OVERSIGHTS AND CLERICAL ERRORS Sample Clauses
The "Oversights and Clerical Errors" clause addresses mistakes in documents that are unintentional and administrative in nature, such as typographical errors, miscalculations, or omissions. This clause typically allows for such errors to be corrected without affecting the overall validity or enforceability of the agreement. For example, if a contract contains a numerical error in a payment schedule, the parties can amend the mistake to reflect the intended amount. The core function of this clause is to ensure that minor, good-faith errors do not undermine the contract, thereby promoting fairness and preventing disputes over inconsequential mistakes.
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OVERSIGHTS AND CLERICAL ERRORS. A. Should either the CEDING COMPANY or the REINSURER fail to comply with any of the terms of this Agreement, and if this is shown to be unintentional and the result of a misunderstanding, oversight or clerical error on the part of either the CEDING COMPANY or the REINSURER, then this Agreement shall not be deemed abrogated thereby, but both companies shall be restored to the positions they would have occupied had no such oversight, misunderstanding or clerical error occurred. Such conditions are to be reported and corrected promptly after discovery.
B. If the CEDING COMPANY or the REINSURER discovers that the CEDING COMPANY did not cede reinsurance on a contract it should have reinsured under this Agreement, the CEDING COMPANY will take prompt, reasonable and necessary steps to ensure that similar oversights do not recur. Then this Agreement shall not be deemed abrogated thereby, but both companies shall be restored to the positions they would have occupied had the CEDING COMPANY ceded such reinsurance at the original date. If the REINSURER receives no evidence that the CEDING COMPANY has taken action to remedy such a situation, the REINSURER reserves the right to limit its liability to reported contracts only.
C. Any negligent or deliberate acts or omissions by the CEDING COMPANY regarding the insurance or reinsurance provided are the responsibility of the CEDING COMPANY and its liability insurer, if any, but not that of the REINSURER. The previous sentence does not negate the REINSURER's liability under Article VII, Settlement of Claims, of this Agreement.
OVERSIGHTS AND CLERICAL ERRORS. Should either the CEDING COMPANY or the REINSURER fail to comply with any of the terms of this Agreement, and if this is shown to be unintentional and the result of a misunderstanding, oversight or clerical error on the part of either the CEDING COMPANY or the REINSURER, then this Agreement shall not be deemed abrogated thereby, but both companies shall be restored to the positions they would have occupied had no such oversight, misunderstanding or clerical error occurred. Such conditions are to be reported and corrected promptly after discovery.
OVERSIGHTS AND CLERICAL ERRORS. 5 Article IV. Net Amount at Risk.......................................... 6 Article V.
OVERSIGHTS AND CLERICAL ERRORS. A. Should either the CEDING COMPANY or the REINSURER fail to comply with any of the terms of this Agreement, and if such noncompliance is shown to be the unintentional result of a misunderstanding, oversight or clerical error on the part of either the CEDING COMPANY or the REINSURER, then this Agreement shall remain in full force and effect, but both the REINSURER and the CEDING COMPANY shall be restored to the positions they would have occupied had no such noncompliance, oversight, misunderstanding or clerical error occurred. Such conditions are to be reported and corrected promptly after discovery.
B. If the CEDING COMPANY or the REINSURER discovers that the CEDING COMPANY did not cede reinsurance on a policy it should have reinsured under this Agreement, the CEDING COMPANY will take prompt, reasonable and necessary steps to ensure that similar oversights do not recur. In such event, this Agreement shall remain in full force and effect, but both the REINSURER and the CEDING COMPANY shall be restored to the positions they would have occupied had the CEDING COMPANY ceded such reinsurance at the original date. [redacted]
OVERSIGHTS AND CLERICAL ERRORS. 4 Article IV Net Amount at Risk........................................... 5 Article V Reinsurance Premiums....................................... 6