Common use of Procedures for Claims Clause in Contracts

Procedures for Claims. Any Indemnified Party shall provide written notice (the “Claim Notice”) of any Indemnified Losses to the party from which it seeks indemnification (the “Indemnifying Party”) within fifteen (15) days of such party becoming aware of the existence of such Indemnified Losses stating the amount claimed to be due and payable or an estimate of the claim if contingent or unliquidated, the basis of the claim and the provision or provisions of this Agreement under which such claim is asserted. Within fifteen (15) calendar days after receipt of the Claim Notice, the Indemnifying Party shall by written notice (the “Response Notice”) to the Indemnified Party either (a) concede liability in whole as to the amount claimed in such notice, (b) deny liability in whole as to such amount, or (c) concede liability in part and deny liability in part. If the parties are not able to resolve any dispute over a claim brought under this Article 13 within fifteen (15) days after the receipt of a Response Notice denying liability in whole or in part, the Parties shall submit the dispute to a state or federal court (in accordance with Section 19.11 below).

Appears in 1 contract

Samples: Asset Purchase Agreement (Youthstream Media Networks Inc)

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Procedures for Claims. Any Subject to Section 19.3, any Indemnified Party shall provide written notice (the “Claim Notice”) of any Indemnified Losses Eligible Claim to the party Party from which it seeks indemnification (the “Indemnifying Party”) within fifteen thirty (1530) days of such party Party becoming aware of the existence of such Indemnified Losses Eligible Claim stating the amount claimed to be due and payable or an estimate of the claim Eligible Claim if contingent or unliquidated, a detailed statement of the basis of the claim Eligible Claim and the provision or provisions of this Agreement under which such claim Eligible Claim is asserted. Within fifteen thirty (1530) calendar days after receipt of the Claim Noticesuch notice, the Indemnifying Party shall by written notice (the “Response Notice”) to the Indemnified Party either (a) concede liability in whole as to the amount claimed in such notice, (b) deny liability in whole as to such amount, or (c) concede liability in part and deny liability in part. If the parties Parties are not able to resolve any dispute over a claim brought under this Article 13 19 within fifteen (15) 30 days after the receipt of a Response Notice Indemnified Party receives written notice from the Indemnifying Party denying liability in whole or in part, the Parties shall submit the dispute to a state or federal court (the dispute resolution procedure set forth in accordance with Section 19.11 below)Article 22.

Appears in 1 contract

Samples: Purchase Agreement (Optex Systems Holdings Inc)

Procedures for Claims. Any Subject to Section 19.3, any Indemnified Party shall provide written notice (the “Claim Notice”) of any Indemnified Losses Eligible Claim to the party Party from which it seeks indemnification (the "Indemnifying Party") within fifteen (15) 30 days of such party Party becoming aware of the existence of such Indemnified Losses Eligible Claim stating the amount claimed to be due and payable or an estimate of the claim if contingent or unliquidated, the basis of the claim and the provision or provisions of this Agreement under which such claim is asserted. Within fifteen (15) 30 calendar days after receipt of the Claim Noticesuch notice, the Indemnifying Party shall by written notice (the “Response Notice”) to the Indemnified Party either (a) concede liability in whole as to the amount claimed in such notice, (b) deny liability in whole as to such amount, or (c) concede liability in part and deny liability in part. If the parties Parties are not able to resolve any dispute over a claim brought under this Article 13 19 within fifteen (15) 30 days after the receipt of a Response Notice Indemnified Party receives written notice from the Indemnifying Party denying liability in whole or in part, the Parties shall submit the dispute to a state or federal court (the dispute resolution procedure set forth in accordance with Section 19.11 below)Article 22.

Appears in 1 contract

Samples: Asset Purchase Agreement (Transtechnology Corp)

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Procedures for Claims. Any Subject to Section 17.3, any Indemnified Party shall provide written notice (the “Claim Notice”) of any Indemnified Losses Eligible Claim to the party from which it seeks indemnification (the "Indemnifying Party") within fifteen thirty (1530) days of such party becoming aware of the existence of such Indemnified Losses Eligible Claim stating the amount claimed to be due and payable or an estimate of the claim if contingent or unliquidated, the basis of the claim and the provision or provisions of this Agreement under which such claim is asserted. Within fifteen (15) 30 calendar days after receipt of the Claim Noticesuch notice, the Indemnifying Party shall by written notice (the “Response Notice”) to the Indemnified Party either (a) concede liability in whole as to the amount claimed in such notice, (b) deny liability in whole as to such amount, or (c) concede liability in part and deny liability in part. If the parties are not able to resolve any dispute over a claim brought under this Article 13 Section 17 within fifteen thirty (1530) days after the receipt of a Response Notice Indemnified Party receives written notice from the Indemnifying Party denying liability in whole or in part, the Parties parties shall submit dispute to the dispute to a state or federal court (resolution procedure set forth in accordance with the Section 19.11 below)21.10.

Appears in 1 contract

Samples: Transition Services Agreement (Oxford Automotive Inc)

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