Recovery From a Third Party Sample Clauses
The "Recovery From a Third Party" clause establishes the right of a party to seek compensation or reimbursement from an external party who is responsible for a loss or damage. In practice, this clause typically applies when one party suffers a loss covered by the contract, but a third party is actually at fault or liable for that loss; the affected party may then pursue recovery from the third party, and any amounts recovered may affect the obligations between the contracting parties. This clause ensures that liability is properly allocated and prevents double recovery, clarifying how recoveries from third parties impact the contractual relationship.
Recovery From a Third Party. Where an employee is paid wages by the Board while absent from employment by reason of any disability and the employee subsequently recovers such wages or any part thereof from any source, then the employee shall pay the amount so recovered to the Board. Upon the Board receiving such amount it shall credit the employee paying the same with the number of days of sick leave proportionate to the amount so recovered.
Recovery From a Third Party. 7.11.1 If the Guarantors have paid or pay an amount in respect of a Claim and the Buyer subsequently recovers or becomes entitled to recover from a third party an amount which is referable to the matter giving rise to the Claim:
(a) the Buyer shall immediately notify the Guarantors and, if relevant, shall ensure that the relevant Company shall take such action as the Guarantors may reasonably require to enforce the recovery against the third party in question;
(b) if the Guarantors have already paid an amount in satisfaction of a Claim and the amount paid by the Guarantors in respect of the Claim is more than the Sum Recovered (as defined below), the Buyer shall immediately pay to the Guarantors the Sum Recovered;
(c) if the Guarantors have already paid an amount in satisfaction of a Claim and the amount paid by the Guarantors in respect of the Claim is less than or equal to the Sum Recovered, the Buyer shall immediately pay to the Seller an amount equal to the amount paid by the Guarantors; and
(d) if the Guarantors have not already paid an amount in satisfaction of a Claim, the amount of the Claim for which the Guarantors would have been liable shall be reduced by and to the extent of the Sum Recovered.
7.11.2 For the purposes of this Clause 7.11.2, “Sum Recovered” means an amount equal to the total of the amount recovered from the other person plus any interest in respect of the amount recovered from the person less all reasonable costs incurred by the Buyer in recovering the amount from the person.
Recovery From a Third Party. 9 Where the Buyer (or any other member of the Buyer Group) either recovers or becomes aware that they are entitled to recover from a third party (excluding any Tax Authority) any sum which is referable to a fact, matter, event or circumstance giving rise to a Warranty Claim (other than a Tax Claim), the Buyer shall (or, as appropriate, shall procure that the relevant member of the Buyer’s Group shall) as soon as reasonably practicable:-