Common use of Validity of Insurance Clause in Contracts

Validity of Insurance. The Developer shall from time to time promptly pay insurance premium, keep the insurance policies in force and valid throughout the Agreement Period and furnish copies thereof to the Authority. If at any time the Developer fails to obtain or maintain in full force and effect any and all of the insurance required under this Agreement, the Authority may at its option (but not being obliged to do so) obtain and maintain such insurance and all sums incurred by the Authority thereof shall be reimbursed by the Developer to the Authority together with interest thereon at 5% over Bank Rate from the date the respective sums were incurred by the Authority, within 7 (seven) days from the receipt of claim in respect thereof made by the Authority.

Validity of Insurance. The Developer shall from time to time promptly pay insurance premium, keep the insurance policies in force and valid throughout the Agreement Period and furnish copies thereof to the Authority. If at any time the Developer fails to obtain or maintain in full force and effect any and all of the insurance required under this Agreement, the Authority may at its option (but not being obliged to do so) obtain and maintain such insurance and all sums incurred by the Authority thereof shall be reimbursed by the Developer to the tothe Authority together with interest thereon at 5% over Bank Rate from the date the respective sums were incurred by the Authority, within 7 (seven) days from the receipt of claim in respect thereof made by the Authority.

Validity of Insurance. The Developer shall from time to time promptly pay insurance premium, keep the insurance policies in force and valid throughout the Agreement Period and furnish copies thereof to the Authority. If at any time the Developer fails to obtain or maintain in full force and effect any and all of the insurance required under this Agreement, the Authority may Authoritymay at its option (but not being obliged to do so) obtain and maintain such insurance and all sums incurred by the Authority thereof shall be reimbursed by the Developer to the Authority together with interest thereon at 5% over Bank Rate SBI PLR from the date the respective sums were incurred by the Authority, within 7 (seven) days from the receipt of claim in respect thereof made by the Authority.

Validity of Insurance. The Developer shall from time to time promptly pay insurance premium, keep the insurance policies in force and valid throughout the Agreement Period and furnish copies thereof to the Authority. If at any time the Developer fails to obtain or maintain in full force and effect any and all of the insurance required under this Agreement, the Authority may at its option (but not being obliged to do so) obtain and maintain such insurance and all sums incurred by the Authority thereof shall be reimbursed by the Developer to the Authority together with interest thereon at 5% over Bank Rate SBI PLR from the date the respective sums were incurred by the AuthorityAuthority , within 7 (seven) days from the receipt of claim in respect thereof made by the AuthorityAuthority .