Material discrepancy Clause Samples
A Material Discrepancy clause defines what constitutes a significant inconsistency or error in documents, data, or representations exchanged between parties. In practice, this clause typically outlines the threshold or criteria for determining when a discrepancy is considered "material," such as differences that could affect the outcome of a transaction or the parties' obligations. Its core function is to ensure that only substantial issues trigger remedies or actions, thereby preventing minor or inconsequential errors from disrupting the agreement or leading to disputes.
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Material discrepancy. For purposes of this Section 5, “
Material discrepancy. If any such check or inspection carried out by the CVL IM in accordance with Clauses 6.5.4 and
Material discrepancy. If any such check or inspection carried out by Nexus in accordance with Clauses 6.5.4 and 6.5.5 reveals a material discrepancy in information previously supplied to Nexus by the Train Operator:
(a) the Train Operator shall pay the reasonable costs incurred by Nexus in carrying out the checks and inspections in accordance with Clauses 6.5.4 and 6.5.5; and
(b) Nexus shall:
(i) make the appropriate and consequent adjustments to the Track Charges; and
Material discrepancy. If any such check or inspection carried out by the CVL IM in accordance with Clauses 6.4.4 and 6.4.5 reveals a material discrepancy in information previously supplied to the CVL IM by the Train Operator:
(a) the Train Operator shall pay the reasonable costs incurred by the CVL IM in carrying out the checks and inspections in accordance with Clauses 6.4.4 and 6.4.5; and
(b) the CVL IM shall:
(i) make the appropriate and consequent adjustments to the Track Charges; and
(ii) provide to the Train Operator evidence of such costs as the Train Operator may reasonably request.