Compromise or Settle Claims Clause Samples
The "Compromise or Settle Claims" clause authorizes a party, typically an insurer or a party to a dispute, to negotiate, compromise, or settle claims that arise under the agreement. In practice, this means that if a claim or dispute occurs, the designated party can resolve the matter through negotiation or settlement without needing to proceed to litigation or arbitration. This clause streamlines the resolution process, reduces potential legal costs, and provides flexibility in handling disputes, ultimately aiming to resolve issues efficiently and minimize prolonged conflict.
Compromise or Settle Claims. The Committee may compromise, settle and release claims or demands in favor of or against the Trust or the Committee on such terms and conditions as the Committee may deem advisable, and payment shall be made from the Separate Retiree Account to which the claim or demand relates (or, if the claim or demand relates to more than one Separate Retiree Account, on a basis commensurate with the portion of the claim relating to each Separate Retiree Account).
Compromise or Settle Claims. The Board may compromise, settle and release claims or demands in favor of or against the Trust or the Board on such terms and conditions as the Board may deem advisable. The Board may at all times rely upon the advice of independent counsel in reaching such decisions.
Compromise or Settle Claims. The VEBA Committee may compromise, settle and release claims or demands in favor of or against the Trust or the VEBA Committee on such terms and conditions as the VEBA Committee may deem advisable.