Common use of Delay in Notification Clause in Contracts

Delay in Notification. (a) If a Supervening Event Notice is provided by an Applicant to the other party more than 12 months after the date of the occurrence or commencement of such Supervening Event contrary to Section 8.1(b)(v), then the Applicant shall not be entitled to any compensation, extension of time or relief from its obligations under this Agreement in respect of the Supervening Event that was the subject of such Supervening Event Notice. (b) If a Supervening Event Notice or any required information is provided by an Applicant to the other party after the relevant dates referred to in Section 8.2 [Procedures Upon Occurrence of a Supervening Event], then the Applicant shall not be entitled to any compensation, extension of time or relief from its obligations under this Agreement in respect of the Supervening Event that was the subject of such Supervening Event Notice to the extent that the amount thereof would (but for this Section 8.12(b)) have increased as a result of such delay in providing such notice or information.