Common use of Cooperation in Loss Recovery Efforts Clause in Contracts

Cooperation in Loss Recovery Efforts. In the event of any damages for which Financial Institution or Third-Party Sender may be liable to each other or to a third party pursuant to the services provided under this Agreement, Financial Institution and Third-Party Sender will undertake reasonable efforts to cooperate with each other, as permitted by applicable law, in performing loss recovery efforts and in connection with any actions that the relevant party may be obligated to defend or elects to pursue against a third party.