Common use of Examination and Notification of Errors Clause in Contracts

Examination and Notification of Errors. Correspondent shall examine promptly all confirmations, monthly and quarterly statements of account, the Reconciliation Statements (as defined below in Section IX.C.) and any other statements or reports provided to Correspondent by ICS. All such confirmations, statements and reports shall be deemed accurate and correct, and Correspondent shall be deemed to have waived any claim with respect to the accuracy or correctness of the information therein, unless within ten (10) business days of receipt thereof Correspondent notifies ICS in writing of any alleged errors or discrepancies therein. Any notice of error shall be accompanied by such documentation as may be necessary to substantiate Correspondent’s claim. Upon the request of ICS, Correspondent promptly shall provide any additional documentation ICS reasonably believes is necessary or desirable to substantiate and correct any such alleged error or discrepancy.

Examination and Notification of Errors. Correspondent shall examine promptly all confirmations, monthly and quarterly statements of account, the Reconciliation Statements (as defined below in Section IX.C.) and any other statements or reports provided to Correspondent by ICSClearing Broker. All such confirmations, statements and reports shall be deemed accurate and correct, and Correspondent shall be deemed to have waived any claim with respect to the accuracy or correctness of the information therein, unless within ten (10) business days of receipt thereof Correspondent notifies ICS Clearing Broker in writing of any alleged errors or discrepancies therein. Any notice of error or discrepancy shall be accompanied by such documentation as may be necessary to substantiate Correspondent’s 's claim. Upon the request of ICSClearing Broker, Correspondent promptly shall provide any additional documentation ICS Clearing Broker reasonably believes is necessary or desirable to substantiate and correct any such alleged error or discrepancy.