Computer System Unavailable Sample Clauses
The 'Computer System Unavailable' clause defines the procedures and responsibilities that apply when a party's computer systems become inaccessible or non-operational. Typically, this clause outlines notification requirements, alternative methods for fulfilling obligations, and any temporary relief from performance standards during the period of unavailability. Its core function is to ensure that both parties understand how to proceed and mitigate disruptions if technical failures prevent normal operations, thereby reducing uncertainty and potential disputes.
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Computer System Unavailable. If settlement fails and cannot occur by 4pm AEST on the Settlement Date because a computer system operated by the Land Registry, Queensland Revenue Office, Reserve Bank, a Financial Institution or the relevant ELNO System is inoperative or unavailable, neither party is in default and the Settlement Date is deemed to be the next Business Day. Time remains of the essence.
Computer System Unavailable. (1) If settlement fails and cannot occur by 4pm AEST on the Settlement Date because a computer system operated by the Land Registry, Office of State Revenue, Reserve Bank, a Financial Institution or ▇▇▇▇ is inoperative, neither party is in default and the Settlement Date is deemed to be the next Business Day. Time remains of the essence.
(2) A party is not required to settle if Electronic Lodgement is not available. If the parties agree to Financial Settlement without Electronic Lodgement, settlement is deemed to occur at the time of Financial Settlement.
Computer System Unavailable. If settlement fails and cannot occur by 4pm AEST on the Settlement Date because a computer system operated