Our Responsibility for Errors Clause Samples
The "Our Responsibility for Errors" clause defines the extent to which the party providing goods or services is liable for mistakes, inaccuracies, or defects in their work. Typically, this clause outlines the types of errors covered, such as typographical mistakes or technical faults, and may specify remedies like correction, replacement, or limited compensation. Its core function is to clarify the provider's obligations in the event of errors, thereby managing expectations and allocating risk between the parties.
Our Responsibility for Errors. If we are responsible for an erroneous action or transaction, we may be liable to you for losses up to the amount of the action or transaction unless otherwise required by law. We will not be liable for losses arising from: 1) insufficient funds to complete a transac- tion, 2) your negligence or the negligence of others, 3) your failure to follow any time limits, deadlines or amount limits as explained in the MSA, your other contracts and loans with us, as applicable, 4) circumstances beyond our control that prevent the performance of an action or transaction (such as natural disasters or other emer- gencies or problems), 5) occasions where you or we have entered information about an account, loan, product, service, action, trans- action or you in our records on your request that you could have reviewed, changed, corrected and/or terminated but failed to do so, or 6) any losses caused by your failure to follow any term of the MSA, your other contracts or loans with us, as applicable. Our con- duct in managing all products, services, actions and transactions will constitute the use of ordinary care if such conduct is consistent with applicable law, Federal Reserve regulations and operating cir- culars, clearing house rules and general banking practices followed in the area in which we service the accounts with us. If we ever disburse an amount of funds greater than you request or order to any person or organization you know (e.g., relative, friend, em- ployee, business associate, creditor, etc.), you agree to assist us in recovering our funds, including participation in collection, litiga- tion and prosecution. Finally, if you report that an action or trans- action on an account, loan, product or service is erroneous or un- authorized, and we determine the action or transaction was taken, conducted and/or assisted by your family member, friend or em- ployee (which is potentially a crime), we will investigate your use of ordinary care concerning the action or transaction. If we determine you failed to use ordinary care (i.e., were negligent) concerning the action or transaction on the account, loan, product or service (and the loss is not covered by the Electronic Fund Transfer Act), you agree to take responsibility for recovering any loss. You under- stand you are in the best position to address the loss and potential crime with your family member, friend or employee, rather than im- posing the cost on the members of our Credit Union.
Our Responsibility for Errors. If we do not properly execute a transaction in accordance with this contract, we will be liable to you for losses up to the amount of the transaction (unless otherwise required). We will not be liable for: (1) your account having insufficient funds to complete a transaction, (2) losses that result from your negligence or the negligence of others, (3) your failure to adhere to any time limits provided for in this contract, (4) circumstances beyond our control that prevent the execution of a transaction, or (5) any losses incurred by your failure to adhere to any term of this contract. The credit union’s actions will constitute the exercise of ordinary care if such actions or non-actions are consistent with applicable state law, Federal Reserve regulations and operating letters, clearing house rules, and general banking practices followed in the area serviced by the credit union. As result of a request or an order by you, should we ever disburse a greater amount funds based on your request to any person or entity that you know (e.g., relative, friend, employee, business associate, etc.), you agree to assist us in recovering our funds, including participation in litigation and prosecution.
Our Responsibility for Errors. If we do not properly perform a transaction according to the terms of this Agreement, we may be liable to you for losses up to the amount of the transaction (unless other- wise required). We will not be liable for: 1) your account having insufficient funds to complete a transaction; 2) losses that result from your negligence or the negligence of others; 3) your failure to follow any time limits as explained in this Agreement; 4) circumstances beyond our control that prevent us from performing the transaction (such as power failures, closures due to storms or other emergencies); or 5) any losses caused by your failure to follow any term of this Agreement. Our actions will constitute the use of ordinary care if such actions or non-actions are consistent with applicable state law, Federal Reserve regulations and operating letters, clearing house rules and general banking practices followed in the area serviced by us. As a result of a request or an order by you, should we ever disburse a greater amount of funds based on your request or order to any person or organization that you know (e.g., relative, friend, employee, business associate, creditor, etc.), you agree to assist us in recovering our funds, including participation in litigation and prosecution. Finally, if you report that any transaction on an account or loan is erroneous or unau- thorized, and we determine that the transaction on the account or loan was conduct- ed by your family member, friend or employee, and that you were negligent with respect to the transaction, you understand and agree that you will take responsibility for and address the matter to recover any loss for the transaction with the family member, friend or employee. You understand and agree that you, like each member of our Credit Union, are in the best position to control, prevent and subsequently address the transaction with your family member, friend or employee, rather than imposing the expense of resolving the matter on all members of the Credit Union.
Our Responsibility for Errors. If we do not properly perform a transaction according to the terms of this Contract, we will be liable to you for losses up to the amount of the transaction (unless otherwise required). We will not be liable for (i) your account having insufficient funds to complete a transaction; (ii) losses that result from your negligence or the negligence of others; (iii) your failure to follow any time limits as explained in this Contract; (iv) circumstances beyond our control that prevent us from performing the transaction (such as power failures, closures do to storms, or other emergencies); or (v) any losses caused by your failure to follow any term of this Contract. Our actions will constitute the use of ordinary care if such actions or non-actions are consistent with applicable state law, Federal Reserve Regulations, and operating letters, clearing house rules, and general banking practices followed in the area serviced by us. As a result of a request or an order by you, should we ever disburse a greater amount of funds based on your request to any person or organization that you know (e.g., relative, friend, em- ployee, business associate, etc.), you agree to assist us in reco- ▇▇▇▇▇▇ our funds, including participation in litigation and prosecu- tion.
Our Responsibility for Errors. If we are responsible for an erroneous action or transaction, we may be liable to you for losses up to the amount of the action or transaction unless otherwise required by law. We will not be liable for losses arising from: 1) insufficient funds to complete a transac- tion, 2) your negligence or the negligence of others, 3) your failure to follow any time limits, deadlines or amount limits as explained in the BSA, your other contracts and loans with us as applicable,
Our Responsibility for Errors. If we do not properly perform a transaction according to the terms of this Contract, we will be liable to you for losses up to the amount of the transaction (unless other- wise required). We will not be liable for (i) your account having insufficient funds to complete a transaction; (ii) losses that result from your negligence or the negligence of others; (iii) your failure to follow any time limits as explained in this Contract; (iv) circumstances beyond our control that prevent us from performing the transaction (such as power failures, closures do to storms, or other emergencies); or (v) any losses caused by your failure to follow any term of this Contract. Our actions will constitute the use of ordinary care if such actions or non-actions are consistent with applicable state law, Federal Reserve Regulations, and operating letters, clearing house rules, and general banking practices followed in the area serviced by us. As a result of a request or an order by you, should we ever disburse a greater amount of funds based on your request to any person or organization that you know (e.g., rela- tive, friend, employee, business associate, etc.), you agree to assist us in recovering our funds, including participation in litigation and prosecution.