Limited Liability of the Clause Samples
Limited Liability of the. Company It is understood and agreed that: • the Company’s maximum liability to make payment of the Total Statutory Gratuity Benefit and the Extraordinary Gratuity Benefit the under this Master Policy in respect of all Members is the Fund Value; • if the Fund Value is insufficient to make payment of the Total Statutory Gratuity Benefit and the Extraordinary Gratuity Benefit the under this Master Policy for any reasons (such as, but not limited to non payment of past service Contributions, erosion of the Fund Value or large number of exits from the employment of the Employer), the Master Policyholder shall make payment in full of the additional Contribution required for the Company to pay the Gratuity Benefits under 6.1. The additional Contribution payable shall be calculated in accordance with the actuarial valuation certificate submitted to the Company by the Master Policyholder; • The Company shall not be considered to be in default in the performance of its obligations, or be liable in damages or otherwise to, any circumstances which are beyond the reasonable control of the Company and are not avoidable by the exercise of reasonable effort or foresight by the Company. Without limiting the generality of the foregoing, such circumstances shall include natural catastrophe, labour, industrial or civil disturbances, armed conflict, government regulations (whether or not valid), Acts of God, market conditions, and delays caused by other parties.
Limited Liability of the. Company The liability of the Company in respect of any Accrued Gratuity of Members shall strictly be restricted to the balance lying in the Account Value of the Group Policy Holder. In case of insufficient funds in the Group Policy Holder’s Account to meet Accrued Gratuity liability of Members, for any reasons, including but not limited to • Non payment of past service contributions, • Erosion in value of the Fund, • Instances of large number of exits at one single point (e.g. by way of Voluntary Retirement Scheme of the Employer) The Group Policy Holder will be required to make additional payments into the Fund to enable the Company to pay such Accrued Gratuity amounts due to Members leaving the Service of the Employer. In any case including events such as the closure of the Employer’s business for any reason whatsoever, the Company shall be liable to pay only the amounts lying to the Credit of the Group Policy Holder’s Account Value after deducting charges and penalties, wherever applicable. The Company will not be considered in default in the performance of its obligations, or be liable in damages or otherwise to, any circumstances which are beyond the reasonable control of the Company and are not avoidable by the exercise of reasonable effort or foresight by the Company. Without limiting the generality of the foregoing, such circumstances will include natural catastrophe, labour, industrial or civil disturbances, armed conflict, government regulations (whether or not valid), Acts of God, market conditions, and delays caused by other parties.
Limited Liability of the. Company It is agreed and understood that: a) The Company’s maximum liability to make payment of the Policy Benefits under this Group Policy in respect of all Members is the Fund Value; b) If the Fund Value is insufficient to make payment of the total amount due for any reasons (such as, but not limited to erosion of the Fund Value or large number of exits from the employment of the Employer), the Group Policyholder shall make payment in full of the additional Contribution required for the Company to make payment of the Policy Benefits. The additional Contribution shall be calculated in accordance with the independent actuarial valuation certificate as per AS15 (revised).
c) The Company shall not be considered to be in default in the performance of its obligations, or be liable in damages or otherwise, to any circumstances which are beyond the reasonable control of the Company and are not avoidable by the exercise of reasonable effort or foresight by the Company. Without limiting the generality of the foregoing, such circumstances shall include natural catastrophe, labour, industrial or civil disturbances, armed conflict, government regulations (whether or not valid), Acts of God, market conditions and delays caused by other parties.
Limited Liability of the. Company The liability of the Company in respect of any payout in accordance of the Trust Deed or the Scheme Rules shall strictly be restricted to the available balance in all the Accounts pertaining to this Policy of the Group Policyholder. In case available balance in all the Accounts pertaining to this Group Policy is insufficient to meet the required Payout, including but not limited to Non payment of past service contributions, Erosion in value of the balance in all the Accounts pertaining to this Group Policy Instances of large number of exits at one single point (e.g. by way of Voluntary Retirement Scheme of the Employer) The Group Policyholder will be required to make additional payments into the Fund to enable the Company to pay such benefits Payout due to Members leaving the Service of the Employer. In any case including events such as the closure of the Employer’s business for any reason whatsoever, the Company shall be liable to pay only the amounts lying to the Credit of the available balance in all the Group Policyholder’s Accounts pertaining to this Policy after deducting charges and penalties, wherever applicable.