Common use of MI Failures Clause in Contracts

MI Failures. When a MI Report: 5.2.1 contains any material errors or material omissions or a missing mandatory field; or 5.2.2 is submitted using an incorrect MI Reporting Template; or 5.2.3 is not submitted by the Reporting Date (including where a Nil Return should have been filed); or then the Authority may deem the failure to submit a MI Report correctly as a "MI Failure".

MI Failures. When a MI Report: 5.2.1 contains any material errors or material omissions or a missing mandatory field; or 5.2.2 is submitted using an incorrect MI Reporting Template; or 5.2.3 is not submitted by the Reporting Date (including where a Nil Return should have been filed); or then the Authority may deem the failure to submit a MI Report correctly as a "MI Failure".