Incompetency or Disability Sample Clauses
The "Incompetency or Disability" clause defines how a contract or agreement will be managed if one of the parties becomes legally incompetent or disabled. Typically, this clause outlines procedures for appointing a guardian, conservator, or legal representative to act on behalf of the affected party, ensuring that their interests are protected and contractual obligations can still be fulfilled. Its core function is to provide a clear process for handling situations where a party cannot make decisions for themselves, thereby preventing confusion or disputes and ensuring continuity in the contractual relationship.
Incompetency or Disability. Each person to whom a distribution is payable under the Plan shall be conclusively presumed to be mentally competent and not under a disability that renders him unable to care for his affairs, until the date on which the Administrator receives a written notice, in a form and manner acceptable to the Administrator, indicating that a guardian, conservator, or other party legally vested with the care of the person or the estate of such person has been appointed by a court of competent jurisdiction, and any payment of a distribution due thereafter shall be made to the same, provided that proper proof of his appointment and continuing qualification is furnished in a form and manner acceptable to the Administrator. The Administrator shall not be required to look to the application of any such payment so made.