Data Error Correction; Account Adjustment Clause Samples
The Data Error Correction; Account Adjustment clause establishes the procedures for identifying and rectifying errors in data or account records related to the agreement. In practice, this clause allows either party to notify the other if discrepancies or mistakes are found in transaction records, account balances, or data entries, and outlines the steps for correcting such errors, including making necessary adjustments to accounts or records. Its core function is to ensure accuracy and integrity in recordkeeping, thereby preventing disputes and maintaining trust between the parties by providing a clear mechanism for resolving data-related issues.
Data Error Correction; Account Adjustment. In the event that any data file transmitted to Lender and/or Program Administrator contains a material error, Servicer shall, within [**] Business Day of discovery of such error, notify Program Administrator and/or Lender, as applicable, of such error. Servicer shall use best efforts to provide a corrected file as soon as possible but no later than [**] Business Days. For purposes of this Section 4.18, a material error includes, without limitation:
(a) Failure to follow data format requirements or file naming conventions established by the Parties;
(b) Data corruption;
(c) More than [**] percent ([**]%) of the entries in the file are substantively incorrect (e.g., misposting);
(d) Failure of the file properly to link data to other files delivered by Servicer; or
(e) Any systemic error in the file (e.g., failure to update LIBOR Index). In addition, notwithstanding Section 9 of this Agreement, if Servicer or Lender (or Program Administrator on behalf of Lender) becomes aware of any material error in any Account, and Lender (or Program Administrator on behalf of Lender) requests that the Servicer make any correction or adjustment to such Account, the Servicer shall make such correction or adjustment as promptly as practicable and, upon request, provide written confirmation that the correction or adjustment has been made. The Servicer shall make such corrections and adjustments without charge to the extent that the error was a result of its action or omission.
Data Error Correction; Account Adjustment. In the event that any data file transmitted to FMC or any Owner or any Account contains a material error, Servicer shall, within one (1) calendar day of discovery of such error, notify FMC or the affected Owners of such error. Servicer shall use best efforts to provide a corrected file as soon as possible but no later than [**] calendar days. For purposes of this Section 4.19, a material error includes, without limitation:
(a) Failure to follow data format requirements or file naming conventions established by the parties
(b) Data corruption
(c) More than [**] of the entries in the file are substantively incorrect (e.g., misposting)
(d) Failure of the file properly to link data to other files delivered by Servicer, or
(e) Any systemic error in the file (e.g., failure to update LIBOR Index). Without limiting the foregoing, if FMC or any Owner requests that the Servicer make any correction or adjustment to any Account, the Servicer shall provide written confirmation that the correction or adjustment has been made.
Data Error Correction; Account Adjustment. In the event that any data file transmitted to FMC or any Owner or any Account contains a material error, Servicer shall, within one (1) calendar day of discovery of such error, notify FMC or the affected Owners of such error and retransmit a corrected file within three (3) calendar days. For purposes of this Section 4.19, a material error includes, without limitation:
(a) Failure to follow data format requirements or file naming conventions established by the parties;
(b) Data corruption;
(c) More than one percent (1%) of the entries in the file are substantively incorrect (e.g., misposting);
(d) Failure of the file properly to link data to other files delivered by Servicer; or
(e) Any systemic error in the file (e.g., failure to update LIBOR Index). Without limiting the foregoing, if FMC or any Owner requests that the Servicer make any correction or adjustment to any Account, the Servicer shall provide written confirmation that the correction or adjustment has been made.