown when you started the transaction. - If you have xxxx payment services, we can only confirm the amount, the participating merchant, and date of the xxxx payment transfer made by the Credit Union. For any other error or question you have involving the billing statement of the participating merchant, you must contact the merchant directly. We are not responsible for investigating such errors. - Any other exceptions as established by the Credit Union.

  • Excess Liability Developer will purchase and maintain excess liability insurance in an amount not less than $5,000,000.

  • Umbrella Liability The Umbrella / Excess Liability must be at least as broad as the underlying general liability and automobile liability policies. Limits – Each Occurrence $1,000,000 General Aggregate $1,000,000

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