Guarantee Claims Sample Clauses
The Guarantee Claims clause outlines the process and conditions under which a party can make a claim under a guarantee provided in the contract. Typically, this clause specifies the timeframe for submitting claims, the required documentation or evidence to support a claim, and the procedures for notification. For example, it may require the claimant to notify the guarantor in writing within a certain period after discovering a defect or breach. The core practical function of this clause is to ensure that both parties understand the steps and requirements for enforcing a guarantee, thereby reducing disputes and providing a clear mechanism for addressing issues covered by the guarantee.
Guarantee Claims. Any and all Losses which may be asserted against such Buyer Indemnitee or which such Buyer Indemnitee may incur or suffer and which arise out of, result from or relate to:
(a) any Warranty Claim that exceeds in the aggregate $60,000; or
(b) any Performance Bond Claim (the indemnity provided under this Subsection 8.1.3(b) takes precedence over that provided by Buyer in Subsection 8.2.1 hereof). In the event Buyer receives notice of a Warranty Claim or Performance Bond Claim (collectively the "Guarantee Claims") satisfying the conditions of this Section 8.1.3, Buyer shall promptly notify Seller in writing of such claim, but in no event later than forty-five (45) days following receipt of such notice. Buyer shall attempt to resolve the Guarantee Claim, provided, however, that Buyer shall receive the prior written consent of Seller regarding the terms and conditions of any proposed resolution by Buyer of a Guarantee Claim before Buyer submits such resolution, which consent shall not be unreasonably withheld. Buyer shall provide Seller with all correspondence and other documentation received from, or produced by, Buyer or any third party pursuant to resolution of the Guarantee Claim.
Guarantee Claims. 49 8.1.4 Government Contract Claims...................49 Section 8.2 Indemnity by Buyer....................................49 8.2.1
Guarantee Claims. In addition to the legally regulated claims for cancellation of the contract, reduction in price and compensation for damages, HOCHDORF is entitled, at its discretion, to demand replacement or repair of the defective goods or goods that in breach of the warranty of quality.
Guarantee Claims. The Secretary understands that, in order for ▇▇▇▇▇▇ ▇▇▇ to purchase Guaranteed Mortgages, the Secretary’s guarantee must be incontestable to an extent comparable to the incontestability of contracts of full multifamily mortgage insurance entered into by the Secretary of Housing and Urban Development under the National Housing Act.
Guarantee Claims. (a) The Secretary understands that, in order for Freddie Mac to purchase Guaranteed Mortgages, the Secretary's guarantee must be incontestable to an extent comparable to the incontestability of contracts of full multifamily mortgage insurance entered into by the Secretary of Housing and Urban Development under the National Housing Act.
(b) Condition 2 of RHS Form RD-3565-4, Loan Note Guarantee, reads as follows:
Guarantee Claims. In addition to the legally regulated claims (cancellation, reduction and damages [direct and indirect damages such as, in particular, compensation for consequential damages such as loss of profit, mixing damage, third party damages, costs for cleaning the equipment and disposal of the defective goods as well as additional costs incurred by HOCHDORF itself, whereby fault on the part of the supplier is not always assumed]), HOCHDORF is entitled, at its discretion, to demand replacement or repair of the defective goods or goods which do not correspond to the warranted characteristics.
Guarantee Claims. (a) The Secretary understands that, in order for Freddie Mac to purchase Guaranteed Mortgages, the Secretary's guarantee must be incontestable to an extent comparable to the incontestability of contracts of full multifamily mortgage insurance entered into by the Secretary of Housing and Urban Development under the National Housing Act.
(b) Condition 2 of RHS Form RD-3565-4, Loan Note Guarantee, reads as follows: This Agreement constitutes an obligation supported by full faith and credit of the United States and incontestable except for fraud or misrepresentation of which the Lender has actual knowledge at the time it becomes such lender or which the Lender participates in or condones…In addition, this Agreement will be unenforceable by the Lender to the extent any loss is occasioned by violation of usury laws, negligent servicing, or failure to obtain the required security regardless of the time at which the Government acquires knowledge of the foregoing. Any losses occasioned will be unenforceable by the Lender to the extent that loan funds are used for purposes other than those approved by the Government. See Form RD 3565‑2, "Conditional Commitment.: Negligent servicing is defined as the failure to perform those services which a reasonably prudent lender would perform in servicing its own loan portfolio of loans that are not guaranteed. The term includes not only the concept of a failure to act, but also not acting in a timely manner or acting contrary to the manner in which a reasonably prudent lender would act up to the time of loan maturity or until a final loss is paid. (01-23-02) PN 340 RD Instruction 2000-OOO Exhibit A The parties agree that the foregoing is an exhaustive and exclusive list of the standards the violation of which may be cited by the Secretary as grounds for the Secretary's refusal to make payment under the guarantee with respect to a Loss that has in fact been occurred and has been calculated in accordance with the Regulations, the Handbook and the Lender's Agreement. 0 The grounds in the foregoing list are referred to in this Memorandum of Understanding as the "Claim Denial Standards." A breach by Freddie Mac of the Regulations, the Handbook, the Lender's Agreement or this Memorandum of Understanding may be a basis upon which the Secretary may bar Freddie Mac from purchasing further Guaranteed Mortgages, but will not constitute grounds upon which the Secretary may cancel a guarantee or refuse to make a guarantee payment unless the...
Guarantee Claims. 43 H Hannover OpCo................................................................ 3 Hannover PropCo............................................................. 2 HoldCo............................................................................... 4 I Intercompany Debt......................................................... 21 K Königstein OpCo............................................................... 3 Königstein PropCo............................................................ 2 L Lender Banks.................................................................. 17