Rescission Claims Sample Clauses

The Rescission Claims clause defines the rights and procedures for a party to undo or cancel a contract based on specific grounds, such as misrepresentation, fraud, or mistake. In practice, this clause outlines the circumstances under which a party may seek to have the contract declared void and the steps required to initiate such a claim, including notice requirements and potential remedies like returning exchanged benefits. Its core function is to provide a clear mechanism for unwinding contractual obligations when fundamental issues undermine the validity of the agreement, thereby protecting parties from being bound by contracts entered into under unfair or deceptive conditions.
Rescission Claims. A rescission of coverage is considered a special type of claim. A rescission is defined as any cancellation or discontinuation of coverage that has a retroactive effect and is based upon the Member’s fraud or an intentional misrepresentation of a material fact. A cancellation or discontinuance of coverage that has a retroactive effect is not a rescission if and to the extent it is attributable to a failure to timely pay required premiums or contributions towards the cost of coverage, or to routine changes such as eligibility updates. A cancellation or discontinuance with a prospective effect only is not a rescission.
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Related to Rescission Claims

  • Rescission At any time after any Notes have been declared due and payable pursuant to clause (b) or (c) of Section 12.1, the holders of not less than 51% in principal amount of the Notes then outstanding, by written notice to the Company, may rescind and annul any such declaration and its consequences if (a) the Company has paid all overdue interest on the Notes, all principal of and Make-Whole Amount, if any, on any Notes that are due and payable and are unpaid other than by reason of such declaration, and all interest on such overdue principal and Make-Whole Amount, if any, and (to the extent permitted by applicable law) any overdue interest in respect of the Notes, at the Default Rate, (b) all Events of Default and Defaults, other than non-payment of amounts that have become due solely by reason of such declaration, have been cured or have been waived pursuant to Section 17, and (c) no judgment or decree has been entered for the payment of any monies due pursuant hereto or to the Notes. No rescission and annulment under this Section 12.3 will extend to or affect any subsequent Event of Default or Default or impair any right consequent thereon.

  • Rescission Rights If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.