Common use of Exception Report Clause in Contracts

Exception Report. a report detailing any significant change in circumstances affecting the Project that occurs at any point during the course of the Project. An Exception Report shall be submitted as soon as reasonably possible after the relevant circumstances are identified. An Exception Report must be submitted if you (or the Principal Applicant or any Co-Applicant) receives notice of any legal claim, intention to take legal action or any other matter which may significantly affect the Project, irrespective of whether such matter is within or outside your (or the Principal Applicant’s or Co-Applicant’s) control. For the avoidance of doubt, the circumstances giving rise to an Exception Report may also require you to submit a Change Request, in which case both an Exception Report and a Change Request must be filed.