Common use of Examination and Notification of Errors Clause in Contracts

Examination and Notification of Errors. CLAY shall examine promptly all monthly statements of account, monthly statements of clearing services and other reports provided to CLAY by FSWC. CLAY shall notify FSWC of any error claimed by CLAY in any Account in connection with (i) any transaction, prior to the settlement date of such transaction, (ii) information appearing on daily reports, within five days of such report, and (ill) information appearing on monthly statements or reports, within 10 days of CLAY’s receipt of any monthly statement or report. Any notice of error shall be accompanied by such documenta-tion as may be necessary to substantiate CLAY’s claim. CLAY shall provide promptly upon FSWC's request any additional documentation which FSWC reasonably believes is necessary or desirable to establish and correct any such error. In all cases, FSWC reserves the right to determine the validity of any claimed error.