Common use of Minor and Administrative Errors Clause in Contracts

Minor and Administrative Errors. Consistent with the terms of an FFI Agreement, the U.S. Competent Authority may make an inquiry directly to a Reporting Austrian Financial Institution where it has reason to believe that administrative errors or other minor errors may have led to incorrect or incomplete information reporting inconsistent with the requirements of an FFI Agreement. The competent authority agreement or arrangement may provide that the U.S. Competent Authority would notify the Austrian Competent Authority when the U.S. Competent Authority makes such an inquiry of a Reporting Austrian Financial Institution regarding the Reporting Austrian Financial Institution’s compliance with the conditions set forth in this Agreement.