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.
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...
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.
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.