Operational Risk. .1 The position of all pole lines, conduits, pipes, watermains, sewers and other covered, underground and overground utilities and structures in, on, adjacent to under or over the Site (collectively, the “Utilities and Structures”) are not necessarily provided in the Agreement, and where provided, the accuracy of the position of such Utilities and Structures is not guaranteed and the Owner disclaims all liability with respect to same except to the extent explicitly stated otherwise in row E.3 of the Information Sheet. The Contractor shall be liable for damages to the Utilities and Structures as a result of any act or omission, whether or not the result of negligence, by the Contractor Parties and the Losses relating to such damage shall not be chargeable to the Owner and shall be at the cost of the Contractor.
.2 Without limiting the generality of GC 4.1.4.1, before commencing any Work, the Contractor shall inform itself of the existence and exact condition, size, depth and location of all Utilities and Structures in accordance with the Standard of Care and the Specifications, if applicable, and such process shall occur in conjunction with the Contractor’s review of the Agreement pursuant to GC 3.
6.1. For clarity, to the extent the Owner is required to provide such information to the Contractor as a part of its obligation under Laws, including the Ontario Underground Infrastructure Notification System Act, 2012, any work required to obtain such information shall be performed by the Contractor as a part of the Work without any increase to the Contract Price or extension of the Contract Time.
.3 As a part of, and in co-ordination with, the Work, the Contractor shall provide for the removal, protection, support, temporary and permanent relocation and restoration of the Utilities and Structures to the satisfaction of the owners of the Utilities and Structures, and in performing such Work, the Contractor shall comply with the requirements of the owners of the Utilities and Structures. The Contractor shall arrange with the appropriate owners for the stake out of all Utility and Structure connections that may be affected by the Work. The Contractor shall maintain records of such stake outs and make such records available to the Owner upon request. The Contractor shall observe the location of such stake outs, prior to commencing the Work, and in the event that there is a discrepancy between the location of such stake outs and the locations provided in the Agreeme...
Operational Risk. The Customer’s funds may not move instantly to the intended destination with each instruction to the Bank. This arises as a result of the Bank’s operating hours and other system-related factors. Therefore, there may be mismatches or delays in the timing of cash flows due from or to counterparties in investment transactions which may lead to the Customer not having sufficient cash available to fund outstanding obligations.
Operational Risk. A risk that the Individual Portfolio will incur losses due to the lack of satisfactory control over documentation, procedures, payments, accounting entries, transactions and activities of personnel. Operational risk also includes risks of operating system breakdowns, equipment failure risks, risks of damaging or destructing property by fire, natural disasters as well as malicious intent and fraud.
Operational Risk. It is possible that due to a shortcoming in our procedures transactional errors are not discovered and corrected. We aim to counter this by means of a sound division of tasks, a well-documented administration organisation and supervision of the compliance with the agreed procedures but will not be liable for any losses or damage you suffer.
Operational Risk. Operational risk is the exposure to loss due to human error or fraud, or from a system of internal controls that fails to adequately record, monitor and account for transactions or positions. In addition to the daily and monthly reporting obligations described in Section VII, NJNG has implemented the following personnel and system controls to mitigate operational risks.
Operational Risk. Operational risk, such as breakdowns or malfunctioning of essential systems and controls, including IT systems, can impact on all financial products. Business risk, especially the risk that the business is not run in accordance with reasonable standards, could also impact on shareholders of, or investors in, such a business.
Operational Risk. 29.15.1 Service Provider must notify Aspen immediately when Service Provider becomes aware of the potential for or a material deficiency in the provision of the Services or this Agreement, including in relation to conformity to the Performance Metrics and compliance with applicable laws and regulatory requirements ("Operational Risk").
29.15.2 Aspen will inform Service Provider immediately when Xxxxx becomes aware of an Operational Risk in the provision of the Services or this Agreement.
29.15.3 Service Provider will register and maintain a risk register of all Operational Risks raised by either Service Provider or Aspen.
29.15.4 Within five (5) working days of the Operational Risk being registered in the risk register Service Provider will provide, for agreement with Aspen, a mitigation plan to mitigate the Operational Risk.
Operational Risk. Operational risk is the risk that is derived from the deficiencies relating to the Seller’s information technology and control systems as well as the risk of human error and natural disasters. The Buyers faces the risk of loss due to the Seller’s failure to continuously evaluate, maintain and upgrade existing systems and processes.
Operational Risk. The financial status and strength of the Tenants of the Properties, and thus their ability to service the rent etc., will always be a decisive factor when evaluating the risk of property companies. Operational risk also include risk related to restrictions in Lease Agreements, risk related to legal claims from tenants or authorities, including tax authorities and other third parties, risk for increased maintenance costs, risk for decreased technical conditions and risk for hidden defects and emissions. The Lease Agreements relating to the Properties have been entered into with six different tenants, AB Xxxxxx Xxxx (corporate identification number 556017-3600), EBP i Olofström AB (corporate identification number 556529-1928), Prototal AB (corporate identification number 556015-5532), Prototal PDS AB (corporate identification number 556507-3078), Orthex Sweden AB (corporate identification number 556051-7160) and Xxxxxxx Metall AB (corporate identification number 556062-0196). Since the Group is dependent on a few substantial lease agreements, the financial strength of the Tenants is critical for the investment. In the event that one, or more, of the Tenants is not able to pay the rent, this could have a material adverse effect on the Group's financial condition, operations and earnings. The current Lease Agreements run until 31 December 2026 (AB Xxxxxx Xxxx), 30 September 2031 (Prototal AB, Prototal PDS AB, EBP i Olofström AB), 30 November 2031 (Orthex Sweden AB), 14 June 2037 (Xxxxxxx Metall AB), respectively. There are certain risks involved with obtaining new tenants. New potential tenants might imply higher counterparty risks, and the Group’s ability to successfully negotiate new lease agreements on favorable terms is dependent upon the general condition of the real estate market at such time. Further, the premises may have to be renovated and adjusted to serve a new tenant, or several tenants instead of a few tenants. Such investments could adversely affect the Group’s financial condition, operations and earnings.
Operational Risk. Analysis, catagorisation and reporting of operational incidents to the relevant committee’s and management of the Services Recipient. • Facilitate risk and control assessments including the verification of internal and external loss data. • Facilitate scenario analysis. • Management reporting at such frequency, format and content as is required by management of the Services Recipient and its committees. • Key Risk Indicators including collating and monitoring the Key Risk Indicators which have been identified by the business. • Provide risk assessments on new products, trades or business; • Risk Management will carry out due diligence on new products, businesses or trades on the basis of the applicable risk profile; to identify any new risks to the Services Recipient and to review the control measures in place for the key risks. Enhance and test new systems related to risk; • Co-ordination and ongoing monitoring of ICAAP process; and • Conduct of capital planning stress tests.
