Lost or Damaged Records Clause Samples

The "Lost or Damaged Records" clause establishes the responsibilities and procedures if important documents or records are lost, destroyed, or rendered unusable during the course of an agreement. Typically, this clause outlines which party is liable for the loss, the steps required to attempt recovery or reconstruction of the records, and any compensation or remedies that may be due. Its core function is to allocate risk and clarify obligations, ensuring that both parties understand how to address the loss or damage of critical information and minimize potential disputes.
Lost or Damaged Records. In the event that records or other data submitted to the Servicer for processing should be lost or damaged while in the possession, control or custody of the Servicer or its agents, such lost or damaged records or data shall be reproduced by the Servicer at the Servicer's own cost and expense from microfilm duplicates in the Servicer's possession or under the Servicer's control.
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Lost or Damaged Records. Lost or damaged records insurance coverage for the direct and verifiable costs to recreate any lost or damaged STATE records that are capable of being recreated using commercially reasonable efforts with minimum limits of $1,000,000 each occurrence. Upon request of the STATE, CONTRACTOR shall be required to promptly provide a Certificate of Insurance evidencing that the above items are in force and effect during the entire term of the contract. The STATE reserves the right to request inspection of a full certified copy of insurance policies at CONTRACTOR’s home office facility. All policies and certificates shall provide that the policies shall remain in force and effect throughout the term of the contract. Policies shall include endorsements that name the STATE, its officers and employees as additional insured with respect to General Liability, Automobile Liability, and/or Umbrella Liability coverages only; however, the STATE is not liable to the insurance company for any premiums, costs or assessments in connection with the CONTRACTOR’s policy, as a result of being an additional insured. The CONTRACTOR shall provide the STATE with thirty (30) days’ advance written notice of cancellations or non-renewals or reduction in limits or coverage or other material change, including the name of the contract, mailed to the STATE as provided in the notice clause of this Agreement. The CONTRACTOR shall maintain the insurance required above to cover claims which may arise from operations under this contract, whether such operations are by CONTRACTOR or a permitted subcontractor or by anyone directly or indirectly employed under this contract. The CONTRACTOR shall require its insurance company(ies) to waive its(their) right to assert the immunity of the STATE as a defense to any claims made under said insurance. The failure of the STATE to obtain a certificate of insurance for the insurance policies required under this contract, or the failure of the insurance company(ies) or CONTRACTOR to notify the STATE of the cancelation, non-renewal or change of the insurance policies required under this contract, shall not constitute a waiver by the STATE to the CONTRACTOR to provide such insurance policies. The STATE reserves the right to cancel this contract, upon fifteen (15) days written notice, if CONTRACTOR is not in compliance with the insurance requirements of this contract and the STATE retains all rights to pursue any legal remedies against CONTRACTOR in the event of su...
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Lost or Damaged Records. In the event that records or other data submitted to the Servicer for Servicing should be lost or damaged while in the possession, control or custody of the Servicer or its agents, such lost or damaged records or data shall be reproduced by the Servicer at the Servicer’s own cost and expense from microfilm or image duplicates in the Servicer’s possession or under the Servicer’s control and the Servicer shall pay the Owner’s expenses associated with such lost or damaged records or data, including but not limited to reasonable attorney’s fees. In the event that a Student Loan becomes uncollectible, unenforceable or loses the guarantee of the Insurer or other entity which pays default claims on Student Loans, due to loss or destruction of records or data in the possession, control or custody of the Servicer or its agents then the Servicer shall, on demand, pay to the Owner the principal balance (including capitalized interest) plus any unpaid interest due on any such Student Loan and the Owner shall thereupon assign all of its right, title and interest in any such loan to the Servicer.
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Lost or Damaged Records. In the event that records or other data submitted to the Servicer in connection with the Servicing is lost or damaged while in the possession, control or custody of the Servicer or its agents, such lost or damaged records or data shall be reproduced by the Servicer at the Servicer’s own cost and expense from image duplicates in the Servicer’s possession or under the Servicer’s control and the Servicer shall pay all liabilities, damages, costs, losses, fees and expenses, incurred by Lender as a result of such lost or damaged records or data, including but not limited to reasonable attorney’s fees. If a Loan becomes uncollectible or unenforceable due to loss or destruction of the Credit Agreement or Truth-in-Lending Disclosure Statements in the possession, control or custody of the Servicer (including the loss of the signature page of any Borrower on a Credit Agreement) or its agents the Servicer shall, on demand, pay to the Lender, the principal balance (including capitalized interest) plus any unpaid interest due on any such Loan and the Lender shall thereupon assign all of its right, title and interest in any such loan to the Servicer.
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Related to Lost or Damaged Records

  • Loss or Damage The District and its agents and authorized representatives shall not in any way or manner be answerable or suffer loss, damage, expense, or liability for any loss or damage that may happen to the Work, or any part thereof, or in or about the same during its construction and before acceptance, and the Contractor shall assume all liabilities of every kind or nature arising from the Work, either by accident, negligence, theft, vandalism, or any cause whatsoever; and shall hold the District and its agents and authorized representatives harmless from all liability of every kind and nature arising from accident, negligence, or any cause whatsoever.

  • Destruction or Damage (a) If the Premises or the Building is partially damaged by fire, earthquake, other insured peril, or other act of God, Landlord shall repair the same at Landlord’s expense, subject to the provisions of this Article and provided such repairs can, in Landlord’s reasonable opinion, be made within sixty (60) days. During such repairs, this Lease shall remain in full force and effect, except that if there shall be damage to the Premises or the Building and such damage is not the result of the negligence or willful misconduct of Tenant, Tenant’s employees, agents, or invitees, Rent shall be abated for such portion of Premises and period of time as the Premises was unusable by Tenant, provided that such abated rent is a covered loss payable to Landlord under its insurance policy. (b) If in Landlord’s reasonable opinion the partially damaged Premises or the Building can be repaired, but not within sixty (60) days, the Landlord may elect, upon written notice to Tenant within thirty (30) days of such damages, to repair such damages over a longer time period and continue this Lease in full force and effect, subject to rent abatement as described in the foregoing paragraph. Landlord’s notice shall include a good faith estimate of the expected completion date of such repair based on the best information reasonably available to Landlord prior to sending the notice. In the event such repairs cannot be made within an additional sixty (60) days, Tenant shall have the option to terminate this Lease provided that written notice is given to Landlord within thirty (30) days of receipt of Landlord’s notice stated in this paragraph. (c) If the partially damaged Premises or the Building is to be repaired under this Article, Landlord at its sole cost and expense shall repair such damages to the Building, the Premises and the Tenant Improvements supplied by Landlord herein. Except in the event of Landlord’s gross negligence or willful misconduct or the extent that Landlord receives insurance proceeds therefor, Tenant shall be responsible for repairing and/or replacing any damage to Tenant’s equipment, furniture and fixtures, and other Alterations, additions and improvements made by Tenant to the Premises and the Building. (d) If in Landlord’s reasonable opinion, the Premises or the Building is totally or substantially destroyed (i.e. cannot be repaired within sixty (60) days and Landlord does not elect to repair anyway or Tenant elects to terminate as provided above) by fire or other casualty, this Lease shall terminate upon notice by Landlord.

  • Minor Damage In the event that a Property is damaged or destroyed by fire or other casualty prior to the Closing, and the cost of Repairs is equal to or less than ten percent (10%) of the Purchase Price for such Property, then this transaction shall be closed in accordance with Section 11.3, notwithstanding such casualty. In such event, applicable Seller may at its election endeavor to make such Repairs to the extent of any recovery from insurance carried on the Property, if such Repairs can be reasonably effected before the Closing. Regardless of applicable Seller’s election to commence such Repairs, or applicable Seller’s ability to complete such Repairs prior to Closing, this transaction shall be closed in accordance with Section 11.3 below.

  • Lost Items The Credit Union, in receiving items from you for withdrawal or deposit, acts only as your agent and reserves the right to reverse the credit for any deposited items or to charge your account for the items should they become lost in the collection process.

  • DATA LOSS The Company does not accept responsibility for the security of Your account or content. You agree that Your use of the Website or Services is at Your own risk.