Common use of Minor and Administrative Errors Clause in Contracts

Minor and Administrative Errors. Subject to any further terms set forth in a competent authority agreement concluded pursuant to paragraph 6 of Article 3 of this Agreement, the U.S. Competent Authority may make an inquiry directly to a Reporting British Virgin Islands Financial Institution where it has reason to believe that administrative errors or other minor errors may have led to incorrect or incomplete information reporting or resulted in other infringements of this Agreement. The U.S. Competent Authority shall notify the British Virgin Islands Competent Authority when the U.S. Competent Authority makes such an inquiry of a Reporting British Virgin Islands Financial Institution regarding the Reporting British Virgin Islands Financial Institution’s compliance with the conditions set forth in this Agreement.

Minor and Administrative Errors. Subject to any further terms set forth in a competent authority agreement concluded executed pursuant to paragraph 6 of Article 3 of this Agreement3, the U.S. United Kingdom Competent Authority may make an inquiry directly to a Reporting British Virgin Islands Financial Institution in the British Virgin Islands where it has reason to believe that administrative errors or other minor errors may have led to incorrect or incomplete information reporting or resulted in other infringements of this Agreement. The U.S. competent authority agreement may provide that the United Kingdom Competent Authority shall notify the British Virgin Islands Competent Authority when the U.S. Competent Authority it makes such an inquiry of a Reporting British Virgin Islands Financial Institution regarding the Reporting British Virgin Islands Financial Institution’s compliance with the conditions set forth in this Agreement.