SUSPENSION OF AGENTS AUTHORITY. If AGENT is delinquent either in accounting for or payment of any funds due to COMPANY, or is otherwise in default under this Agreement, COMPANY may, by written notice to AGENT, suspend or otherwise limit AGENT’s authority in whole or in part or may condition the exercise of such authority on any appropriate condition. For the purposes of this Section, AGENT is not delinquent because of routine differences in the accounting records of the AGENT and the COMPANY which are minor in amount and do not involve funds willfully withheld by the AGENT. Upon the occurrence of any of the events described in Section 6(a), AGENT’S authority under this Agreement, including such authority and duties described in Section 3 shall automatically be suspended and shall be terminated upon termination of this Agreement.
Appears in 4 contracts
Samples: General Agency Agreement (American Physicians Insurance CO), General Agency Agreement (American Physicians Insurance CO), General Agency Agreement (American Physicians Insurance CO)
