Common use of Interpretation and Administration Clause in Contracts

Interpretation and Administration. The Committee (or its delegate, within limits established by the Committee) shall have the authority to interpret this Option Agreement, to establish, amend and rescind any rules and regulations relating to the Options and to make all other determinations necessary or advisable for the administration or interpretation of this Option Agreement. The Committee may correct any defect, supply any omission or reconcile any inconsistency in the Option Agreement in the manner and to the extent it shall deem desirable to carry out its intended purpose. The determinations of the Committee in respect of the interpretation and administration of this Option Agreement, as described herein, shall be final and conclusive. No member of the Committee shall be liable for any such action or determination made in good faith.