Common use of Novation of Liabilities Clause in Contracts

Novation of Liabilities. 8.1 The Corporate Member acknowledges that the Agent may effect contracts of insurance (‘‘Relevant Contracts’’) on terms that those contracts will, in accordance with the custom and practice of the Lloyd’s market and any requirements of the Council for the time being applicable, constitute liabilities of the Managed Syndicate allocated to a given year of account (‘‘the Relevant Year of Account’’) notwithstanding that they are effected before the beginning of the year (‘‘the Relevant Year’’) which corresponds to the Relevant Year of Account, and the Corporate Member and the Agent agree that the following provisions of this clause shall have effect in relation to such contracts.

Novation of Liabilities. 8.1 The Corporate Member Name acknowledges that the Agent may effect contracts of insurance (‘‘Relevant Contracts’’) on terms that those contracts will, in accordance with the custom and practice of the Lloyd’s market and any requirements of the Council for the time being applicable, constitute liabilities of the Managed Syndicate allocated to a given year of account (‘‘the Relevant Year of Account’’) notwithstanding that they are effected before the beginning of the year (‘‘the Relevant Year’’) which corresponds to the Relevant Year of Account, and the Corporate Member Name and the Agent agree that the following provisions of this clause shall have effect in relation to such contracts.