ADDITIONAL PREMIUMS. If authorized by separate addendum to this Agreement, Agent shall assume full responsibility for collection of additional premiums resulting from all audits, or otherwise; payment to Company shall be made in the same manner as regular premiums as provided in this Agreement. Agent will be relieved of responsibility for collection and payment of additional premiums only upon written notice to Company within 60 days of the billing date of such additional premiums that collection cannot be made by Agent. Failure of Agent to provide such written notice shall constitute Agent's acceptance of responsibility to pay such premiums to Company. If Agent fails to collect such additional premiums or if Agent has been relieved of responsibility to pay such premiums to Company, Company shall have the right to collect such premiums in any manner it sees fit. No commission shall be payable to Agent on any sum so collected by Company. Any such collection undertaking by Company shall not relieve Agent of responsibility for payment of additional premiums which Company is unable to collect unless Agent has been relieved of responsibility in the manner provided above.
Appears in 2 contracts
Sources: Agent Agreement, Agent Agreement