Optional Extension definition

Optional Extension means optional coverage which is available to You apart from the Basic Cover under the Policy, which You can choose to take on payment of necessary additional premium

Optional Extension a Temporary Assignment that comes into being on the terms set out in clause 8 following the service of a Transfer Notice under clause 7 and for the purposes of these terms any reference to the Period of Supply includes the period of an Optional Extension. Principal Agreement: the document of which this schedule forms part. Transfer Fee: 25% of Remuneration applicable in the circumstances set out in clauses 5 to 7 and 10. Transfer Period: within the later of

Optional Extension has the meaning given in Schedule 7; “Payment Currency” has the meaning given in Clause 21.6; “Permitted Security Interests” means:

Examples of Optional Extension in a sentence

• Call-Off Contracts can be let for an initial period of up to seven years (with a maximum Contract Period of 10 years inclusive of all Call-Off Optional Extension Periods and Mobilisation Period).

• Information Security & Privacy Liability To pay on behalf of the Insured: Damages and Claims Expenses, in excess of the Retention, which the Insured shall become legally obligated to pay because of any Claim, including a Claim for violation of a Privacy Law, first made against any Insured during the Policy Period or Optional Extension Period (if applicable) and reported in writing to the Underwriters during the Policy Period or as otherwise provided in Clause X.

• To pay on behalf of the Insured: Damages and Claims Expenses, in excess of the Retention, which the Insured shall become legally obligated to pay resulting from any Claim first made against any Insured during the Policy Period or Optional Extension Period (if applicable) and reported in writing to the Underwriters during the Policy Period or as otherwise provided in Clause X.

• The Insured must notify the Underwriters of any Claim as soon as practicable, but in no event later than: (i) 60 days after the end of the Policy Period; or (ii) the end of the Optional Extension Period (if applicable).

• In order for the Named Insured to invoke the Optional Extension Period option, the payment of the additional premium for the Optional Extension Period must be paid to the Underwriters within thirty (30) days of the termination of this Insurance.

• If notice of election of the Optional Extension Period and full premium payment is not given to the Underwriters within such thirty (30) day period, there shall be no right to purchase the Optional Extension Period.

• Upon non-renewal or cancellation of this Policy for any reason except the non-payment of premium, the Named Insured will have the right to purchase, for additional premium in the amount of the Optional Extension Premium percentage listed in the Declarations of the full Policy Premium listed in the Declarations, an Optional Extension Period for the period of time listed in the Declarations.

• The purchase of the Optional Extension Period will in no way increase the Policy Aggregate Limit of Liability or any sublimit of liability.

• All notices and premium payments with respect to the Optional Extension Period option will be directed to the Underwriters through entity listed for Administrative Notice in the Declarations.

• In order for the Named Insured to invoke the Optional Extension Period option, the payment of the additional premium for the Optional Extension Period must be paid to the Underwriters within 60 days of the termination of this Policy.

More Definitions of Optional Extension

Optional Extension has the meaning assigned to such term in Section 6 of this Indenture Supplement.

Optional Extension has the meaning given in Schedule 7;