Common use of Determination of a Claim Clause in Contracts

Determination of a Claim. (a) Unless otherwise agreed by EXIM Bank and the Policyholder, EXIM Bank shall make a determination of the Policyholder’s claim promptly, and in any event must notify the Policyholder, of its determination upon the "Claim Determination Date", being the date the later of: (i) the expiry of the Waiting Period; or (ii) thirty (30) business days after the date upon which the Policyholder provided the first Claim Form; or (iii) if additional evidence has been reasonably requested by EXIM Bank within the time period specified in Article 7.3., thirty (30) business days after the date of provision of such information. (b) Where EXIM Bank has determined that the Policyholder’s claim is not valid or that the Policyholder is not entitled to receive indemnity for a Loss it has incurred, EXIM Bank shall provide the Policyholder with a detailed written explanation of why the claim is being denied within the time frames detailed above. (c) Subject to the Maximum Aggregate Liability, in the event of a Loss, and unless otherwise agreed by the Policyholder and EXIM Bank, indemnification due to the Policyholder under this Policy shall be payable within thirty (30) days after the Claim Determination Date.