Common use of Remedy for failure to insure Clause in Contracts

Remedy for failure to insure. If the Contractor shall fail to effect and keep in force all insurances for which it is responsible pursuant hereto, the Authority shall have the option to either keep in force any such insurances, and pay such premia and recover the costs thereof from the Contractor, or in the event of computation of a Termination Payment, treat an amount equal to the Insurance Cover as deemed to have been received by the Contractor.If either the Contractor or the Authority fails to comply with any condition of the the insurances effected under the contract, the Party so failing to comply shall indemnify the other Party against all direct losses and claims (including legal fees and expenses) arising from such failure.

Remedy for failure to insure. If the Contractor shall fail to effect and keep in force all insurances for which it is responsible pursuant hereto, the Authority SPV shall have the option to either keep in force any such insurances, and pay such premia and recover the costs thereof from the Contractor, or in the event of computation of a Termination Payment, treat an amount equal to the Insurance Cover as deemed to have been received by the Contractor.. If either the Contractor or the Authority SPV fails to comply with any condition of the the insurances effected under the contract, the Party so failing to comply shall indemnify the other Party against all direct losses and claims (including legal fees and expenses) arising from such failure.