Notice and Correction of Errors Sample Clauses
The Notice and Correction of Errors clause establishes a process for identifying and rectifying mistakes or inaccuracies in a contract or its execution. Typically, this clause requires one party to promptly notify the other upon discovering an error, after which the responsible party is given an opportunity to correct the issue within a specified timeframe. By formalizing this procedure, the clause helps prevent disputes from escalating by ensuring errors are addressed efficiently and transparently, thereby maintaining the integrity of the contractual relationship.
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Notice and Correction of Errors. If Policies falling within the scope of this Agreement are omitted from Schedule 4.1, or if any error is discovered in the data as reflected in the various calculations and accountings to be accomplished in accordance with this Agreement and the exhibits and schedules hereto ("Accounting"), or if any additional data is discovered by a party hereto, and those errors or additional data require revision of all or any portion of the Accounting, then the party discovering the error or additional information shall immediately give written notice thereof to the other party. Any payment required of a party because of such a revision shall be made promptly and in no event shall the payment be made more than one month after the parties agree to the amount of the payment to be made. Any adjustments in payments resulting from errors, omissions, or revisions as set out in this paragraph, if any, shall carry simple interest at the rate of 10% per annum from the Closing Date.