Correction of Errors and Omissions; Other Liabilities Clause Samples

Correction of Errors and Omissions; Other Liabilities. (a) In the event any bookkeeping omissions or errors are discovered in preparing any pro forma statement or in completing the transfers and assumptions contemplated hereby, the parties hereto agree to correct such errors and omissions, it being understood that, as far as practicable, all adjustments will be made consistent with the judgments, methods, policies or accounting principles utilized by the Failed Bank in preparing and maintaining Accounting Records, except that adjustments made pursuant to this Section 8.2(a) are not intended to bring the Accounting Records of the Failed Bank into accordance with generally accepted accounting principles. (b) If the Receiver discovers at any time subsequent to the date of this Agreement that any claim exists against the Failed Bank which is of such a nature that it would have been included in the liabilities assumed under Article II had the existence of such claim or the facts giving rise thereto been known as of Bank Closing, the Receiver may, in its discretion, at any time, require that such claim be assumed by the Assuming Institution in a manner consistent with the intent of this Agreement. The Receiver will make appropriate adjustments to the pro forma statement provided by the Receiver to the Assuming Institution pursuant to Section 8.1 as may be necessary.
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Correction of Errors and Omissions; Other Liabilities. (a) In the event any bookkeeping omissions or errors are discovered in preparing any Pro Forma statement or in completing the transfers and assumptions contemplated hereby, the parties hereto agree to correct such errors and omissions, it being understood that, as far as practicable, all adjustments will be made consistent with the judgments, methods, policies or accounting principles utilized by the Failed Bank in preparing and maintaining Accounting Records, except that adjustments made pursuant to this Section 8.2(a) are not intended to bring the Accounting Records of the Failed Bank into accordance with generally accepted accounting principles. (i) If the Receiver provides written notice to Assuming Bank at any time subsequent to the date of this Agreement and prior to the date (the “Liability Submission Date”) that is the earlier of (i) the Settlement Date and (ii) one hundred eighty (180) days after Bank Closing that any claim exists against the Failed Bank which is of such a nature that it would have been included in the liabilities assumed under Article II had the existence of such claim or the facts giving rise thereto been known as of Bank Closing, and the Receiver pays to the Assuming Bank an amount of cash equal to the amount of such claim, the Receiver may, in its discretion, require that such claim be assumed by the Assuming Bank in a manner consistent with the intent of this Agreement. The Receiver will make appropriate adjustments to the Pro Forma statement provided by the Receiver to the Assuming Bank pursuant to Section 8.1 as may be necessary to reflect the assumption and payment. (ii) If the Receiver provides written notice to Assuming Bank at any time after the Liability Submission Date but prior to the final termination of this Agreement that the Receiver has identified an obligation of the Failed Bank that would have constituted an Assumed Deposit had it been known on the Settlement Date, and the Receiver pays to the Assuming Bank an amount of cash equal to (x) the amount of such Assumed Deposit plus (y) all accrued, unpaid interest thereon, the Receiver may, in its discretion, require that such Assumed Deposit (including accrued, unpaid interest) be assumed by the Assuming Bank in a manner consistent with the intent of this Agreement effective on the date such cash payment from the Receiver is received by Assuming Bank. (iii) The Receiver will make appropriate adjustments to the Pro Forma statement provided by the Receiver to the As...
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Correction of Errors and Omissions; Other Liabilities. (a) Adjustments to Correct Errors. In the event any bookkeeping omissions or errors are discovered in preparing any Pro Forma statement or in completing the transfers and assumptions contemplated hereby, the parties hereto agree to correct such errors and omissions, it being understood that, as far as practicable, all adjustments will be made consistent with the Basic P&A Agreement – 2/26/15 35 Doral Bank Version 6.4P – PURCHASE AND ASSUMPTION AGREEMENT San ▇▇▇▇, PR judgments, methods, policies or accounting principles utilized by the Failed Bank in preparing and maintaining Failed Bank Records, except that adjustments made pursuant to this Section 8.2(a) are not intended to bring the Failed Bank Records into accordance with generally accepted accounting principles.
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Correction of Errors and Omissions; Other Liabilities. Module 1 – Whole Bank w/ Optional Shared Loss Agreements 29 Summit Bank Version 3.1.1 – PURCHASE AND ASSUMPTION AGREEMENT Burlington, Washington April 27, 2011
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Correction of Errors and Omissions; Other Liabilities. Module 1 - Whole Bank w/ Optional Shared Loss Agreements Version 3.2 - Purchase and Assumption Agreement July 15, 2011 Community Banks of Colorado Greenwood Village, Colorado
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Correction of Errors and Omissions; Other Liabilities 
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Related to Correction of Errors and Omissions; Other Liabilities

  • Professional Liability (Errors and Omissions) For consultant contracts, insurance appropriate to Consultant’s profession, with limit no less than $1,000,000 per occurrence or claim, $2,000,000 aggregate.

  • Errors and Omissions All reports, files and other documents prepared and submitted by Contractor shall be complete and shall be carefully checked by the professional(s) identified by Contractor as project manager and key personnel attached hereto, prior to submission to the County. Contractor agrees that County review is discretionary and Contractor shall not assume that the County will discover errors and/or omissions. If the County discovers any errors or omissions prior to approving Contractor’s reports, files and other written documents, the reports, files or documents will be returned to Contractor for correction. Should the County or others discover errors or omissions in the reports, files or other written documents submitted by the Contractor after County approval thereof, County approval of Contractor’s reports, files or documents shall not be used as a defense by Contractor in any action between the County and Contractor, and the reports, files or documents will be returned to Contractor for correction.

  • Professional Liability (Errors and Omissions) Insurance Limits shall not be less than the following: (a) For Projects with a budgeted construction cost of more than $30,000,000: i. For Design Professionals – $3,000,000 per claim and $4,000,000 in aggregate coverage; ii. For Subconsultant Engineers and Architects – $2,000,000 per claim and $3,000,000 in aggregate coverage; iii. For Other Consultants – $1,000,000 per claim and $2,000,000 in aggregate coverage. At the Design Professional’s request, the Owner may, at its sole discretion, agree to a lower limit for certain consultants. (b) For Projects with a budgeted construction cost of $20,000,000 up to $30,000,000: i. For Design Professionals – $2,000,000 per claim and $3,000,000 in aggregate coverage; ii. For Subconsultant Engineers and Architects – $1,000,000 per claim and $2,000,000 in aggregate coverage; iii. For Other Consultants – $1,000,000 per claim and $1,000,000 in aggregate coverage. At the Design Professional’s request, the Owner may, at its sole discretion, agree to a lower limit for certain consultants. (c) For Projects with a budgeted construction cost of less than $20,000,000: i. For Design Professionals – $1,000,000 per claim and $1,000,000 in aggregate coverage; ii. For Subconsultant Engineers and Architects – $1,000,000 per claim and $1,000,000 in aggregate coverage; iii. For Other Consultants – $1,000,000 per claim and $1,000,000 in aggregate coverage. At the Design Professional’s request, the Owner may, at its sole discretion, agree to a lower limit for certain consultants. (d) The Design Professional shall maintain professional liability insurance that shall be either a practice policy or project-specific coverage. Professional liability insurance shall contain prior acts coverage for services performed by the Design Professional for this Project. If project-specific coverage is used, these requirements shall be continued in effect for three years following the issuance of the Certificate of Final Completion for the Project.

  • Technology Errors and Omissions The Contractor shall maintain during the term of the Contract Technology Errors and Omissions Insurance for claims for damages arising from computer related services including, but not limited to, the following: consulting, data processing, programming, system integration, software development, installation, distribution or maintenance, systems analysis or design, training, staffing or other support services, any electronic equipment, computer software developed, manufactured, distributed, licensed, marketed or sold. If the policy is written on a claims made basis, Contractor must provide to OGS proof that the policy provides the option to purchase an Extended Reporting Period (“tail coverage”) providing coverage for no less than one (1) year after work is completed in the event that coverage is cancelled or not renewed. This requirement applies to both primary and excess liability policies, as applicable.

  • Errors and Omissions, Professional Liability or Malpractice Insurance Contractor may be required to carry errors and omissions, professional liability or malpractice insurance. All policies shall remain in force through the life of this Contract and shall be payable on a "per occurrence" basis unless County specifically consents to a "claims made" basis. The insurer shall supply County adequate proof of insurance and/or a certificate of insurance evidencing coverages and limits prior to commencement of work. Should any of the required insurance policies in this Contract be cancelled or non-renewed, it is the Contractor’s duty to notify the County immediately upon receipt of the notice of cancellation or non-renewal. If Contractor does not carry a required insurance coverage and/or does not meet the required limits, the coverage limits and deductibles shall be set forth on a waiver, Exhibit C, attached hereto. Failure to provide and maintain the insurance required by this Contract will constitute a material breach of this Contract. In addition to any other available remedies, County may suspend payment to the Contractor for any services provided during any time that insurance was not in effect and until such time as the Contractor provides adequate evidence that Contractor has obtained the required coverage.